It's a strategic move by Google to let Tez users link up their phones to their bank accounts, unlike apps like Apple Pay, which links to a user's credit or debit card.
In a bid to promote cashless digital transactions, Google Inc.'s UPI enabled mobile payments app, Tez, would be launched by the Finance Minister Arun Jaitley in the capital today. UPI is supported by the National Payments Corporation of India (NPCI) and regulated by the Reserve Bank of India.
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In a blog post, Caesar Sengupta, vice president, Next Billion Users Team wrote: "Small businesses can also use Tez to accept payments directly into their savings or individual current accounts (subject to regulatory limits)".
Apart from English and Hindi, "Tez" app supports various Indian languages such as Bengali, Gujarati, Marathi, Kannada, Tamil, and Telugu. With UPI, a user can just rely on the mobile number of the VPA (Virtual Payment Address) to make a payment straight to the bank account, rather than requiring the full bank account number, IFSC code, etc as is needed in most cases. After that, the bank may charge fees or impose additional requirements.
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Person to person money transfer is also supported by this Tez app. Though you can use your existing screen lock or create a new lock for Google Tez. It will also compete against WhatsApp, which is also planning to introduce UPI payments in its app later this year.
There is also a Tez's Cash Mode that allows you to send or receive money to anyone nearby without sharing personal details like your phone number or bank account. The application now supports all the major UPI payment supported banks such as Axis, ICICI, HDFC, etc. The payment is also trying to fill the gap in banking between digital wallets and bank accounts. Plus, weekly transactions enroll the user in Tez's Lucky Sundays contest where one could win Rs 1 lakh every week. Then came BHIM apk for iOS and Android which enables users to receive or pay directly from bank accounts.
Google Tez is available for download in India. If you need to pay for and split a bill for a meal, for example, you can use Tez make payments.
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Google has announced a new digital payments platform for India. The Tez app has a simple design and has been made to make payments and funds transfer easily through it.