Google has finally launched their payments platform Tez in India after several days of speculation and leaks. This Google marketplace app will let users link their phones to their bank accounts to pay for goods in physical stores, online purchases and for person to person money transfers.
This app will be launched today, on the App Store for iOS devices and the PlayStore for Android devices. The search engine giant has partnered with multiple banks such as Axis Bank, HDFC Bank, ICICI and State Bank of India, through the government backed Unified Payments Interface (UPI.) This online payments app will also support multiple languages like English, Hindi, Bengali, Gujarati, Kannada, Marathi, Tamil and Telugu for India’s fragmented and diverse market. Along with banks, large chains like Dominos, RedBus, PVR Cinemas, Dish TV and Jet Airways, among others will also collaborate with the app as the official online payments partners.
Users will only have to enter their bank account number to verify their ownership by quickly sending a text message from their registered phone number through the app’s interface.The verified users can then start making payments and transactions by adding a UPI PIN to their account. Registered Tez users can also request and pay money to friends who use the app. The limit for money transfers for users is capped at Rs. 1,00,000 per day and 20 transactions are allowed each day.
TechCruch reported Google might also have a wider strategy to expand their payments platform to other regions. The company has reportedly also trademarked the name in other Asian countries like Indonesia and the Philippines. The global technology giant previously released two similar payments applications on its market space called Google Wallet and Android Pay. Both the apps failed to make their mark in the competitive digital payments space. This Indian app Tez will challenge the present digital payment dominators like Alibaba backed Paytm and MobiKwik.