Since the last year, the payment apps in India have been surging significantly. The e-payment or digital payment segment has become interesting and many new and big players are making entry into that league. The major firms like Amazon, Flipkart and Uber etc have launched UPI payment facility through their respective app. Apple is also believed to be working on development of payment solution dedicated to Indian market.

google tez

The latest entry into this foray is Google. Google has launched the Tez application. Tez app was built on the government backed payment platform UPI or Unified Payment Interface. Tez enables the user for doing financial transactions such as sending or receiving payment directly in the bank account of other user or merchant. Google promised the smooth user experience without “spamming”.

Google Tez is a UPI based mobile wallet. UPI or Unified Payment Interface is the payment platform developed by the National Payments Corporation of India (NPCI). UPI backed digital wallets enables the user to transfer money straight into the bank account without requiring the details like the account number and IFSC code related to the bank account of the recipient. Therefore, using Google Tez simplifies the payment procedure manifolds.

How to do transaction through Google Tez?

  1. The Google Tez is first needed to be installed from Google’s Playstore. Then after, the user has to sync the details of wallet with Google account alongwith the mobile number linked with it.
  2. Access to Google Tez is secured by two-level security procedure. One is 4-digit PIN and another is according to setting of the device, which may be pass-code, fingerprint or pattern lock.
  3. The integration of bank account will be completed if only done via confirmatory SMS. It will not be completed if the phone number associated with the given account details doesn’t matches or if there is a NRI account, which does not support that feature.

Features of Google Tez App

  1. Google has launched Tez for both the popular mobile OS platforms, which are Android and iOS platforms. Google Tez is having chat-like interface.
  2. For the payment solution through Tez app, the Google has partnered with four banks- Axis Bank, HDFC Bank, ICICI bank and State Bank of India.
  3. While these are the exclusive partner for the Google Tez app, the app will work with all 55 banks that are available for the UPI platform.
  4. Tez also syncs with the contact list available in the user’s phone This makes it easier to pay/receive money through the users having UPI or UPI powered app.

The vice president of Next Billion Users team at Google, Casesar Sengupta said “Tez has been made for India and will make payments as simple as cash.” The implementations has been done while keeping the ease and safety of an average Indian user in mind.

To encourage the app usage among the large part of merchants, the Tez app provides a Cash Mode feature. Through that feature a user can pay/receive money without sharing the bank account details.  Such payments are enabled by the technology called audio QR that works like near field communication (NFC), which uses ultrasound waves to communicate between two phones through microphone and speaker.

Google took months for testing and tuning the Tez app for UPI’s bank to bank transfer platform. Google mentioned that there are 300 million people in country are internet user through smartphones and by 2020, it is expected the number of users should jump over 650 million. Google also admitted that the Digital Payments section has got a huge push due to government’s decision of demonetization.  The government has estimated a rise of payments upto USD 1 trillion in next few years.

Sengupta also mentioned that Google is going to integrate the facility of payment through debit and credit card with the Tez app by the end of the year. The Lava’s upcoming smartphones phones will come with Tez pre-installed, also Panasonic will launch 5 or 6 models with built-in Tez from November onwards. Google has also done partnerships with some other mobile manufacturers such as Micromax, Xolo (which is a Lava sub-brand), Nokia and Panasonic for encouragement of usage of Google Tez app.

Tez, which was being launched for some time now, already has over 1,00,000 users. “Now, the time has come with an application as simple as this that what started as compulsion has become a matter of convenience and eventually a matter of spending habit as far as Indian people are concerned,” said Arun Jaitley, Finance Minister of India who was present at the launching ceremony of the Google Tez app.

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