Google has officially introduced a mobile payments and commerce app in India, called Tez, as was reported would happen last week. Most importantly, there has been a squeeze in the volume of high currency denominations, and is projected to continue in the natural course of the economy.
To use Tez, you will need to be physically located in India when establishing your Google Account on Tez, have an Indian bank account and an Indian mobile number.
"Send money home to your family, split a dinner bill with friends, or pay the neighbourhood chaiwala".
Tez, Google's Payment service launched today in India.
Google is also pitching Tez as a way for Indian businesses to easily accept payments online - a potentially disruptive move in a market where cash-on-delivery is the preferred way to pay for something bought over the internet.
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Tez for Business offers businesses new ways to unlock the potential of digital payments and engage their customers.
The app uses the audio pairing to detect the nearby users and we have to manually select the contact for making the payment. Instead, Tez works with all 50+ UPI-enabled banks, so that money stays in users' bank accounts until they need to use it. Tez users continue to earn interest from their banks and have their deposits backed by bank security guarantees.
Reports say that Axis, HDFC, ICICI, SBI and other banks that use UPI, will be supported by the application. Other networks such as Dominos, RedBus, JetAirways.
This is Google's first big foray into mobile payments in Asia.
The Tez app supports eight languages, including English, Hindi, Bengali, Gujarati, Kannada, Marathi, Tamil, and Telugu.
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"Technology evolution has made the app the simplest form of monetary transaction". Money transfers are limited to ₹1,00,000 (yes, it's actually written like that) per day through UPI apps and 20 transfers per day. It took a few attempts, despite trying multiple connections (WiFi, data, tethering from another connection), and just as I was about to give up, it worked on another phone (that's why you can see screenshots above from two different phones).
At least one Google enterprise account user was miffed on finding that Tez did not work for users like him. It's also surprising to note that the Government of India is promoting this app when they already a similar initiative in the form of BHIM.
The payment process is fast and easy to get started. You can also use this app for recurring bills such as DTH and several recharges. The UPI Pin is something that you will have to create for the first time.
Make sure to choose Google account to get notifications, verification and everything related to your new Google Tez account.
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