wordpress blog stats
Connect with us

Hi, what are you looking for?

Google Pay integrates with P2P lender LenDenClub

Google Pay has partnered with LenDenClub, a peer-2-peer lending platform, within its Unified Payments Interface (UPI) app. Through this integration Google Pay users can apply for loans and make investments, LenDenClub said in a statement on Thursday. LenDenClub currently works with BharatPe on providing similar lending and investment options for the UPI players’ merchants.

The lending platform will offer its ‘InstaMoney’ credit product to Google Pay users, it said, while users can deposit or invest money with the P2P lender and earn interest in return. The InstaMoney module on Google Pay will offer loans between Rs 5,000 to Rs 12,500, while users can deposit a minimum of Rs 500 on the platform as an investment in the LenDenClub module on the app, the company said.

The app integration between the two players has been completed for the Android version of Google Pay, while the iOS version will be launched in a few months, the company said. Users can start accessing credit via InstaMoney as of today, while the investing module will be ready in the next few days, it added.

“Being the first P2P player to integrate with GPay, offers us access to over 60-70 million active GPay users monthly on both the demand and supply side of our business. With more and more people in the country getting used to the idea of shopping and transacting online, a large portion are now also seeking credit digitally. We are confident to add value to Google Pay’s customers through this collaboration,” said Bhavin Patel, co-founder and chief executive officer, LenDenClub.

The company has a loan book of more than Rs 500 crore, at present, and has so far disbursed over Rs 1,000 crore through 150,000 users, who are called investors on the P2P platform. The company has one of the lowest default rates in the digital lending space at 3.4% as on December 31, 2020, it said.

Advertisement. Scroll to continue reading.

Google Pay’s market share in the UPI space stood at 40% in February 2021, having processed over 827 million transactions worth Rs 1.74 lakh crore. The company Google Pay has teamed up with Axis Bank with a credit card and also has several banking and non-banking lenders as partners. It also has partnered with SBI Cards and Payment Services for a card tokenization facility.

“We just enable the ability to apply the loan, we do not underwrite these loans. The strategy is to see how we can create more economic opportunities for our users, and credit is a critical part of that,” said Ambarish Kenghe, Google Pay’s Vice President of Product in a recent conversation with MediaNama. He explained that the new privacy policy will not affect its lending strategy as they only act as a lead generator for lenders.

Also Read

Written By

Reports on banking, payments, fintech and crypto-curencies. Additional reporting on media regulations, data protection and other areas.

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

The DSCI's guidelines are patient-centric and act as a data privacy roadmap for healthcare service providers.

News

In this excerpt from the book, the authors focus on personal data and autocracies. One in particular – Russia.  Autocracies always prioritize information control...

News

By Jai Vipra, Senior Resident Fellow at Vidhi Centre for Legal Policy The use of new technology, including facial recognition technology (FRT) by police...

News

By Stella Joseph, Prakhil Mishra, and Yash Desai The Government of India circulated proposed amendments to the Consumer Protection (E-Commerce) Rules, 2020 (“E-Commerce Rules”) which...

News

By Rahul Rai and Shruti Aji Murali A little less than a year since their release, the Consumer Protection (E-commerce) Rules, 2020 is being amended....

You May Also Like

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ