MOUNTAIN VIEW, Calif. (Diya TV) – Following vast speculation, Google officially launched a mobile payment platform for the Indian market, called Tez.
Available for Android and iOS users in India, Tez initiates Google’s entry into the mobile payment industry in India. The app allow users to link their smartphones with their bank accounts and pay for goods and services online and at traditional brick-and-mortar stores.
Users can also make person-to-person instant money transfers, similar to PayPal.
With Tez, users pay directly from their bank account, using a Unified Payments Interface. Currently, the app works with all major banks, including Google partners Axis, HDFC Bank, ICICI and State Bank of India.
Tez is not a mobile wallet like PayTM and MobiKwik. Rather, instead of users storing money, it works more like Apple Wallet, linking the bank account, allowing payments to be deducted from the account.
According to Tez, it’s Tez Shield built-in security “helps to detect fraud, prevent hacking, and verify your identity.” Each transaction is secured with the user’s UPI PIN. Additionally, the app is secured with a Google PIN or a screen lock method such as a fingerprint. If users need extra payment protection for their devices, they may want to look at this sift.com webpage to see how they can go about that.
Tez says the app has partnered with a myriad of apps and vendors, including RedBus, PVR, Domino’s, Dish TV and Jet Airways. The app supports multiple languages: English, Hindi, Bengali, Gujarati, Kannada, Marathi, Tamil, and Telugu.
Business owners can use the Tez with their current account to start accepting digital payments. Payments will go directly to their bank accounts “without any additional cost incurred for the transaction.”
During a launch event in Delhi, Caesar Sengupta, the head of Google’s Next Billion program said the app “works with the vast majority of Android smartphones in the country.”
The app launch took place on Sept. 18 with India Finance Minister Arun Jaitley saying, “Tez by Google is perhaps the simplest form of monetary transactions.”
Since launching on Google Play and iTunes store, the app has received positive reviews by users. On the Android platform, of nearly 15,000 reviews and over 100,000 users, the app has a 3.8 star rating, with over half of the reviews being 5-star. On the Apple platform, Tez has a 4.5-star rating with 15 reviews.