Google’s partnership with Muthoot Finance addresses credit accessibility in India by leveraging the country's cultural affinity for gold and unsatisfied demand for loans, especially among lower-income households.
Gold plays a pivotal role in India's lending landscape, with about 1 billion Indians engaged in gold imports, enabling many to secure loans at lower interest rates through existing gold assets.
According to Sharath Bulusu, the director of product management for Google Pay, 'A gold-backed solution is crucial to expand credit accessibility in India,' emphasizing its cultural and economic significance.
Google Pay is becoming a significant player in the Indian lending market, having already extended financial services across 13,500 zip codes and reaching 70% of the country with credit options.
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