Arun Jaitley to launch Google payment app 'Tez' on Monday 18Sep'17

Google Tez digital payment app with UPI integration launched in India

Google Tez digital payment app with UPI integration launched in India

Google today officially launched its mobile payments app, called Tez, for India after several weeks of speculation and leaked details.

After this, you have to enter your Phone number which is linked to your Bank Account. UPI is supported by the National Payments Corporation of India (NPCI) and regulated by the Reserve Bank of India. All money transactions will be capped at only 20 payments in a day with a cash limit of Rs 1 lakh.

When compared to other mobile wallets, Google Tez app is a bit differnet from the services like Paytm.

The app supports seven Indian languages, including Hindi, Tamil, Bengali, Gujarati, Telugu, Kannada, Marathi, apart from English. The app uses the UPI interface to connect to a user's bank account for transactions.

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Another very interesting feature that Google has embedded into this app is "Tez Cash Mode". Next step requires users to add a UPI-supported bank account to the app. It's also surprising to note that the Government of India is promoting this app when they already a similar initiative in the form of BHIM. It will also compete against WhatsApp, which is also planning to introduce UPI payments in its app later this year.

The new app will not compete directly with the likes of Paytm and other mobile wallets, instead it will use bank accounts to make payments via the phone.

Online businesses can integrate the "Payment Request API" so that they can securely accept UPI payments using "Tez" on their mobile websites with just a few taps.

The app is available both on Android and iOS and is built on the Unified Payment Interface (UPI) which is a Reserve Bank of India initiative to unify the fragmented fintech landscape in the country. After the initial setup, you have to either use your existing screen lock or set up a new PIN for the Tez app. All this without sharing bank details or phone numbers. These payments are directed to their respective bank account without any fees. It supports a long list of banks such as Axis Bank, Central Bank of India, Citi Bank, DBS Bank, HDFC Bank, ICICI Bank, IDBI Bank, Yes Bank and many more. This new application is a big announcement from Google as it's the first payment application it has launched which is specific to Asia.

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