Internet giant Google has forayed into the payment space in the country with the launch of a payment solution, called ‘Tez’ (fast). Finance Minister Arun Jaitley launched the Google’s Unified Payments Interface based digital payment service called Tez today, September 18, 2017 in Delhi. The news was earlier confirmed by the finance ministry via tweet. Google on September 14 had sent out invites for a September 18 event to ” share details on the launch of a new product developed grounds up for India.”
Google released the app on the Android as well as the Apple App store. The app allows users to do financial transactions like sending money, receiving payments directly into their bank accounts and paying bills. The users can link the app to their bank accounts and the platform is built on the government’s Unified Payment Interface (UPI).
Google has launched a feature called Cash Mode where one can pay without sharing bank details or phone number. The technology called audio QR Code works like Near Field Communication and uses ultrasound waved to connect two phones through the phone’s microphone and speaker. Google says its completely secure and uses UPI’s bank to bank transfer platform.
Rajan Anandan, vice president, South East Asia and India, Google said that there are 300 million people access internet on smartphones today and India is embracing internet in way we could not have imagined before. He mentioned in his statement,
“Over 650 million are expected to use Internet by 2020 and Google’s mission is to provide Internet for everyone,”
Google has also enabled merchants to use the Tez platform to receive payments directly through the app but promised only businesses that consumers transact with will be able to use the feature and there will be “no spamming.”
Digital payments have got a huge push post the government’s demonetization exercise in November last year and according to government estimates digital economy has the potential to go up-to $1 trillion in the next few years.