Google launches mobile payment service in India

Google Tez UPI-Enabled Digital Payment App Launched in India

It's like the Shareit app version of digital payments. However, there are still a few glaring differences between Tez and other existing digital payment solutions.

Google's Tez will sync with the user's mobile number and just like in the BHIM app, this needs to be same number which is synced with the bank account.

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.

Upcoming features include pay through debit and credit cards on Tez; and pay and set reminders for recurring bills such as DTH. There is no option to store money in a wallet as such on the Tez app. Tez works in partnership with four Banks - Axis Bank, HDFC Bank, ICICI Bank, and State Bank of India (SBI) - to facilitate the processing of payments across over 50 UPI enabled banks. All money transactions will be capped at only 20 payments in a day with a cash limit of Rs 1 lakh. Also, it can not be used for paying bills, recharging your phone etc. You will need to add the person's UPI address to your address book before making the payment. The app supports seven Indian languages, including Hindi, Tamil, Bengali, Gujarati, Telugu, Kannada, Marathi, and it supports English as well.

So far the app has been downloaded by a thousand odd people. The UPI Pin is something that you will have to create for the first time. However, the Google Tez app automatically picked up nixxin@okicici as the VPA. What the UPI essentially does is that uses a unique identity outside of a bank account number, and unbundles identity from an account.

Speaking at the Tez launch event, Jaitley said he believed that the need for finding an alternative to cash was never centrestage in India's economic agenda. As soon as the app detects a compatible device in proximity, the transaction channel opens, and you can enter the amount to send/receive the payment. Tez is Google's payment app for India, which uses the UPI interface to connect to a user's bank account and for transactions. After that the payment is made instantly. Having said that, money transfer via UPI is instant and secure, and it works same as IMPS feature, sans the requirement of adding beneficiary account details.

This interface reminds us of Shareit, which has proximity based file transfer. 'Tez' means fast in Hindi.

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