Google launched a new app in India called “Google tez”, it is a new digital payment app which is based on UPI platform. It was launched on Monday. It was launched by the Vice President of Google at an event in New Delhi in the presence of the Finance Minister of India, Arun Jaitley. It is not like other payments apps like paytm etc. and also, it is not the modified version of android pay. It is built on UPI and allows payments direct from the bank accounts.
This app will be available to Android as well as iOS users. The Vice President of Google says that it will parter with various companies like Nokia, Micromax, Lava, Panasonic and Xolo for pre- loading the app on their upcoming Smartphones. The Vice President also said “Google tez app is designed for India and made in India. It supports seven Indian Languages and more will be on the way. Our focus with this is on digital payments.”
Mr. Arun Jaitley said “January was when the discussion first started around this app with Google with Sundar Pichai, Cesar Sengupta, and Rajan Anandan. The tez app is one of the most simple forms of monetary transactions. It represents a major advance in the direction of the cashless economy and it is good to see that Google has achieved in eight to nine months what they had planned for the launch of tez app.”
The users of the app are to require their gmail accounts and working mobile numbers to get access to the app and carry out transaction. Google has partnered with the HDFC, ICICI, Axis Bank and SBI Bank to carry the payment services in the app. Though this does not mean that the payment is limited to these banks but all banks which support UPI can use Google tez app. Google tez has also included the Aadhaar card verification for payments.
Google says tez is a lite and secure app. The app is only 7MB in size. To carry the transactions the users will be required to have a UPI PIN. Diana Layfield, VP of finance and commerce, Next Billion User, explained to everyone that the app has a fraud engine with spa, detection in addition to a 24/7 customer care for users. It was further explained that the transactions of the app will not be only limited to family and friends but the users can also make payments in Domino’s, Jet Airways, RedBus, PayU, BillDesk, PVR, etc. with the help of the app.
It is said that the Google tez app will soon support credit and debit card storage and an addition of e-wallets as well.