Google Partners with Muthoot Finance to Boost Credit Accessibility in India

• 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