Last week, we have heard reports suggesting Google to come with their own UPI (Unified Payments Interface) based payment called Tez for the Indian market. Today, it has been officially launched here in India and is available for both Android and iOS users via Play Store and App Store respectively. The company has partnered with the major banks like Axis, HDFC Bank, ICICI, and SBI. However, Tez can be used for making payments to any bank in India that support UPI. Apart from English, Tez also supports all the major regional languages including Hindi, Telugu, Tamil, Kannada, Bengali, and Marathi.
Google also partnered with smartphone manufacturers like Lava, Micromax, Nokia and Panasonic for the app distribution. So, we can expect the upcoming smartphones from these brands to include Google’s Tez has a pre-installed app. The users on this app can make payments from their bank account instead of opening a new account like Paytm Wallet or Airtel Money. Apart from the UPI based payments, the app also features Cash Mode option to instantly send or receive payments without sharing personal details like your phone number or bank account.
The app uses the audio pairing to detect the nearby users and we have to manually select the contact for making the payment. Or else, there is also a specific QR code for making payments by directly scanning the code. There are also several offers like Scratch Cards which can be earned by making a unique transaction worth Rs 50 or more. Apart from the mobile payments, it can be used as an online payment mode on the websites with Tez logo. Redbus, PVR Cinemas, Domino’s Pizza, Dish TV, and Jet Airways are few online websites who are accepting payments through Tez.
Soon, the app will also let the user make payments using the debit and credit cards. There will also be a feature to pay and set reminders for recurring bills such as DTH and Postpaid bills. With Tez for Business, all the small businesses can accept payments up to Rs. 50,000 per month directly to their bank accounts without any additional fees.