“Send money home to your family, split a dinner bill with friends, or pay the neighborhood chaiwala. Make all payments big or small, directly from your bank account with Tez, Google’s new digital payment app for India,” the Tez website reads.
FM Shri @arunjaitley to launch the Google Digital Payment app ‘‘TEZ” on Monday, 18th September, 2017 in the national capital.
Major tech apps such as WhatsApp, Truecaller, Ola and more have been adding digital wallets for payments and now Google is also all set to join the race.
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Banks and Services Supported
The app is launching on Monday on iOS and Android. It supports all major banks that support UPI, including Axis, HDFC Bank, ICICI, State Bank of India and more.
Users can also use the Tez app to pay for services that accept UPI such as Redbus, PVR, Domino’s, DishTV, Jet Airways and others.
“With Tez, you can pay directly from your bank account, which means your money is safe with your bank and you’ll continue to earn interest. There’s no need to open a separate account or worry about reloading wallets.”
The app is also secured via a built-in tool called ‘Tez Shield’. This helps in detecting fraud, preventing hacking and verifying user identity. The Tez app is secured via a Google PIN or your phone unlock method — fingerprint or password — and each transaction in the app is secured with the user’s UPI PIN.
The Tez app supports eight languages, including English, Hindi, Bengali, Gujarati, Kannada, Marathi, Tamil, and Telugu.
As Google forays into the mobile wallet and payments market in India, which already has a lot of players plying their trade since the demonetization drive.
In order to gain popularity, Google is offering rewards on transactions using the Tez app. Users will be eligible to win up to Rs 1,000 with each transaction exceeding Rs 50 with a unique user.
Users will also be eligible to win Rs 1,00,000 every Sunday. These rewards will directly reflect in the user’s bank account.
For Business Owners
Business owners and merchants will be able to accept payments using their personal accounts in the Tez app starting Monday. These payments are directed to their respective bank account without any fees.
Google is working to bring Tez for business but while merchants are using their individual accounts for transactions, they can only receive up to Rs 50,000 per month with UPI without incurring any fee. Beyond that limit, the banks might start charging a fee.
Upcoming smartphones from Lava, Micromax, Panasonic, and Nokia will feature the Tez mobile payments app out of the box.