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Google Finally Launched Tez, A Payment App In India

More digitized payment all over the country!

Weeks after speculation and hearsay, the giant-tech company has finally launched their new venture about mobile payments in Asia. Google have released Tez, a new mobile wallet in India which will help users to connect their mobiles for bank account to pay for goods and services and even for person-to-person money transfers.

Now you can send money to your family, spilt bill with your friends or pay the neighborhood vendors too. Make all the payments through this app big or small, from your bank account with Tez. It is the new digital payment app for India. The app is available on both Android as well as iOS platform and the company will link various banks with the help of UPI (Unified Payments Interface). This is standard payment and backed up the government too so that more integrated banking services should be used.

You can can’t call Tez as mobile wallet just like PayTM in which the money is stored in app and can be topped up whenever required. It can be compared to Apple’s Wallet- where one can place their link phone with their phone bank accounts and cab be used for deducting payments. The banks which support Tez are Axis, ICICI, State Bank Of India, HDFC Bank and other banks which support UPI. Apart from this online payment partners include large fast food franchises like Dominos, transport services like Jet Airways and RedBus. Knowing India’s vast cultural differences, the app is supported in English, Hindi, Bengali, Gujarati, Kannada, Marathi, Tamil and Telugu.

To transfer money, the limit is of Rs. 1, 00,000 in one day across all UPI based applications and 20 transfers in a single day. India is one of the most populated country in India and more and more mobile handset are bought every day. According to reports, by the year 2020, digital payments will cross till $500 billion.

For sellers and vendors, there is also separate business portal for online companies to use Tez for payments. Although no commission rates have announced on this. Soon there will be more details about that later.

What do you think about this new application by Google? Do let us know what you think. Please share your thoughts and opinions in the comments section below:

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Startup-Buzz Team

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Startup-buzz Team is a collaborative group of entrepreneurs, researchers, writers and experienced professionals. Tied up together to bring the latest Startup Buzz going around the globe.

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