Google, a subsidiary of Alphabet Inc. is preparing for entering into India’s Digital payment ecosystem with UPI based payment app ‘TEZ’. ‘TEZ’ (तेज) which means ‘Fast’ in hindi. Tez is largely fashioned on it’s other payment based apps like Google wallet or Android Pay.
It seems that Google is more focused on India due to its Growing smartphone and Internet users. Google is yet to comment on this news but tech website The-ken reported this on 14th september, 2017.
This payment app matters for Google because India’s digital payment market is likely to boom up to $500 Billion per year by 2020 — according to BCG report.
Beyond this information, The-Ken looked up to government filings that show Google is planning to launch a product ‘Tez’ in India. It may be possible that Google planning for its international expansion too, since the search giant has registered trademarks for Tez in at least Indonesia and the Philippines.
SCOOP! Google to launch payment product ‘Tez’ in India. On Monday. Read on. https://t.co/3gg2TPYDyw
— Venkat Ananth (@venkatananth) September 14, 2017
Google has launched many services specially for India and for South Asia under its Next Billion Users program. Google collaborated with Indian Railways to setup free WIFI on Indian railway stations. It launched a data-optimized version of YouTube, and the Android One and Android Go operating systems for affordable devices.
Google, Facebook Inc and WhatsApp Inc were in talks with the National Payments Corporation of India (NPCI) to provide UPI-enabled payment on their platforms, a daily had reported in July.
