Google Tez, a new payment app specifically made for India and it is available in the Google Play store hours before its formal unveiling. Tez is Google’s payment app for India, which uses the UPI interface to connect to a user’s bank account for transactions.
The app, which is going to go head to head versus the popular apps like Paytm and BHIM, may give Google a share of India’s growing e-payments market.
Although, before Tez could be called a success; it will have to overcome challenges that are specific to India’s e-payment market.
The app is available in English as well as in seven other Indian regional languages. It is for now available for both iOS (read iPhone) and Android.
Although there are a number of other UPI-based apps in India right now, Google is offering several new features in Tez, including “proximity” transactions that allow people to carry out “cash” transactions without revealing their phone number or bank account.
Tez will be formally launched in a few hours from now at an event in New Delhi. The app is likely to be unveiled by Finance Minister Arun Jaitley.
“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,” writes Google in describing app.
The app allows users to make the payments through 3 modes. One is the through UPI ID, which is part of the government of India UPI interface. If you know the iD of a receiver you can simply input that and make the payment. The second way to pay is through a QR code, which a user will be able to scan and make the relevant payment. This will probably work similar to how the Paytm QR code scanning payment works. Finally, there is option to pay by using the phone number. This again probably works similar to how the Paytm phone number payment works.
In addition to the three modes, Google has built another mode, which is especial to Tez. This is called “cash” mode and it uses proximity. The way Google describes it, the Cash mode will allow two users to exchange money if they have the phones in close proximity. Just tap the “Cash” button in the Tez app and then follow the instructions. The phone uses proximity sensor and microphone to enable payment and it, in a way, works similar to how users share Bluetooth files.
While for the end-users, the app is called Tez, Google has also built a special version for businesses. This is called Tez for Business.