The Internet is fast becoming part of daily life for many Indians, but when it comes to making payments in the real world, we still prefer to pay by cash. Google wants to change this through its new payments app, called Tez. A simple and secure way to pay for online and offline purchases, Tez is a free payments and commerce app built on top of the Unified Payments Interface (UPI) standard. The best part: It is multilingual. Let us take a look at some of its key features and what we can do with this new Google app. Make cash-like payments: One of the most powerful aspects of cash is that it enables you to pay others without exchanging sensitive personal information. Cash Mode enables just that by letting you pay another Tez user nearby without having to share personal details like your bank account or phone number. This is ideal for paying the vegetable vendor or auto driver. Bring two phones near each other, hit pay or request, enter your UPI PIN and the payment goes instantly from one bank account to another. Cash Mode is built using Google’s proprietary AQR (Audio QR) technology, which is similar to QR codes but more convenient and more secure. And unlike NFC, it works on almost any smartphone in India, whether Android or iOS.
Phone number based: The payments app uses your phone’s contact list so there’s no need to add people as beneficiaries or remember bank account numbers. So sending money to your family across the country, paying your landlord, or splitting a bill with a friend is simple and fast. Further, your transaction history with each person or business is grouped together like a conversation—just as chat apps group your messages together. This experience feels natural and enables richer, more engaging interactions. Money in your bank: Tez works with all 55 banks on UPI. Google’s multiple payment service provider partnership with NPCI and four top banks—Axis Bank, HDFC Bank, ICICI Bank and soon with State Bank of India—means you can use Tez to transact with other UPI apps like Bhim or even check out online using your Tez UPI ID. It doesn’t cost you anything to use Tez, and your money stays in your bank so you continue to earn interest.
Boon for small business owner: Small business owners can use Tez to accept payments directly into their individual savings or current accounts (subject to regulatory limits). Merchants with individual current accounts can receive up to `50,000 per month with UPI with no fees. Your money is secure: Tez Shield uses multiple signals to help detect spam, fraud, prevent hacking, and to verify and protect the identity of every user. Your account is safeguarded with security options including phone security method such as passcode or fingerprint and a Google PIN code. Made for India first: Tez works on most smartphones (with apps for both Android and iOS) and Android supports English, Hindi, Bengali, Gujarati, Kannada, Marathi, Tamil, and Telugu with more coming soon.
In the next few months, Google will work with its partners to add more ways to pay on Tez (for example, credit cards and wallets) and more places to pay. And select phones from manufacturer partners such as Lava, Micromax, Nokia Mobile and Panasonic will come with Tez, making it even easier to get started.