Google’s aim towards developing a brand new payments app in India has been successfully achieved. The new app called Google Tez is a completely new way of payment for Indian users in which they can send money to each other or to the businesses without any requirement of personal information. The new app was launched in India on Monday and Google considers it as a simple yet ambitious project, will come into action when someone wants to send or receive money.
Tez means ‘Fast’
The app is named as Tez, which means ‘fast’ in Hindi and it allows users to do three things- send money to people in their phones’ address books, make payments to businesses (both online as well as in real-world mom-and-pop stores), and zap cash to anyone around them. And the most welcoming thing is that all this can be done without the need of bank account numbers and personal details. Caesar Sengupta, Vice President of Google’s Next Billion Users program, told that the west went from using cash to plastic and point-of-sale machines and still its there and they think that in developing countries like India people would leapfrog directly from cash to cash-less or digital payments with the help of their smartphones.
Tez- a crucial app for Google
The Tez app is available to download on Android as well as on iOS, and it is considered as a crucial attempt to drag people of developing countries to use various Google products. Google denotes those users as ‘The Next Billion’ and has provided free Wi-Fi to 150 Indian railway stations along with developing brand new YouTube Go app specifically for people of India.
Tez is powered by Unified payments Interface (UPI). It works similarly to that of Venmo which is used in the USA, except that in Tez, anyone can make their own payments app on top of UPI.
How Tez works?
Once you click the Pay or Receive option, Tez finds out other Tez users around you with a proprietary technology called Audio QR based on ultrasound and then pairs with their phones. Once a sender puts in the amount and authenticates with a pre-set PIN to confirm who they’re sending money to, a transaction occurs within seconds. The app is very simple to operate. Google’s Tez app’s path is not that easy because already the market is flooded UPI-based payment apps like PhonePE from Flipkart, BHIM from the Reserve Bank of India and also Facebook-owned WhatsApp is also reportedly creating a UPI-enabled payment system.
Sengupta told that Tez is not a chat app. Instead, it is built like a chat app keeping in mind the familiarity of Indian people with the instant messaging apps like WhatsApp and Hike.