Finally, with the launch of Tez, tech giant Google has made its entry in the mobile payments market of India. The country has been slowly moving towards digital payments and Google wants its share of the pie. Making a foray into mobile payments market of India, Google launched Tez mobile wallet at an event in New Delhi. Tez is available in the form of a mobile app for Android as well as iOS operating systems. Not to mention its aim is to make payments and money transfers easy.
How does it work?
Google Tez uses Government-backed UPI(Unified Payments Interface) platform built by the NPCI. Since UPI enabled mobile wallets does not require account details from the users. Hence it uses the UPI id of the users as a proxy for the account number and IFSC code for mobile payments. In addition, each transaction is secure by users UPI PIN and the app is secure by users Google PIN or screen lock method.
Key Features of Tez
- Unlike other wallets apps Tez does not require users to store money before making mobile payments. Its function is similar to BHIM app.
- Transfer money directly to bank account. First of all, link your account to Tez over UPI and instantly transfer money from bank to bank.
- In addition, it also offers a Cash Mode option that you can use to send money instantly to another Tez user nearby. Users will not require sharing private details – like their bank account or phone number.
- Besides, users can use other methods of mobile payment using Tez app. Like using the camera to scan a QR code or by entering the phone number of the intended recipient.
- It offers language support for English, Hindi, Bengali, Gujarati, Kannada, Marathi, Tamil and Telugu.
To reach more users Google has brought introductory offers on referrals. Therefore allow users to pocket Rs. 51 everytime a new users make a transaction. Users can redeem a maximum of Rs. 9000 every year. The offer is valid until April 1, 2018.
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