Google, with the launch of Tez app, has forayed into the crowded segment of payment services in India. The Tez app has already witnessed 1.8 crore gross merchandise volume (GMV) done with over four lakh active users.
Google, with the launch of Tez app, has forayed into the crowded segment of payment services in India. The Tez app has already witnessed 1.8 crore gross merchandise volume (GMV) done with over four lakh active users, IANS cited a company spokesperson as saying. Meanwhile, Indian-born CEO Sundar Pichai tweeted that the move will help India move closer to digital transformation. Finance Minister Arun Jaitley had launched the app on Monday where he said the idea of ‘Tez’ was discussed by Pichai in January, following the goverment’s demonetisation move. Meanwhile, Google has informed that it is not storing any kind of Aadhaar information on the app. While there is a mention of Aadhaar in the Terms and Conditions option, the company said that it has been kept for the future. An NDTV report cited Caeser Sengupta, Google VP (Product Development) as saying that, as of now there is no need of any Aadhaar integration.
After the note ban, India saw a surge in digital based transactions which also gave rise to many e-wallets and other online payment systems. Built on the government-backed Unified Payment Interface (UPI) platform, Google Tez allows users to do financial transactions like sending money and receiving payments directly into bank accounts of individuals and merchants. Designed in a chat-like interface, Google has released Tez on both Android and Apple iOS platforms. Google has partnered with four banks -Axis Bank, HDFC Bank, ICICI Bank, and State Bank of India. These banks are the exclusive partners, while the app will also work with the 55 banks support the UPI platform, Google has informed.
Watch Google Tez app video:
How to download Google Tez app: Users can download the mobile app from the play store, but in order to get started, they need to have the same phone number (linked to the bank account) in the same phone. You can also sync it with your Google account, but here too you will have to enter your phone number at first. After this, you will have to setup Google Pin, a secure lock system, which will be required every time you open the application. However, it is not the PIN needed to carry out transactions.
If you need to carry out UPI based payments, you need to link your bank account with the app. For this, you need to have your debit card with you as the details will be required. Once details are filled, two things will be required- bank OTP and UPI Pin. The UPI Pin is something that you will have to create for the first time. This process will create a UPI Id for you in the Google Tez app. Interestingly, there is a cash mode option in the Tez app as well, which will help you make payments to a nearby person without needing to enter the phone number.