Meranews, Gandhinagar: US technology giant Google Inc. on Monday launched its mobile payments app for Indian users that is available on the Google Play store for Android and the App Store for iOS users.
Built on the Indian government-supported Unified Payments Interface (UPI), the digital payments and commerce app—called Tez—was launched by Union finance minister Arun Jaitley and is available in seven Indian languages—Hindi, Gujarati, Bengali, Marathi, Kannada, Tamil and Telugu. Tez will work in partnership with four banks—Axis Bank Ltd, HDFC Bank Ltd, ICICI Bank Ltd and State Bank of India—to process payments across more than 50 UPI-enabled banks.
“Tez was built for India first—and starts us on a journey to make digital payments simpler and more accessible to everyone. We want to combine the best of Google with the best from our partners—Axis Bank, HDFC Bank, ICICI Bank and State Bank of India—to supercharge digital payments and commerce for as many Indians as possible and help them get the most from every rupee,” said Caesar Sengupta, vice-president of the Next Billion Users team at Google.
“With Tez, we are not just building an app but working towards a digital ecosystem that brings together millions of smartphone users, small merchants, large businesses and financial institutions—all built on the UPI infrastructure that NPCI (National Payments Corporation of India) and the Indian government have taken great initiative in developing,” said Diana Layfield, vice-president and head of finance and commerce products at Next Billion Users.
Tez’s Cash Mode securely sends money from person to person with just a few taps. By pressing and holding the Cash Mode buttons at the same time, two people using Tez are able to make a secure transaction in seconds without needing to share private details such as phone or account numbers. This happens through Google's proprietary Audio QR (AQR) ultrasound technology. Recipients get the amount deposited to their bank account instantly.
Transaction history with each person is grouped together like a conversation, just like how Gmail groups emails together, making it easier to find a particular transaction, instead of going through long statements.
Tez can also be used for shopping, and users can get access to tailored offers and smart reminders for upcoming payments. Integration with Chrome makes mobile web payments just like paying in an app, and users can quickly get to a business’s website or contact customer support through Tez so they don’t need install an app for every business they engage with.
Tez is backed by multiple security levels, including dedicated security systems offered by Indian banks, NPCI and the Tez Shield, which is Google’s suite of security features, including a machine-learning-based fraud detection engine, device level protection, including a Google PIN, and no sharing of phone numbers or bank account numbers via the Cash Mode.
Tez for Business, which offers businesses new ways to unlock the potential of digital payments and engage their customers, allows merchants to have their own business channel on the app on which they can engage directly with customers to share offers, send payment reminders, and link to their mobile website or customer support. The programme will be initially open to businesses with an online presence and will expand to offline merchants in the coming months. (ANI contributed to this story)