Science

Google launches Tez, a digital payments app for India

Google launches Tez, a digital payments app for India”

Tech giant Google will unveil its payment app "TEZ" on Monday as it seeks to cash in on the growing digital payment segment in the country. Google is launching the app at an event in Delhi where Caesar Sengupta, the company's VP for Next Billion Users will be present. It will be announced officially today by the Indian Finance Minister Arun Jaitley. This could launch later, though we'll have to wait for Google to confirm the same.

UPI is a payment system launched by the National Payments Corporation of India (NPCI) and regulated by the Reserve Bank of India which facilitates the instant fund transfer between two bank accounts on the mobile platform. You can add multiple bank accounts and change the primary bank account whenever you wish. Although people have liked the design of the app - it is a typical Google app, easy to use and designed with flat and classy material design - many are complaining that the app is not connecting to their bank accounts. However, all the bank accounts will have to have the same registered mobile number. Additionally, Tez also comes with a unique Cash Mode feature that lets you send or receive payments to Tez users nearby without revealing your personal details. Similar to how competing mobile wallet services function, Tez will allow you to pay for goods and services digitally.

The mobile app can be linked to one's bank account and mobile number to make any sort of payment. The ratings for the app range from one star to five.

Step 5A:You can also link your account number. After that it said that the bank may charge fees or impose additional requirements. You will have to create a new UPI Pin, which will be required to carry out transactions. It added that Merchants with individual current accounts can receive up to Rs 50,000 per month with UPI with no fees.

The app can be used to make payments at a restaurant while shopping.

Tech majors like WhatsApp and Facebook are also engaged in dialogue with the NPCI, a body set up to promote UPI-enabled payment, on their platforms. Just tap on their name, and tap on Pay/Request option at the bottom. You can also cancel requests.

Transfer money to anyone "nearby" without sharing private details like phone numbers, email address: Google seems to be using Bluetooth to identify nearby Tez users.

"As we continue to make strides in ensuring that our products continue to serve the needs of everyone, we invite you to a press conference to share details on the launch of a new product developed grounds up for India", the invite read. You can refer the app to as many people as you want although the maximum reward is limited to the Rs 9000.

The payment process is fast and easy to get started. Once again the limit here is Rs 9,000 for the year.



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