Google has launched Tez (which means “fast” in Hindi), a mobile payment app, in India. Google Tez has been made available for both Android and iOS. The app enables customers to transfer money from their bank accounts, Unified Payments Interface IDs, phone numbers and QR codes.
How Google Tez is different from others
Google Tez differs from other popular payment apps in India, such as PayTM because it is not a mobile wallet. Users cannot store money in Tez. Rather, it is built along the lines of popular apps in the West, so it works as a bridge between the user’s bank and the app, notes TechCrunch.
Under the introductory offer, there is a reward program giving users Rs 51 (80 cents) in cash, when they refer someone and that referral makes their first payment. A user can earn a maximum of Rs. 9000 by referring others in a year. In a day, a user can transfer a maximum of Rs. 1,00,000 ($1,560) across all UPI apps. Up to 20 transactions can be completed in one day. Google Tez will be available for all banks that support the Unique Payment Interface (UPI).
The Electron Global Fund was up 2% for September, bringing its third-quarter return to -1.7% and its year-to-date return to 8.5%. Meanwhile, the MSCI World Utilities Index was down 7.2% for September, 1.7% for the third quarter and 3.3% year to date. The S&P 500 was down 4.8% for September, up 0.2% for the third Read More
Google Tez is simple but effective
A Google executive states that the app has been made very simple and different from other payment apps.
“This was deliberate. We wanted to make digital payments as simple as paying via cash,” the executive said at an onstage event.
Once the user reaches the interface, they will be prompted to enter their bank account number and verify their ownership of the account. Verification can be done simply by sending a text message from their registered phone number through the Google Tez app’s interface. After the verification is done, the app will ask for the UPI PIN, and thereafter, payments can be made. The app also lists all the user’s contacts who are also using the Tez app. The app also allows users to request money in addition to making payments.
Google has also taken care of security by introducing Tez Shield, which works along the lines of a fraud detection mechanism. Google states that every transaction made via Tez will be secured with the UPI PIN. The Tez app can also be secured with the Google PIN. To make it easier for customers, the U.S. firm is also offering a Google helpline number and chat support on a daily basis.
Tez could come to more regions
Google has trademarked the “Tez” name in other Asian countries as well, specifically, Indonesia and the Philippines. This suggests that in the future, Tez could expand its footprint into other areas as well.
Mobile payment services are gaining popularity as the middle class expands and disposable income increases. Moreover, urban populations are focusing more on technology and hassle-free solutions. India, being the second most-populated region in Asia, has a lot to offer to companies like Google and other mobile payment services.
In India, Google has been focusing more on the localization of its apps and the services. It has added language support for Hindi, Gujarati, English, Kannada, Tamil, Marathi and Telugu to its mobile wallet apps.