Is Google planning to launch a payment app in India?

Is Google planning to launch a payment app in India?”

A new report suggests that Google is on the verge of launching a mobile payment service in India.

Tez, which stands for "Fast", is different from other Google-made payment products and services such as Google Wallet and Android Pay.

Tez is a multi-layered app, according to The Ken, that will offer a comprehensive set of payment options in India. The trademark application also talks about NFC technology, so I believe that the Google will be including the contact-less payment support using NFC in Tez. So Google has been focusing more on India with existing products like Android Pay and Google Wallet.

The search giant had launched its payment app Android Pay in the United States two years ago and has a strong hold on the consumer.

According to more media reports, it has been learned that Tez will also support government based UPI payment system along with private payment services including Paytm and MobiKwik. In fact, Apple tops the charts with its digital wallet, and is expected to almost double Apple Pay user base this year.

Google's entry into payments comes at a time when India's digital payments ecosystem is burgeoning. The feature "Whatsapp Payments: the immediate bank-to-bank transfer with UPI" will be available in the new version "2.17.295" through the Google Play Beta Programme.

Google is yet to officially announce the app and has declined to comment on it. Add to this is the fact that Android dominates India's smartphone market with a huge market share of 97%, which means nine in 10 smartphones sold in India are Android-based. However, UPI is indeed going to be the highlight of the app.

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