Google has sent invites for a September 18 press event in New Delhi where they are going to talk about a ‘new product developed grounds up for India’ and according to recent reports, that product is going to be a digital payments app called ‘Tez’.
Digital payment apps have been gaining popularity in India ever since the demonetization drive launched in November last year by the NDA government, led by Prime Minister Modi.
According to a report in The Ken, Tez is going to be similar to Google’s global wallet offering — Android Pay. The Tez app will also support Unified Payments Interface (UPI) and other popular third-party mobile wallet services such as Paytm and Mobikwik.
The report also mentions that the company will be partnering with several large private banks in India. This will also be the first time that Google will be foraying into payments app outside of the US.
India Hearts Google
Given the strong presence that the company enjoys in India and the reported integrations that the app comes with, it might not be a herculean task for the Silicon Valley joint to gain a significant share of the digital payments market in India.
— Venkat Ananth (@venkatananth) September 14, 2017
Digital payment ecosystem in the country has gained widespread acceptability in major Indian cities but still has a long way to go to cover the entire population — a majority of which currently lacks internet connectivity.
Google has launched a number of India-specific services, including free WiFi in collaboration with Indian Railways, YouTube GO, Android One and many more in-app features specific to the Indian context, and this digital payment app will help the company cover more markets in the country.