Google launching Tez to compete in Indian digital payments space
19 September, 2017, 00:44 | Author: Lorena Waters
One has to simply link account to Tez over UPI to instantly transfer money from bank to bank.
Google has developed this payments app by working in tandem with the National Payments Corporation of India (NPCI) in accordance with itsUnified Payments Interface (UPI) standard. Like most UPI-based apps, Tez will allow transfers of up to Rs 1,00,000 and up to 20 transactions per day.
We all know Android Pay as Google's mobile payments app, but to date, it still only supports 14 countries.
Google's Tez will sync with the user's mobile number much like in the BHIM app. Plus, it also supports different local Indian languages including Hindi, Bengali, Gujarati, Kannada, Marathi, Tamil, and Telugu.
Based on the Tez website, Google also plans to launch a version of the app for businesses as well, though they will have to register to show interest in the same.
Google Tez has its own App Lock which requires a Passcode.
The payments can instantly be started once all the required steps are completed. The app is also available on iOS with support for iPhone 4S and newer, thus covering a very good portion of the smartphone market. For P2P cash transfers Tez introduces a feature dubbed "Cash Mode", which uses the tech giant's proprietary audio QR tech to enable proximity payments without the need to share personal bank details or phone numbers.
In the near future, Google will also add the ability to make payment using debit and credit cards as well as paying and setting reminders for recurring bills such as DTH. "Google Digital Payment Aap "TEJ" is the First product for India, first to promote growth, create jobs and make lives better", Ministry of Finance said in a tweet. It supports all major banks that support UPI, including Axis, HDFC Bank, ICICI, State Bank of India and more.
Tez is available from today on Google Play and the App Store. The app has a user-friendly interface and will make the payments easier than ever. Each time the app is opened, users will have to either enter PIN or scan their fingerprint in order to use it. This is made possible as the virtual address is linked to the bank account.
Google has launched a feature called Cash Mode where one can pay without sharing bank details or phone number.
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