Finally, after weeks of predictions and leaks, Google has now officially revealed its latest mobile wallet and payment service app called "Tez" in India.It is a safe and secure app based on UPI and will compete with already established Paytm and recently launched Airtel Wallet. Through this, companies will be able to interact with consumers through a dedicated business profile channel within the Tez app where they can accept payments and offer deals, while they will also be able to accept payments for goods through their mobile websites.
Built on the Indian government-supported Unified Payments Interface (UPI), the newly launched Tez allows users, free of charge, to make small or big payments straight from their bank accounts. Google says its completely secure and uses UPI's bank to bank transfer platform.
It support various languages including English, Hindi, Bengali, Gujarati, Kannada, Marathi, Tamil, and Telugu. "So imagine a scenario where your neighborhood shopkeeper can just switch this on on his phone and receive payments directly into his bank account".
Tez works with all banks in India that support UPI.
Tez is supported by Google's of security features, including machine-learning-based fraud detection engine, device level protection, including a Google PIN, and no sharing of phone numbers or bank account numbers via Cash Mode.
The app makes use of QR scan and lets the user make or receive payments after they find the other user. The software links directly to bank accounts, so there's no hassle of topping up a virtual wallet or creating a new account.
The app requires the Tez PIN or the smartphone lock to enable every transaction.
There is also an option to send a text message from their registered phone number through Google "Tez" app.
"The West went from using cash to plastic and point-of-sale machines, and it's kind of still there", Caesar Sengupta, Vice President of Google's Next Billion Users program, told BuzzFeed News. Online payment partners include large food chains like Dominos, transport services like RedBus, and Jet Airways.
Rajan Anandan, vice president, South East Asia and India, Google said that there are 300 million people access internet on smartphones today and India is embracing internet in way we could not have imagined before. The service is available for both Android and iOS users. This is a separate section within the application where users can see a history of cash mode transactions.
Commenting on the announcement, DD Mishra, Research Director, Gartner said "We are seeing a trend where the number of UPI based payment apps are increasing and this is likely to continue".
Once you've taken care of security, you need to add your bank account by tapping on the profile button at the top left corner. There is some speculation that Google intends on launching Tez in other Asian countries, though its use of UPI, which is limited to India, could hamper its spread.