L&T Finance announced in an official statement that it has partnered with Google Pay to offer personal loan products to its eligible users.
The statement mentioned that the partnership is in line with the company’s product diversification strategy which aims to make credit more accessible for consumers in a fast, seamless and digital manner.
“The collaboration with Google Pay combines its lending expertise with the app’s extensive reach and user-friendly interface. The synergy is expected to boost digital financial inclusion by providing convenient and responsible credit access to consumers across India as well as empower consumers to fulfil their financial aspirations with responsible credit,” the statement informed.
The integration will allow eligible Google Pay users to apply for and access L&T Finance’s personal loan products within the app. The partnership underscores its focus on embedding financial products into high-engagement digital ecosystems, according to the company statement.
“The future of financial services is about creating powerful, customer-centric ecosystems. Through our collaboration with Google Pay, we are fundamentally enhancing our ability to serve the Indian consumer. We are embedding our financial products into high-engagement ecosystems, creating a distribution model that is not only efficient but also aligned with contemporary consumer expectations,” L&T Finance Managing Director & CEO Sudipta Roy said.
L&T Finance Chief Executive for Urban Unsecured Assets, Payments & Digital Partnerships Manish Kumar Gupta called the partnership a “significant milestone” in the company’s efforts to become a digitally native lender. “Google Pay’s wide user base in both urban and rural markets will help us align with our strategy of enhancing customer acquisition,” Gupta said.
The tie-up follows L&T Finance’s recent collaborations with fintech platforms like PhonePe, CRED, and Amazon Pay which drive growth in the company’s personal loans business, according to the company statement.