Google today launched officially unveiled Tez, a new payments app in India. After weeks of speculation and leaks on the web, Google launched its mobile payments solution which is a first in Asian sub-continent. With mobile wallets like PayTM which have now got a lot more recognition makes a perfect timing for Google to bring its digital offering in the market.
Tez, a payments solution by Google is more like PhonePe which links bank accounts using UPI and offers a new payment method that helps in easy, instant, and secure digital money transfer.
How does Tez works?
Tez by Google is available as an app to download both on Android and iOS. In order to make it work, link your bank account and transfer money directly from your bank account with UPI. The app has multiple language support with regional languages including English, Hindi, Bengali, Gujarati, Kannada, Marathi, Tamil, and Telugu.
The app is supposedly protected by “Tez Shield” that is Google’s multi layered security. Every transaction is enabled with either the Tez PIN or the smartphone lock. Users can use the cash Mode in Tez that helps you send or receive funds to/from accounts nearby without having to share any important details like phone number or bank account number. Also, Payments can be done to contacts on registered smartphone if they have a Tez account or have a UPI address enabled.
Google also announced that it will be adding debit card and credit card payment features on the app in future with reminders for recurring bills.
Tez is launching today supporting a long list of banks including Axis, HDFC Bank, ICICI and State Bank of India and others that support UPI. For money transfers, there is a limit of ₹1,00,000 in one day across all UPI apps, and 20 transfers in one day.
This is big launch for India and a step towards digitisation. In developing countries like India where the tech revolution is on a rise, mobile payments makes more sense than countries like US where the card penetration is much higher. Google shall also be encouraging businesses to enrol on Tez, hopefully with low commission rates. The company has a planned announcement later today and we shall be updating this story with more details.
