Digital Payment Service Google Tez Launched in India
Google Tez has become the latest UPI-based payments app in the country, propelling the Internet search giant into the league of companies eyeing a piece of India’s digital payments pie. The new Google Tez app can be used to pay for movie tickets, utility bills, and make other transactions online.
As an introductory offer, Google has introduced a reward program under which users can make ₹51 when referral makes their first payment. A user can earn a maximum of ₹9,000 per financial year, and user can only be paid once for inviting the same person once. The offer expires on April 1, 2018.
Along with all major Indian banks, Google has also teamed up with Dominos, RedBus and PVR as payment partners. Additionally, Google has rolled out the application for business users. “Business owners and shops can use the Tez app with their individual current account to start accepting digital payments today. Payment goes directly to your bank account — all with no fees. We are working to support shopkeepers with other types of current accounts soon,” Google said.
On the security front, all the transactions on Google Tez app are guarded by something called Tez Shield to “detect fraud, prevent hacking, and verify identity,” the company says. “We built Tez to provide security throughout the payment process from customer to business and back.” One thing the company has done is introduce an additional PIN layout to protect any unauthorised usage. On iOS, the app supports Touch ID.
With Tez, Google has become the latest international giant to enter India’s increasingly growing digital payments market. Samsung has been pushing hard it’s own Samsung Pay solution in India and has received wide acclaim for it’s proprietary transfer technology.
Google Tez is a standalone payments app, available on Android and iOS, and is powered by UPI, a payments protocol built by government-backed organisation NPCI. UPI has already surpassed mobile wallet apps in one key area: the amount of money exchanged. A staggering sum of ₹41.3 billion was exchanged using UPI platform in August, compared to 27.2 billion by mobile wallet apps, according to India’s central banking institution RBI. In terms of number of transactions, UPI stood at 16.6 million, while mobile wallet apps were at 89.7 million.