Google Launches Tez, A Mobile Payments App In India

Google to launch 'Tez' mobile wallet in India

It is based on UPI - a payments protocol built by government-backed National Payment Corporation of India (NPCI). After you've entered the details, a bank OTP is required for verification along with the UPI Pin. The app poses similarity to the existing government-sponsored payments app BHIM. However, all the bank accounts will have to have the same registered mobile number. What's the advantage of this? The money will reach directly to your bank account instantly.

Though, the Tez app is only launching in India today, Google may be roll out the service to other countries in Asia like Indonesia and Philippines. To roll-out smoother services, Google has also partnered with top banks like Axis, HDFC Bank, ICICI and State Bank of India. To attract users, Google has announced that by getting Tez Scratch Cards in the app, individuals will stand a chance to win up to Rs.1,000 for each eligible transaction. Or else, there is also a specific QR code for making payments by directly scanning the code. With Tez for Business, Google is allowing businesses their own channel to talk to customers in-app, providing them with offers and news about products. Make sure to choose the language first as the app is available in a few region languages of India. The app is downloadable for both Android and iOS. After that one needs to set the Google PIN or screen lock; fingerprint lock is also supported for extra security. Also, there is no requirement to open any separate account and one need not worry about reloading the wallet. Similar to how competing mobile wallet services function, Tez will allow you to pay for goods and services digitally. PayTM on the other hand requires users to store money in the app and replace the amounts once spent.

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It can make payments to contacts on your phone who have a Tez account or a UPI address. To receive money, you can share your details with others. The app works with all Indian banks that support UPI. It will also compete against WhatsApp, which is also planning to introduce UPI payments in its app later this year.

Upcoming smartphones from Lava, Micromax, Panasonic, and Nokia will feature the Tez mobile payments app out of the box.



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