Google Tez, UPI based payments App is being unveiled just before few hours of its launch. The Search Engine Giant is now taking its step further to provide more services to all the Indian users with the help of this app.
The new Google Tez app will be launched in just a few hours today in Delhi by the VP of Next Billion Users, Google, Caesar Sengupta will also be present. It is also confirmed that Indian Finance Minister, Arun Jaitley will also attend the event. Apart from Google, leading companies like Facebook as well as Amazon are also trying to get into the Digital Wallet market in India to reach billions of people.
Google Tez, UPI Based Payments App launched in India
Google CEO, Sundar Pichai in an Interview before 9 months has also confirmed that he is looking forward to UPI and various different methods to implement it. Google Tez app is currently available on both the platforms, Android as well as iOS. The Google Tez app is built on the UPI based platform which is a payments protocol build by the government based organization NPCI.
Features of Google Tez
Google Tez app is currently available in various languages such as Hindi, Bengali, Gujarati, Kannada, Marathi, Tamil and Telugu. Using the app, users can pay for movie tickets, utility bills and various different things online. The User-Interface of the app is simple. The app will first ask users to Enter Bank Account details and then verify the ownership. All the users will be able to do setup by sending text from their registered mobile number from app’s interface. As soon as it’s verified, App will prompt to add UPI PIN and then users will be able to make payments. Hence, you will be able to view all of your friends using the app.
The app allows you to make payment in various different methods such as Phone numbers, QR Code and UPI. Also, the app allows access to contacts as well as friends who are using the app. You have to just click on any contact in order to make payment. If any of your friends have not linked the bank account in Tez, then app notifies you at the time of making payment. All the payments in the app will be protected by Tez shield, Google’s multi-layered security.
Here is the kicker!
One of the most amazing features is Cash Mode, using which one can transfer money to another user without sharing any personal details. In this feature, the app transmits audio to search for any nearby user and then it allows to send or receive money. Google has so far partnered with popular firms such as RedBus, PVR Cinemas, Domino’s Pizza, Jet Airways and Dish TV in order to enhance its transactions.
Here is the deal!
In order to attract users, Google has also introduced “Scratch Cards” in which it offers various deals as well as vouchers. If any user invites his/her friends to Tez app, he will be credited Rs 51, on condition that the user makes a payment via the app. The promotional offer is valid until April 2018, and the user will be able to obtain a maximum reward of Rs 9000 per year. Currently “scratch card” is not available if you pay Rs 50 or more this week, however, several users can stand to win Rs 1 lakh every week via lucky draw. One Important thing, a user with the scratch card will be able to earn Rs 1000 per week up to 10 weeks. Please be clear that limit is Rs 9000 per year for this too.
Major E-Payments Apps in India
In India, there are two types of market, UPI based market, and E-Wallet based market. Currently, Paytm is leading in E-wallet market and BHIM is leading in UPI based payments. As per the analysis of August by RBI, more money is being transferred using UPI apps as compared to E-wallets. However, when we talk about transactions, more transactions are being made by E-wallets as compared to UPI based apps.
What will happen next?
Google will try its best to attract as many users to its app and will enhance Digital Payment System in India. However, there is lots of competition in the market. Will Google Tez, UPI based payments App will change the market scenario? We don’t know. Let’s hope that Google Tez App will become best UPI app in the future.
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