Collaboration in Technology Powers Google’s Enterprise Gold-Backed Loans

Gold-Backed Loans Launch

At its flagship Google for India event, the big tech major announced the launch of gold-backed loans on Google Pay on Thursday (October 3). Launched in partnership with Muthoot Finance, the new offering will enable Google Pay users to avail loans in lieu of gold. “People across India can now access this credit product, with affordable interest rates and flexible usage options – delivering flexibility to the borrower, and security to the lender,” Google said.

Strategic Partnerships and AI Integration

The move will enable Google Pay to bolster its secured lending play and allow users to avail more credit offerings on the digital payments app. “This collaboration opens up an avenue to mobilise their latent gold assets, at affordable interest rates and with greater flexibility to chart a course for their futures through education, business or anything else,” the big tech major said in a statement.

• Google also rolled out an AI-powered support guide to aid users in understanding various credit products and answering related questions.
• The company onboarded Aditya Birla Finance Limited to its existing portfolio of credit providers on Google Pay.
• Google Cloud is committed to collaborating with Indian businesses and innovators to harness AI’s transformative power.

Innovative Products Unveiled

Beyond fintech, Google launched products ranging from AI-powered offerings to “DPI In a box.” The Google Cloud partnership with Nandan Nilekani-led EkStep Foundation aims to create “DPI in a box” for exporting India’s digital public infrastructure to other nations.

Moreover, Google Cloud has partnered with the Adani Group to leverage a solar-wind hybrid plant aimed at decarbonising its cloud services operations in India.