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Google taps India’s love for gold to boost its credit play
Google is leveraging India's deep-rooted affinity for gold to expand its reach in the lending market of the world's most populous nation. The company said Google is leveraging India's deep-rooted affinity for gold to expand its reach in the lending market.
Unlike China, a sizeable portion of this demand comes from lower-income households, and many Indians already own gold, allowing them to secure credit at lower interest rates. A gold-backed solution is crucial to expand credit accessibility in India, said Sharath Bulusu, director of product management for Google Pay, in an interview with TechCrunch. Google’s initiative taps into the cultural and economic importance of gold, potentially opening new avenues for millions to access formal credit, he added.
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