- Google announced online payment app “Tez” to be launched in India on September 18, 2017
- The app is supported by UPI
- Tez allows the users to link their smartphones to their bank accounts
Finally, after weeks of predictions and leaks, Google has now officially revealed its latest mobile wallet and payment service app called “Tez” in India. It is a safe and secure app based on UPI and will compete with already established Paytm and recently launched Airtel Wallet. Google sees India as a growing market towards digitalization and hence decided to leap into it.
“Tez” meaning fast in Hindi, will allow the users to link their smartphones with their bank accounts for instant money transfer. The app is supported by UPI and is expected to be far more effective than similar apps like Google wallet or Android play. Google Tez will also partner with other platforms like MobiKwik and Paytm.
While explaining the app, Google reported, “Send money home to your family, split a dinner bill with friends, or pay the neighborhood chaiwala. Make all payments big or small, directly from your bank account with Tez, Google’s new digital payment app for India.”
However, unlike other apps like MobiKwik, Paytm, PayPal etc, Google “Tez” cannot be used as a wallet. Also, it cannot be used for paying bills, recharging your phone etc. We can expect these features to be integrated later.
What You Can Do With Google “Tez”
- Sending and receiving payments
- Check your account details(last transactions, mini statements etc)
- Sending money to Google “Tez” users nearby with the CashMode feature without revealing your personal details
- Make payments on website integrated with Tez
The app is supported by major banks across the country including SBI, HDFC, AXIS bank and much more. Considering the diversification in India, Tez supports English, Hindi, Bengali, Kannada, Tamil, Telegu and Gujrati.
Reportedly, Tez also has support from some major online payment partners like RedBus, Jetairways, and Dominos. So, next time you are taking a flight or ordering a pizza, you make the payment through Google “Tez”.
Arun Jaitley, Finance minister of India tweeted that the Digital payment service will be announced on September 18, 2017, i.e on Monday during an event in New Delhi.
There is always a sense of concern for security when it comes to making a digital payment.Hence, to make sure that your money is safe and secure, the app comes with an added feature called “Tez shield” that keeps an eye on every transaction you make. In addition to that each and every transaction is protected with a UPI PIN and the app can be locked with a pin or pattern lock.
With the growing digitalization in India, the online payments are expected to reach around USD 500 billion by the year 2020 as reported by BCG. It will be interesting to see how the Indian users react to this latest service from Google when there is tough competition from similar applications like BHIM.