Google forays into Indian payment space
Google has launched mobile payment app called Tez in India to grab a share of the country’s burgeoning digital payments market.
“Send money home to your family, split a dinner bill with friends, or pay the neighbourhood chaiwala. Make all payments big or small, directly from your bank account with Tez, Google’s new digital payment app for India,” Google said on its website.
Tez digital payment app is built on the government’s Unified Payment Interface (UPI). It works on any phone with a mic and speaker and uses ultrasonic audio to send money between users.
Unlike Paytm and Mobkwik that store money in the app, Tez app links user’s bank account and smartphone.
“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 noted.
Tez supports 55 major Indian banks including ICICI Bank, State Bank of India and HDFC Bank. It offers language support for English, Hindi, Bengali, Gujarati, Kannada, Marathi, Tamil, and Telugu.
The app has been released on the Android as well as the Apple App store.