As per last week reports, Google finally launched the payment app for India, named Tez. Google’s Tez is the app designed for iOS and Android users in India. The app will let the target users send money to each other, and also pay for digital transactions.
Tez, the name in Hindi means ‘fast’, and it provides users with instant money transfer, that too free of cost. It is built on the Indian inter-bank UPI (unified payments interface).
The UPI ID that you have looks like yourname@bankname, and you can edit it. Initially, it is automatically generated for you, linking to your phone number and bank accounts. Thus, you can send money by entering the receiver’s UPI ID. You can also enter or select the receiver’s phone number from your contact list, given that they have Google’s Tez.
The app includes an interesting additional feature named ‘Cash Mode’, letting users receive and pay money by using audio. For this, both the sender and the receiver need to have Tez installed. But, sharing bank accounts or contact numbers are not essential for the Cash Mode.
As for privacy, Google made sure that the app is conveniently usable by even the new users. Furthermore, Tez supports various Indian languages.
Google’s Tez for purchases and services
Users can pay for purchases and services as well. All you need is to scan a business’ QR code. Any business having an online presence can sign up to Tez commercial program. The program includes a channel for communications via text messages. This also allows the users for going through streamlined payment experience.
For the other UPI-based apps, Google’s Tez will let users transfer up to Rs. 100,000 or $1,560. Users are able to make a maximum of 20 transactions in a day.
There are still issues regarding the Tez app. You can only use a Google account, as the app does not support G Suite accounts. The audio setup with the phone’s mic could not be calibrated either. This might affect the Cash Mode feature.
One may wonder the plan of Google by introducing Tez. There are already UPI transactions, which come off for free of cost. Now, the company may aim at earning revenue for charging the businesses on the additional functionality. For example, Google can think of promoting offers in the app channels.
Google has the backup of Dominos, RedBus, PVR Cinemas, and Jet Airways for supporting Tez. The app is yet to compete directly with the already established digital wallets, instead of sticking to only bank accounts.
This initiative may be looked upon as Google’s first implementation in the fast-growing digital payment platform in India. As per the company’s estimation, Indian digital payments will hit $500 billion by the year 2020. The country is going through a new wave of digital services, with an umpteenth number of users adapting to mobile devices. Therefore, Google is not willing to miss the stage right from the beginning.
Try the app Tez for iOS or Android, if you are in India. Let us know what you think of the app and Google’s initiatives in the comment section.