CosmicTaco

Google Partners with Muthoot Finance to Boost Credit Accessibility in India

CosmicTaco · 2024-10-03T13:57:53.077515+05:30

- Google Pay partners with Muthoot Finance, India's largest gold-backed loans provider, to offer secured loans across India. - The move aims to expand credit accessibility in a market where traditional lending often falls short. - Gold holds unique significance in India, with about 1 billion people spending roughly ₹1 trillion annually on gold imports. - Google's initiative taps into the cultural and economic importance of gold, potentially opening new avenues for millions to access formal credit. - Google Pay is among the most popular payment apps in India, processing more than 37% of the 15 billion monthly transactions on UPI. Source: [Techcrunch](https://techcrunch.com/2024/10/03/google-taps-india-love-for-gold-to-boost-its-credit-play/)

Google Pay partners with Muthoot Finance, India's largest gold-backed loans provider, to offer secured loans across India.
The move aims to expand credit accessibility in a market where traditional lending often falls short.
Gold holds unique significance in India, with about 1 billion people spending roughly ₹1 trillion annually on gold imports.
Google's initiative taps into the cultural and economic importance of gold, potentially opening new avenues for millions to access formal credit.
Google Pay is among the most popular payment apps in India, processing more than 37% of the 15 billion monthly transactions on UPI.

Source: Techcrunch