Reports of Google making a cross-platform payment app designed just for the Indian market made the rounds last week. Today, the Mountain View California-based tech giant has finally launched the new payment app—and just as reported by The Ken, the app is designed for the Indian market. Called Tez, the new app is translated to mean “fast” in Hindi, comes with a digital wallet that will enable users in India to store currency.
Tez uses UPI (Unified Payments Interface) and is designed to work with all major banks, including Axis, HDFC Bank, ICICI and State Bank of India. Since it uses UPI, the new app will allow you to transfer money to other users at no cost. You will be able to enjoy a simplified checkout system while using Tez. Credit card support and third-party wallets have also been added to enable the new platform compete with popular wallets like Paytm and Mobikwik.
Some of the best features in Tez include the following:
Make direct payment into your bank account: With Tez, you can pay directly from your bank account, and continue to earn interest while you do so. This does not only make your money safe, it also means you can continue to earn interest while doing so.
Secure payments with Tez Shield: The Tez Shield works 24/7 to help detect fraud, prevent hacking, and verify your identity. Each transaction is secured with your UPI PIN and the app is secured with a Google PIN or your screen lock method such as fingerprint.
Pay nearby: Use Cash Mode to send money instantly to another Tez user nearby without needing to share private details like your bank account or phone number.
Make payments online: Tez makes it faster and more secure to pay on apps and websites – anywhere that UPI is accepted. When you check out, look for the Tez logo or use your Tez UPI ID.
Appreciable language support: Language support for English, Hindi, Bengali, Gujarati, Kannada, Marathi, Tamil, and Telugu.
Google said everyone including business and shop owners can start using the app from today:
“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.”
Tez is integrated into other top apps in India to allow for easier payments. Much like Android Pay owned by Google; just that this one is created and designed specifically for the Indian market.
The Indian marker for one, is regarded by analysts as one of the largest in the world—and explains why tech giants like Apple and Samsung can’t seem to get their eyes off it. That aside, Google’s Android is also the number one mobile operating system in the country—and building an app that runs on the OS gives Google a big advantage over others.