Tez, a new digital payment app by Google for India:

Demonetisation, the remarkable step has rapidly increased the number of people who have shifted the way of making payments/transactions to digital. Thus there emerged a large and competitive market for online and digital transactions. Government of India has also launched a mobile transaction app named - BHIM recently. Private participators like paytm jiomoney, etc are also providing an equally tough competiton. Now, Google has taken a step to claim itself one among the owner of the digital payments app- it is named as Tez by partnering with HDFC Bank, ICICI Bank, Axis Bank, and State Bank of India for the backend.

What is Tez?

The Hindi word - Tez, literally means 'fast'. It is a UPI-based app that can be used for online transactions, as well as paying offline at stores. NPCI (National Payments Corporation of India) has launched the UPI (Unified Payments Interface). NPCI is a private entity, it is regulated by Reserve Bank of India, the country’s central bank.

All transactions on Tez are secured by ‘Tez Shield’. It detects fraud, prevents hacking, and verifies identity.
-says Google.

Why Tez?

Google is also incentivizing transactions via Tez. Users have the opportunity to win Tez Scratch Cards worth up to ₹1,000 and get enrolled for the weekly Lucky Sundays draw of ₹1 lakh. Google also offers ‘Tez for Business’ that allows businesses to get their own Business Channels on the Tez app where they can engage directly with their customers to share offers and more.

May these be the initial offers thst is for the marketing purpose, nut then the brand name Google really means a lot and the trust on the name is much more enough to pull customers on its way.

Like all UPI-based apps, Tez requires your phone number for adding a bank account. Once the number is verified via one-time password (OTP), the app will request the UPI VPA (Virtual Payment Address) if you’ve created one in the past, else take you through the process of creating a new ID. Next up, you’d be able to set up a PIN, and you’ll be good to go.

Google Tez is a standalone app on Android and iOS, it is compatible with over 50 banks in the country that support UPI. It also supports several regional languages, including Hindi, Bengali, Gujarati, Kannada, Marathi, Tamil, and Telugu. You would be able to see all your contacts who are using Tez on the app, and request or pay money.

How to transact using Google Tez?

To begin your transaction, all you need yo do is just tapping the blue icon. You must enter the mobile number that you have linked to your bank account. Then, a message will sent from that respective mobile number for verification for which the standard charges would apply. That's it, you are all set done to commence your transaction.

The unique addition by Google is the ‘Cash Mode’ in Tez. It allows you to instantly transfer cash to anyone nearby without the need to share your contact or bank details (neither scanning a QR code). OMG!! That is as simple as sharing pics via Bluetooth.

Using Google’s proprietary Audio QR (AQR) ultrasound technology, the app produces a special audio signal which can be only read by another phone running the Tez app. As soon as the app detects a compatible device in proximity, the transaction channel opens, and you can enter the amount to send/receive the payment. Google clarifies that the transactions in this manner are completely encrypted and cannot be intercepted in the middle.

Earn Rs.50 by just transacting Re.1 :

Tez, A new age payment app.

India’s payments industry will grow to $500 billion by 2020, suggests a recent study. With Tez, Google aims to bite into this large, and growing, digital payments pie in India, but it is not early in the market. WhatsApp, the most popular messaging service in India with over 200 million active users, also plans to introduce a payment platform soon.