Google launches "Tez" Payment Application in India

Google Tez UPI based mobile payments app launched in India

This release was preceded by many speculations and leaks. After that, the bank may charge fees or impose additional requirements.

The app description mentions that soon it will also enable payment through debit and credit cards. Using NPCI's (National Payments Corporation of India) Unified Payments Interface (UPI), money transfers are simple & secure with Tez.

Tez works with all of the 55 banks on UPI, and is protected by the Tez Shield - which detects spam and fraud, while preventing hacking, and verifying and identifying the identity of each user. What's the advantage of this?

On the other hand, an estimated 53 percent of the country's population has bank accounts. Meanwhile, here is a list of 10 things you should know about the new Google Tez app. The app now has partnership with four banks - Axis Bank, HDFC Bank, ICICI Bank, and State Bank of India (SBI) through which it can process payments across more than 50 UPI enabled banks.

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Google's Chief Executive Officer Sundar Pichai had told NDTV in January that the company was looking at ways to adopt UPI, which is a government-backed digital payments service.

This is how you can actually setup the Google Tez application to send and receive payments through your own bank account. The name of the app, i.e. "Tez" means in Hindi language as "highest speed" in India.

Tez is now exclusive to India, but more Asian countries like Indonesia and the Philippines should follow if the trademarks that Google's recently registered can be trusted. This is also ideal for sharing expenses and splitting the bill. You can download it via the Play Store or App Store. Also, there is no requirement to open any separate account and one need not worry about reloading the wallet. If you win, the rewards will directly go into your bank account. You can also use it to pay on several shops and malls. This commerce app allows the users to make cash-like payments with Cash Mode and chat with other contacts among others.

Users can make payments via phone numbers, QR code or UPI Id on Tez. You can then send or receive money from whoever's beside you. The Tez app is based on Unified Payments Interface (UPI) which was announced by the Indian government right after demonetisation took place in November a year ago. Thus, helping in instant, quick, easy, and secure digital money transfer. Tez provides security throughout the payment process from customer to business and back.

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