Caesar Sengupta, vice-president, product management, Google, said the company is also working on integrating credit and debit card payments through Tez and will enable the feature later this year.
Within just 20 hours of its launch, Google’s digital payment app Tez has garnered over 4.1 lakh of active users who in all made transactions worth Rs 1.8 crore of gross merchandise value, according to a senior executive of the search giant. Caesar Sengupta, vice-president, product management, Google, said the company is also working on integrating credit and debit card payments through Tez and will enable the feature later this year. Google launched its digital payment app in India on Monday and by Tuesday morning the app saw more than 4 lakh of active users, according to the firm. Sengupta said it is premature to talk about the kind of users and type of transactions that the app saw on the first day, but he was quick to add that the app not only saw small-ticket transactions but also some big-ticket ones such as rent payments by tenants. Google built the app on the Indian government supported Unified Payments Interface (UPI). Google has also enabled merchants to use Tez platform to receive payments directly through the app. Tez allows users to make payments straight from their bank accounts. The app is available in English and seven Indian languages. The payment space in India has become crowded after India’s demonetisation move.
The space saw the entry of not only large players like Amazon, Flipkart and Uber foraying into it, but also saw some big deals like Freecharge being bought by Axis and PayU buying Citrus Pay last year. Even Apple is also believed to be working on a payments solution for India. Google’s app Tez works in partnership with three Banks — HDFC Bank, Axis Bank, and ICICI Bank. SBI will come in soon, said the company. Google has also introduced a security feature, Tez Shield, powered by Google’s machine-learning techniques to help detect fraud, prevent hacking, and verify your identity. Each transaction is verified with the user’s UPI PIN and the app is secured with a Google PIN or screen lock, if users choose to add one.