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Google joins India's cashless payments rush

Google joins India's cashless payments rush

Google has launched Tez (which means "fast" in Hindi), a mobile payment app, in India.

The Google Tez app can be used to make many online transactions and payments like for movie tickets, utility bills.

Tez differs from the other mainstream mobile wallet in India, PayTM, by linking directly to users' bank accounts enabling them to make payments from those accounts.

Unlike its rivals which use digital wallets, Google Tez connects directly to bank accounts via UPI. Moreover, it supports about seven Indian languages.

With the app, you can check your bank balance and transactions details on the go, create a custom digital payment address in addition to your phone number, scan QR codes without logging into the app, making it easy for merchants to print their QR Code for display.

India's crowded digital payments market, expected to grow ten-fold to $500 billion by 2020, received a shot in the arm after Prime Minister Narendra Modi banned old high-value notes past year, forcing people to use e-wallets and card payments.

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What won't be included is the SnapMap Editor, which is something Bethesda has ruled out for the Switch version. Doom will be the first to arrive on the scene, releasing for Switch sometime before the end of the year.

Once the user reaches the interface, they will be prompted to enter their bank account number and verify their ownership of the account.

What the Google Tez app can not be classified as is a mobile wallet, on the lines of Paytm or Mobikwik, for instance.

"This was deliberate. We wanted to make digital payments as simple as paying via cash", the executive said at an onstage event. You can easily send text message from your registered phone number through the interface of Tez app. WhatsApp, which has over 200 million users, is also believed to be readying a similar service. To make it easier for customers, the US firm is also offering a Google helpline number and chat support on a daily basis. After the verification is done, the app will ask for the UPI PIN, and thereafter, payments can be made.

Another very interesting feature that Google has embedded into this app is "Tez Cash Mode".

Also, since Tez uses UPI, it works with all major banks including HDFC, Axis Bank, State Bank of India, and ICICI.

Google is also looking to target businesses in India in order to break into the digital payments market. The "Tez Shield" will guard the application against any fraud, hacking, and unauthorized use.


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