Google Tez has been officially launched for Indian users and the new mobile payments app is now available for download. Tez app, which translates in English to ‘being fast’, can be installed from the Google Play Store and Apple’s App Store. This is the tech giant’s first major attempt to enter the mobile payments segment in the country. Since it is a UPI backed app, Tez is connected with most Indian banks, especially the ones which support UPI. UPI is supported by the National Payments Corporation of India (NPCI) and regulated by the Reserve Bank of India. Also, there is a different “Tez for Business” app too. It is meant for enterprises to receive payments from their users/buyers. The new mobile application enables you to send and receive money from friends by linking up your bank accounts to your mobile. You can also buy goods from online as well as offline retailers.
When compared to other mobile wallets, Google Tez app is a bit different from the services like Paytm. This is mainly because users will not have to deposit money in an e-wallet or anything like it on the Tez app. This basically means, your account will be your ‘wallet’, similar to your bank debit cards. Google’s new app supports almost all Indian banks, like State Bank of India, ICICI, HDFC, Axis, and more. Meanwhile, here is a list of 10 things you should know about the new Google Tez app.
1. Direct bank account transactions: Tez works with your existing bank account, which means your money will be in your bank and there is no need to add it separately in wallets. The app works with all Indian banks that support UPI.
2. You can use Tez app for daily transactions and also larger transfers. You can pay or receive money from anyone who has the Tez App or any other UPI supported app by simply selecting them from your contacts list or by entering their UPI ID.
3. Security: There are layers of security, first from the bank, then UPI, and then Google. Tez Shield helps in detection of fraud, prevents hacking, and verifies your identity. Each transaction is secured with your UPI PIN and the app is secured with a Google PIN or fingerprint.
Related video: Google Tez app launched by Finance Minister Arun Jaitley
4. Cash Mode: Users can transfer money to anyone nearby. Cash Mode helps in sending money to people nearby without sharing private details like your phone number.
5. Tez works with all major Indian banks and with a number of smartphones. Tez offers language support for English, Hindi, Bengali, Gujarati, Kannada, Marathi, Tamil, and Telugu. To establish an account and to use Tez, you must be in India, have an Indian bank account and an Indian mobile number.
6. Offers: You can get Tez Scratch Cards in the app and be eligible to win up to Rs 1,000 with each eligible transaction. Plus, your weekly transactions enrol you in Tez’s Lucky Sundays contest. Here you could win Rs 1 lakh per week. However, transactions must be Rs 50 or more per user.
7. It will be easier to pay even in smaller shops. They can now accept payments on the spot with Cash Mode. Pay instantly and get quick payment confirmation all while keeping your personal and bank details private.
8. If you are a small business owner, you can use Tez with your current account to start accepting digital payments. The money will reach directly to your bank account instantly. Google says merchants with individual current accounts can receive up to Rs 50,000 per month with UPI with no fees. Beyond that, your bank may charge fees or may impose additional requirements.
9. Searching for transaction history is easy in the Tez app since they a grouped like conversations in messaging apps.
10. Tez app works both on Android and iOS smartphones, and Google has promised updates every few weeks.