A few months back, Google came up with an interesting UPI-based payments app named, Google Tez. With the help of National Payments Corporation of India’s unified payment interface (UPI), users will now be able to make payments, send as well as receive money as per their convenience. Currently available on both Google play store and IOS app store, people using the app can easily make payments from one account to another across 55 banks across India. Yes, built specifically for the country, the app requires users to have an Indian bank account and a local phone number. Besides, it offers language support for English, Hindi, Bengali, Gujarati, Kannada, Marathi, Tamil, and Telugu.
According to Caesar Sengupta, the Vice President of Google says “We did not start with a product built for another country and then localize it, we looked at what was unique about India and countries like India and built a product especially for it.” In fact, our finance minister, Arun Jaitley also said: “Tez by Google, and other ecosystems, will make a major change in the digital payments landscape in India.”
Registered almost 7.5 Mn downloads since its launch
First of all, launched as Google Wallet, the company has been present in the digital payment market since 2011. Although over the time, it got replaced by Android pay in 2015 in order to counter Apple pay success. While Google’s e-wallet Android Pay has been already launched in leading countries across the world, in India, Google came up with a customized solution Tez, postponing Android Pay launch in the country.
In countries like India, apps that are heavily dependent on Near field Communication (NFC) facilities cannot be considered user-friendly as most of the smartphones belong to the lower-midrange categories lacking NFC. Therefore, it becomes impossible for Google to penetrate a larger market base through Android Pay. Apart from this, Android pay uses credit card links which is again a hurdle, i.e. 25 Mn users out of 1.3 Bn people residing in the country.
Why Tez, and not Paytm, PhonePe, BHIM, Freecharge And Amazon Pay?
Keeping all the existing digital payment gateways in mind, the newly introduced app scores over others in certain areas, giving the company to keep its quiver loaded. However, before diving deeper into Tez, it’s very important to know that Tez is not a wallet. Instead, it’s an app that lets bank-to-bank transfer directly. Unlike other wallets, it doesn’t need to be recharged first to make transactions. Furthermore, money can easily transfer using one’s Gmail account.
Other key features include:
- Tez Shield allows secure payments- The shield works 24 by 7 to help detect fraud, prevent hacking and verify your identity. Each transaction is secured by your UPI PIN and the app is secured with a Google PIN or your screen lock method such as a fingerprint.
- Pay nearby- With the cash mode option, one can easily send money to another Tez user nearby without the need of sharing private details like your bank account or phone number. So now with added security, you can simply do cash transaction.
- Delightful surprises- You can now earn Tez Scratch CardsTM and win up to Rs 1,000 with each and every transaction of yours. In addition to this, you will also be eligible to win Rs 1 lakh every week with Lucky Sundays. For this you don’t require to hunt for coupon codes, simply make use of the app and win your rewards.
Other than commoners, business owners and shops can even make use of the Tez app with their individual current account in order to start accepting digital payments. Keep watching the space to know more about mobile app development company named eTatvaSoft.