Google has entered the lucrative digital payments market in India. The company has launched a new service called Tez, which lets users make payments and transfer funds. The service is available as an app on both Android and iOS platforms.
Plastic money usage and digital payments have been on a rise and trending in India since demonetization (last year). So Tez appears to be a well-timed and targeted venture. And there’s no doubt that the brand Google that’s attached to it will give it the ultimate publicity push.
As with any digital payments app, the first question that pops up is whether the app even supports my bank or not? Well, that should not bother you in this case. Basically, Tez uses Indian government-supported Unified Payments Interface (UPI) platform, which is braced by majority of banks in the country.
India being a multilingual country, language support plays an important role in making an online service successful in the market. Google seems to be well aware of this, as the new app supports several widely-spoken languages in India, including English, Hindi, Bengali, Gujarati, Kannada, Marathi, Tamil, and Telugu.
One of the major concerns with digital payments services is safety. To allay such doubts, Google is highlighting the concept of Tez Shield, which the company say “works 24/7 to help detect fraud, prevent hacking, and verify your identity.”
“Each transaction is secured with your UPI PIN and the app is secured with a Google PIN or your screen lock method such as fingerprint,” the company explains.
Another feature worth mentioning is Cash Mode. When in this mode, you can transfer money instantly to other Tez users nearby without sharing account details or phone numbers.
The app can also be used for making online payments through apps and websites. Currently, you can use it while making payments at several outlets, including PVR cinemas, redBus, Domino’s Pizza, dishtv, and Jet Airways.
Not only consumers, but Businesses can also use Tez with their individual current account to start accepting digital payments. Those involved in selling their stuff online can checkout Tez for Business.
Oh, and yes, every transaction made through the app will make users eligible to earn delightful surprises like Tez Scratch cards, and the rewards will be straight away added to their corresponding bank accounts.
All in all, with Tez, Google intends to offer a faster and more reliable digital payments experience to Indians, and not to mention, grab a pie of what’s expected to be a $500 billion market by 2020. But, we’ll have to wait and see how well Tez performs.
https://www.youtube.com/watch?v=LN2F0ae–WE&feature=youtu.be
The app can be downloaded/installed both from Google Play and App store.
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Dr. Aparajita Sharma
1261 Posts
A budding entrepreneur by profession, and a psychologist by education. As a founding member of PiunikaWeb, I am nurturing this firstborn with my sharp-eyed expertise and even journalistic writing when needed.
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