Google CEO Sundar Pichai on Tuesday tweeted about google payment app “We hope that the launch of @TezByGoogle will help take India one step closer to your vision of @_DigitalIndia,”
Rajan Anandan, vice president for South East Asia and India at Google excited for google tez, said “Over 650 million are expected to use Internet by 2020 and Google’s mission is to provide Internet for everyone,”
Google Tez payment app both available on Android and Apple ios. Currently google tie ups with axis bank,hdfc,sbi and icici
to running payment processing across over 50 UPI supported banks
UPI is a payment platform backed by Indian government to transfer of money from another bank account to others bank account
Google Tez will not charge any fees on small or big payments it is available in Hindi,Bengali,Gujarati,Kannada,Marathi,Tamil and Telugu,goolgle tez will allow on all the 55 banks which are supported by UPI
“Tez has been made for India and will make payments as simple as cash,” said Caesar Sengupta, vice president, Next Billion Users team, at Google.
Send money home to your family, split a dinner bill with friends, or pay the neighbourhood chaiwala. Make all payments big or small, directly from your bank account with Tez, Google’s new digital payment app for India,” Google notes in its information portal about the new app.
Some people think that google tez is like a paytm where you can stored money on wallet but tez not allowed to store money on wallet its like a apple wallet where you can enable to transactions with your bank accounts via UPI platform
Google introduce new technology in its payment app a Audio QR so this ease for person to person transaction without sharing phone numbers and account number via ultrasound waves works like NFC
This service is available still in India but it gets soon available to Indonesia,Philippines and other regions
Google tez app will be preloaded with upcoming phones of lava,micromax,nokia and panasonic , google also look to have partnership with major brands and online portals for increasing Tez app’s reach and usability
Big Market Opportunities
As india’s digital payment market growing fast and usage of digital payments among youth increasingly
India is the second largest population in the world where 65% of it are young population i.e the reason why tech companies wants a slice of digital payment market share,digital payment market is huge there and vast opportunity
According to many financial service agencies market expected to touch 500 billion dollar by 2020 so we expecting that google payment app Google Tez will definitely grab the market share to compete existing players