Google Launches TEZ, A UPI-Based Mobile Payments App
Google has entered the mobile payments industry in India with its Google Tez app. Google Tez is a UPI-based payment app allowing users to make payments or money transfers directly from their bank account after they link their accounts. The app can send money, split food bills, or pay local businesses seamlessly via a smartphone.
Unlike popular digital wallets like Paytm that require adding money to the wallet before sending payments, the UPI-based Google Tez app pulls money directly from the bank account, eliminating the need to refill the wallet. It ensures no personal information like the bank account number or phone number to be shared while making payments.
The app currently works on most Android and iOS smartphones with all major banks supported in India. Banks like HDFC Bank, ICICI Bank, Axis Bank, SBI Bank and banks that support UPI (Unified Payments Interface) works with Google Tez.
What the user needs is to download the free Google Tez app on their smartphone, link bank account, send money to friends or people. The Cash Mode works lets users send money to any nearby Tez user without having to share any private information like bank account number. It is not required for the recipient to have Google Tez app but any UPI-based payment. To send payments, the user needs a UPI-ID of the recipient to send the money to the bank account. Users are required to set a Google PIN or screen lock on the app to prevent misuse of the account. Google is also partnering with PVR Cinemas, redBus, Dominos, Jet Airways, dishtv, and others to pay to the companies via Tez app.
For transferring limits, the maximum amount that can be transferred in a day is ₹1,00,000 with a maximum transaction of 20. Users who transact a minimum of ₹50 will be rewarded by Google. With this reward system, users have a chance to win up to ₹1,000 on each transaction and ₹1,00,000 every week. All these rewards will be added directly to the bank account.
The app offers up to 8 regional languages including English, Hindi, Gujarati, etc. To get started with it, users need to download the free Google Tez app from the respective app store and link their bank accounts to it.
Google’s payments app named Tez, meaning fast in Hindi, uses UPI and allows users to connect their bank accounts to the service. Google has partnered with State Bank of India, the country’s biggest lender, HDFC Bank, ICICI Bank and Axis Bank for the service.
Finance minister Arun Jaitley who launched Tez in New Delhi said Google was keen on joining India’s transformation into a digital economy, especially after the demonetization.
Payments made straight from your bank account, big or small. Presenting #GoogleTez, money made simple. https://t.co/yb71ezw9Ol
— Tez by Google (@TezbyGoogle) September 18, 2017
“The Google team was extremely keen because they saw a great potential, both in the economy and the businesses in India.”
Google has increasingly stepped up its efforts to reach deeper into the Indian market. It provides free wifi at several railways stations across the country and launched a version of its video platform YouTube that runs on a slower network.
Unlike popular digital wallets like Paytm that require adding money to the wallet before sending payments, the UPI-based Google Tez app pulls money directly from the bank account, eliminating the need to refill the wallet. It ensures no personal information like the bank account number or phone number to be shared while making payments.
The app currently works on most Android and iOS smartphones with all major banks supported in India. Banks like HDFC Bank, ICICI Bank, Axis Bank, SBI Bank and banks that support UPI (Unified Payments Interface) works with Google Tez.
What the user needs is to download the free Google Tez app on their smartphone, link bank account, send money to friends or people. The Cash Mode works lets users send money to any nearby Tez user without having to share any private information like bank account number. It is not required for the recipient to have Google Tez app but any UPI-based payment. To send payments, the user needs a UPI-ID of the recipient to send the money to the bank account. Users are required to set a Google PIN or screen lock on the app to prevent misuse of the account. Google is also partnering with PVR Cinemas, redBus, Dominos, Jet Airways, dishtv, and others to pay to the companies via Tez app.
For transferring limits, the maximum amount that can be transferred in a day is ₹1,00,000 with a maximum transaction of 20. Users who transact a minimum of ₹50 will be rewarded by Google. With this reward system, users have a chance to win up to ₹1,000 on each transaction and ₹1,00,000 every week. All these rewards will be added directly to the bank account.
The app offers up to 8 regional languages including English, Hindi, Gujarati, etc. To get started with it, users need to download the free Google Tez app from the respective app store and link their bank accounts to it.
Google’s payments app named Tez, meaning fast in Hindi, uses UPI and allows users to connect their bank accounts to the service. Google has partnered with State Bank of India, the country’s biggest lender, HDFC Bank, ICICI Bank and Axis Bank for the service.
Finance minister Arun Jaitley who launched Tez in New Delhi said Google was keen on joining India’s transformation into a digital economy, especially after the demonetization.
Payments made straight from your bank account, big or small. Presenting #GoogleTez, money made simple. https://t.co/yb71ezw9Ol
— Tez by Google (@TezbyGoogle) September 18, 2017
“The Google team was extremely keen because they saw a great potential, both in the economy and the businesses in India.”
Google has increasingly stepped up its efforts to reach deeper into the Indian market. It provides free wifi at several railways stations across the country and launched a version of its video platform YouTube that runs on a slower network.
