Google debuted its Tez digital payment app yesterday after weeks of speculation surrounding its release. According to Google CEO Sundar Pichai, Tez will help take India one step closer to its digital vision. Pichai tweeted this message following the launch of Tez mobile app by Indian finance minister Arun Jaitley. During the launch event, Jaitley said that Pichai discussed the idea of Google Tez in January, shortly after the demonetisation announcement.
Google Tez operates on the government-backed Unified Payment Interface (UPI) and allows users to conduct digital transactions with the help of their smartphones. With this app, users can transact directly through their bank accounts by sending or receiving payments. This payment app will play a crucial role in how people will make payments in the future. The government promotes these digital payment apps with the aim of transforming the country into a cashless economy.
Tez is now available for both Android and iOS users. Google has partnered with HDFC Bank, Axis Bank, ICICI Bank, and State Bank of India to provide this service in India. While these banks are exclusive platform partners, Tez’s payment system can be accessed by customers of all 55 banks that use the UPI system. In addition to English, Google Tez will provide the service in seven major Indian languages including Bengali, Gujarati, Hindi, Kannada, Marathi, Tamil, and Telugu.
According to Gartner’s Research Director D.D. Mishra, the mobile wallet industry is evolving due to increasing competition from different players in the market. He added that UPI-based apps will dominate the market in the future as long as they are free, convenient, and secure.
The UPI-based payment system is touted to be the next big thing when it comes to digital transactions in India. Many service providers are adopting this platform to increase their customer base. Yesterday, Airtel Payments Bank announced its integration with the UPI interface to help its customers make secure online and offline transactions.