Google launches Tez, digital payments platform made for India: Will it make life easier?
The digital payments market in India which is forecasted to grow exponentially in the coming years got a major boost on Monday (September 18) after Google launched Tez – a payments application designed for Android and iOS users in India that can be used to send and receive money as well as pay for services and products.
Launched by finance minister, Arun Jaitley, Tez is expected to also give a leg-up to Modi government's dreams of a digital India, which runs primarily on cashless transactions. Explaining how the app works, Google said: "Send money home to your family, split a dinner bill with friends, or pay the neighbourhood chaiwala. Make all payments big or small, directly from your bank account with Tez, Google’s new digital payment app for India."
Made for India first. #GoogleTez speaks 8 Indian languages, works with 55 banks and is on most smartphone platforms. @TezbyGoogle pic.twitter.com/rGpXPU7vjt
— Google India (@GoogleIndia) September 18, 2017
Here's everything you need to know about Tez:
1. Tez uses the government-backed Unified Payments Interface (UPI) platform for completing transactions. Unlike Paytm and other popular digital wallet-based services currently existing in the country, Tez links directly to the user's bank account and helps them make transactions directly at no extra charge, as opposed to other existing wallet services that first transfer money to their platform to carry out transactions.
2. Tez supports all major Indian banks and is available in English as well as in seven other Indian regional languages. For Tez, Google has partnered with large food chains like Dominos and transport businesses like RedBus and Jet Airways.
3. The payments service will only be able to carry out transactions up to the tune of Rs 1,00,000, with no more than 20 transfers allowed in a single day.
4. Google claims that Tez is a highly secure payments platform with the app being equipped with multiple security features to keep your data and money safe. Explaining the features of the application, it said, "Each transaction is secured with your UPI PIN and the app is secured with a Google PIN or your screen lock method such as fingerprint."
5. Tez also brings with it an interesting feature called Cash Mode that lets you send money instantly to another Tez user nearby. The idea behind Cash Mode is very similar to touch-and-pay technologies like NFC as it enables transfer between two phones without having to share sensitive data like name, bank account or even phone number to complete a transaction. This particular mode uses ultrasound rays to connect two phones through the phone's microphone and speaker, helping carry out secure transactions.
6. Tez, Google's first digital payments service for Asia, has also been trademarked in other countries in the continent and is expected to find its way into other markets in the coming weeks and months.