Google is seemingly introduction a Unified Payments Interface (UPI) centred payment service called Tez. Expected to launch early next week, it is said to be similar to the android app, ‘Android Pay’.
UPI, regulated by the RBI, was launched by the National Payments Corporation of India (NPCI). It was intended to transfer funds instantly via mobile platforms between bank accounts.
Apart from Google, messaging platform giant, WhatsApp, had also been working towards a UPI centred platform on its interface. They are already in talks with a couple of banks and NPCI to enable financial transactions through the Unified Payments Interface.
The platform for digital payments in India has already been on the rise and is expected to grow three-fold by the end of the year. They are expected to grow to virtually 5 million electronic point of sale (PoS) said the Ministry of Electronics and Information Technology (MeitY).
MeitY secretary, Aruna Sundararajan said, “We expect that by December, the number will actually go up to five million PoS, which means that the infrastructure for digital payments is going to grow three times in the short span of one year.”