Google Pay partners with Muthoot Finance to sell gold-backed loans

Google India has announced a partnership with Muthoot Finance, a non-banking financial company (NBFC) specialising in gold loans. The partnership will provide gold-backed loans to small businesses and consumers, especially in rural areas, through Google Pay.

“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,” said the technology company at its Google for India event this year in a statement on Thursday. Google Pay is the company’s digital payments service.