Tez, meaning fast in Hindi, will include support for the government-backed Unified Payments Interface (UPI) and other consumer payment services including Paytm and MobiKwik.
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Google is working to add more businesses into their fold. The users on this app can make payments from their bank account instead of opening a new account like Paytm Wallet or Airtel Money.
Unlike digital wallets, there is no need to top up your balance. Your wallet is in essence your UPI connected bank account. Banks like State Bank of India, HDFC Bank, Axis, ICICI bank and several other banks which support UPI are supported by Google Tez. The referral offer, according to Google, will be valid until April 1, 2018.
Google has also partnered with mobile manufacturers like Micromax, Nokia, Panasonic, and Lava.
There are a number of UPI based apps in the markets such as BHIM and PhonePe, etc. “With the need to find alternative solutions to cash transactions, the Google team was very keen on exploring this and saw enormous potential”, he said. In addition to English, Google’s new digital payment app supports all Indian Regional languages like Hindi, Bengali, Gujarati, Kannada, Marathi, Tamil, and Telugu. Users can always go to settings and change the primary language. Users can pay instantly and get quick payment confirmation all while keeping their personal and bank details private. The UPI Pin is something that you will have to create for the first time. Google has completed the testing of its TEZ app in July itself and waited for RBI’s approval for the launch. There, choose the bank name and your account will be automatically detected with the help of phone number.
Google is touting Tez’s security benefits, layering it with own Fraud Detection, hacking prevention tools, verification features, a Google PIN or Touch ID to allow access inside the app, and UPI PIN. Another useful feature is “Cash Mode”. It will search for devices nearby and show up the contact details of the person. After that the payment is made instantly.
After launching the app, users are required to enter the mobile number that is linked with their bank account. “We’ve sent a reminder”. It takes just a few minutes to set up an account of Tez and the money to transfer gets debited instantly from your account.
Finance Minister Arun Jaitley launched this payment app on September 18 in Delhi.
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In the last decade, mobile payment options have risen up to a whole new level. It’s as easy as trying to share a link or a photo with the same people.
