Google officially revealed its very first huge foray into mobile payments in Asia. The browse huge has revealed a new mobile payments app called Tez for its growing Indian client base. Tez will enable individuals to link their bank accounts to the app working with the growing Indian UPI standard. Tez can let users pay for products securely in physical stores as well as online, as well as likewise enables person-to-person money transfers. however Google already has Android Pay, so why Tez?
Well, the majority of Indian smartphone individuals don’t have a smartphone with NFC. As such, NFC based services like Android Pay will have a difficult time catching up. Tez, on the other hand, makes utilize of the UPI standard that has already been embraced by over 50 banks throughout the country. There’s built-in two-factor authentication, too, so individuals don’t have to worry being scammed. The app is offered for both iOS as well as Android best from day one.
Send money house to your family, split a dinner expense with friends, or pay the neighbourhood chaiwala. Make all payments huge or small, directly from your bank account with Tez, Google’s new digital repayment app for India
What’s the difference?
Tez, unlike other repayment services offered in India, is not a mobile wallet. That is, you won’t be able to, or aren’t expected to store money in the app as well as top it as much as utilize it. Tez is much more like the repayment services in the west, like Apple Pay or Android Pay, only without the NFC. implying it just offers you a method of linking your phone to your bank account. Thus, enabling you to pay directly from your bank account utilizing your phone to deduct balance. In other words, it is just an app that turns your phone into a debit card.
Support
Since Tez utilizes API, naturally it works with numerous banks such as Axis, HDFC Bank, ICICI as well as specify bank of India and others that support UPI. Google is working with large food chains like Dominos, deliver services like RedBus, as well as Jet Airways to enable payments utilizing Tez. The business has likewise revealed an API that will enable any type of vendor to support payments with Tez going down the road.
UPI is an effort by the Indian government to bring much more integrated banking services in a extremely fragmented market. as well as one of the numerous methods that the Indian market is fragmented is language. Naturally, Google’s app has support for English, Hindi, Bengali, Gujarati, Kannada, Marathi, Tamil, as well as Telugu.
Like all other UPI apps, there is a limit of ₹1,00,000 on money transfers as well as 20 transfers in a single day.
Google has already trademarked the name in other Oriental countries such as Indonesia as well as the Philippines. This might imply that mountain view plans to bring the app to other markets in Asia as well.
[googleplay url=””/]