Tech giant Google is planning to introduce a digital payment application for the Indian market. Reports say that the payment service named “Tez” will be launched as early as next week. This payment app is likely to be built on the Unified Payments Interface (UPI), which has the backing of the Indian government.
Google’s Tez app will be different from its earlier products like Google Wallet and Android Pay. Tez will include payment options beyond what is offered by Google’s already existing products, and it would support other services like MobiKwik and Paytm.
This launch will help Google enter into the already crowded digital payment ecosystem in India. It is worth noting that digital payment service is also one of the fastest growing markets in India. Various multinational giants including Uber, Truecaller, and WhatsApp have already launched their own digital payment products for India.
Though Google has not yet released an official statement regarding this rumour, there is a high chance that Google might actually go ahead with the launch. Major corporations like Google and Facebook were already in talks with the National Payments Corporation of India (NPCI) to come up with a UPI-based payment system for the Indian market.
The UPI-based payment system was launched by NPCI to facilitate fund transfer transactions on a mobile platform between two bank accounts. This payment system is regulated by the Reserve Bank of India.
The government is aiming to transform India into a cashless economy by promoting various digital initiatives. The entry for multinational tech firms into the market will boost this digital initiative and bring in more investments into digital payment service in India.