Google pay has partnered with DMI Finance to roll out loan services to users in India. Based in New Delhi, India, DMI Finance is a FinTech company that provides credit solutions like short and long-term loans to individuals and businesses. This announcement comes weeks after Niyo bank also ushered in a new loan feature on its platform. It indicates the competitive spirit and battle for dominance in India's FinTech ecosystem.
Loan services of about $1000 will be available for Google pay users. A key challenge to small businesses in India is access to finance; Google's new feature provides a hassle-free loan application process eliminating issues surrounding difficulty in accessing funding. Flexible personal offers are also available to users of the mobile app who can take up to a thousand dollars in credit and select a convenient repayment plan. Most importantly, in contrast to traditional banks, the App saves time.
India is evolving with its FinTech industry offering diversity to its economic development and solution to its financial services. For players like Google pay, its latest feature reaffirms its aim of remaining at the top of the nation's FinTech Industry. Considering recent events with Niyo bank, we predict a healthy competitive environment in India's FinTech space.
India in focus:
Population: 1.38 billion in 2020 as compared to 1.36 billion in 2019
GDP: $2.623 trillion compared to $2.871 trillion in 2019
GDP per capita: $1,900 in 2020 compared to $2,100 in 2019
