Global search engine Google plans to launch a localized digital payments service in India called ‘Tez’ which means fast in Hindi. The app will offer a comprehensive set of payment options to users beyond its existing options such as the Google Wallet or Android Pay.
Technology website TechCrunch reported the app may be launched as soon as next week in New Delhi by Caesar Sengupta, the Vice President of Next Billion Users, Google. Tez, developed specifically for the Indian market will also include support for the government backed Unified Payments Interface (UPI) and other consumer payment services such as Paytm and MobiKwik.
Google, which launched Android Pay two years ago in the US, is aiming to delve into the rapidly growing digital payment market in India which is expected to touch $500 billion by 2020. According to a report by news portal The Ken, Tez will be available on the Google Play Store for smartphones and as a Chrome widget for desktops. The service is also likely to be integrated into other applications such as ecommerce, mobility, Play Music, Play Movies and the Play Store for subscription and paid downloads.
While both Android Pay and Google Wallet did not hit off, tech companies like Flipkart are already looking at the potential of Tez. Considering Android is India’s dominant operating system for smartphones, Google could have an upper hand in the digital payments sector.
At present, Alibaba backed Paytm and other digital wallet players like MobiKwik, FreeCharge, Oxigen, Citrus Pay, Phone Pe, PayU, ItzCash, Jio Money and Ola Money are fighting over the lucrative digital payments market. Recently Facebook owned Whatsapp Inc., also showed interest in launching its own digital wallet in India along with other global companies like Truecaller and Uber. According to the Ministry of Electronics and IT, the infrastructure of digital payments in India is expected to increase three fold with almost five million electronic point of sale (PoS) machines by the end of 2017.
Google India has sent out an invite for a press conference in New Delhi on September 18, to share details on the launch of the new product developed grounds up for India.