Few days back tech news website The-Ken broke a news that Google is planning to enter Indian Digital payment ecosystem through its newly developed payment app Called TEZ — “Means fast in Hindi”. 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.
Google, today steps ahead into digital payment and launched the app ‘TEZ’ in India. Indian finance minister Arun Jetley launched the app and performed first transaction with it.
Google wrote in app description
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,
Before launch, Indian finance ministry confirmed news about launching event.
FM Shri @arunjaitley to launch the Google Digital Payment app ‘‘ TEZ” today in the national capital.— Ministry of Finance (@FinMinIndia) September 18, 2017
- Tez has a unique Cash mode, by which you can send or receive money without sharing any personal information. This can be used for near by payments.
- The app is based on UPI interface. So it is very easy, fast and safe way for transaction.
- Tez shield security specially developed for Tez
- Tez has multilingual supports English, Hindi, Bengali, Gujrati, Kannada, Marathi, Tamil and Telugu.
How To Use
- After downloading from App store/ Play Store set the screen lock pattern or Google pin.
- Then select your bank.
- I got one important feature that It support 2nd sim card of mobile too. Most of the UPI app configure your bank account through 1st sim only. This is the unique feature I have seen.
UPI based Tez will work with all bank in India. But, Axis, HDFC, ICICI, and SBI are the partner banks.
What is UPI
UPI is the payment system launched by National Payment Corporation of India controlled by Reserve bank of India. It support Immediate transfer of money between banks using VPA (virtual private Address) or IFSC codes.
But, Tez has advantage over Paytm and MobiKwik because tez is an UPI based transfer system and other two are wallets.
Although the app looks quite great, it also seems fairly basic at the moment. It is not yet clear how many services the app will be able to support for payment and in what way. Any e-payment app is extremely dependent on third-party partners of the app. Google said that in the coming days it will be adding support for DTH payment to the Tez app. The company will also add support for debit and credit card to the Tez app, that will allow users to use the app to make payments using their credit card.