Google launches UPI-based payment app Tez

Todd Singleton
September 19, 2017

Finance Minister Arun Jaitley, in tune with the Modi government's encouragement for digital payments, has launched Google's mobile wallet and payments app "Tez", specifically designed for India.

The app features a Cash Mode, which allows you to instantly transfer cash to anyone nearby without the need to share your contact or bank details.

In its website for Tez, Google says Tez can be used to "send money home to your family, split a dinner bill with friends, or pay the neighbourhood chaiwala".

Tez works with the customers' existing bank account, which means users' money is safe with their bank and they will continue to earn interest. To help address one of the most important factors that make or break an online service in the Indian market, the app has support for English, Hindi, Gujarati, Kannada, Marathi, Bengali, Tamil, and Telugu. Tez is available on the Play Store as well as the Apple App Store, and works seamlessly on both iOS and Android. The Tez app is based on Unified Payments Interface (UPI) which was announced by the Indian government right after demonetisation took place in November a year ago.

The app is also secured via a built-in tool called "Tez Shield". Plus, weekly transactions enroll the user in Tez's Lucky Sundays contest where one could win Rs 1 lakh every week.

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In Tez, money will be directly deducted from bank accounts, hence there will not be any need to store the money.

This is how you can actually setup the Google Tez application to send and receive payments through your own bank account. The banks on its panel are Axis, HDFC Bank, ICICI, and State Bank of India.

On the other hand, an estimated 53 percent of the country's population has bank accounts. If you want to make payment through UPI, select your bank account number. The interface looks simple and users are asked to enter their bank account number and authenticate their ownership.

While Google is working with merchants like redBus and Domino's to allow for payments of products and services, it has also unveiled an API that will allow all merchants to support Tez down the road. After that, you add a UPI pin, and your bank is added in Tez for any transactions. Put the right information including the IFSC code and you will be good go.

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