Last week, we have heard reports suggesting Google to come with their own UPI (Unified Payments Interface) based payment called Tez for the Indian market. She also said customers of 55 Indian banks can now use Tez. Tez is available on the Play Store as well as the Apple App Store, and works seamlessly on both iOS and Android. The app isn't heavy or bloated and weighs in at 7.3 MB.
The app enables users to transfer directly to their bank account, by linking their account to Tez over UPI and instantly transfer money from bank to bank. "Make all payments big or small, directly from your bank account with Tez, Google's new digital payment app for India", Google notes in its information portal about the new app. However, the Tez and Paytm are two very different apps. Moreover, users will also be given reward points upon usage.
The app is highly secure.
It comes with Tez Shield, the name given to its security feature provided by Google. So it should be possible for Google to create a financial address such as @tez.
The app can be used to make payments at a restaurant while shopping. Google has introduced an additional PIN layout to protect any unauthorized usage.
At this point, the Google Tez app does not let you recharge your phone numbers, pay bills and do other similar transactions.
PhonePe and Paytm are apps that will appeal to the masses thanks to their wide range of supplementing services. This is quite an innovative means of making payments.
The app is launching on Monday on iOS and Android.
People and businesses that users transact with show up like bobble-heads in an instant-messaging app, and transactions are threaded like chats too. This is expected to help spread the app. Also, for the first week, every payment made above Rs 50 will give you a scratch card and you may win a lucky draw of Rs 1 lakh. Once a sender puts in the amount and authenticates with a pre-set PIN to confirm whom they're sending money to, a transaction happens in seconds.
You will need a mobile, internet or other supported device that meets certain system and compatibility requirements, which may change from time to time.
Tez's Cash Mode sends money from person to person with just a few taps.
The Google team, Jaitley stated, saw huge potential in tapping the digital payments market, and was very keen in helping finding alternatives to cash payment. This is the Government's service to integrate banks to such applications. Users can pay instantly and get quick payment confirmation all while keeping their personal and bank details private.