Google says firmly sees itself as partner to India’s financial ecosystem

Internet major Google said it firmly sees itself as a partner to the existing financial ecosystem in India and that instances of partnerships being described as Google Pay’s offerings fuel misinterpretation. While the company did not elaborate of any specific instances, the latest assertion comes against the backdrop of reports that suggested Google Pay has launched fixed deposit offerings in partnership with a bank. The company emphasised that in every geography where Google Pay is present, its stance is consistently one of partnering with the existing financial services and banking systems to help scale and enable frictionless delivery of financial products and services and contribute to the goal of financial inclusion. In a blogpost, Google India said there have been a few instances where these offerings have been reported as ‘Google Pay’s offerings’ which “fuels misinterpretation”.