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.
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How To Use WhatsApp Payments Feature In India
WhatsApp the online messaging service launched their payments feature on Sunday. The United Payment Interface, UPI platform, is now live on the iOS as well as on Android devices. It is interesting to note here, India is the first country in the world to get this feature! So far, this feature has only been made available in the beta version and will soon be made available in the updated versions.
With the introduction of the payments option, WhatsApp has become more than just a messaging service. The newly rolled out payments feature lets users transfer money to their WhatsApp contacts through the app. By introducing this feature, these UPI based payments feature is squashing all competition and other online wallets in India. Further, this feature also allows users to transfer money directly from their bank accounts to anyone instantly.
WhatsApp payments option is now available in two places on the app, settings option and below the attachment icon when you open a particular chat. It is very similar to other mobile wallets like Paytm, Mobikwick and Tez. However, WhatsApp payments app as of now does not support payment option for merchants. This feature can only be used for bank to bank money transfer.
* The foremost factor that the sender should keep in mind is that user’s WhatsApp number should be the same as the number linked to the bank account along with UPI option activated.
* Before using the payments feature the sender and the receiver must ensure both their phones have the latest WhatsApp version.
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