Google launched its UPI-based payment service, Tez in India yesterday. Tez is a free mobile wallet that allows users to link the app to their bank accounts to pay to local stores and online stores, and for person to person money transfer. But, this is what other mobile payment apps are doing, what is new with Google Tez? Tez comes with a new feature, Audio QR, which uses ultrasonic sounds to let you transfer money, bypassing the need of NFC. There are 300 million smartphones in India, but those with NFC remain rare and expensive.
“Tez” meaning fast in Hindi, will allow the users to link their smartphones with their bank accounts for instant money transfer.The app is supported by UPI and is expected to be far more effective than similar apps like Google wallet or Android play. Google Tez will also partner with other platforms like MobiKwik and Paytm.
In Hindi, Tez means “Fast”, has been named so to add to consumer outreach. With a Hindi name, the company would be able to attract larger number of customers in India. Tez app has been launched in India to allow fast and cashless transactions in India.
The search giant plans to overtake one of the biggest markets by providing frictional and more attractive process of transferring money in than cash itself. It is when the Audio QR (AQR) comes to play, which is a secure and innovative for of authenticating payment by letting two phones talk to each other. The app allows a limit of Rs 1,00,000 per daily limit with 20 transactions daily.
Tez was launched in the country on September 18. The app will come pre-installed in phones coming to the market from Lava, Micromax, Nokia and Panasonic, company informed.
Tez also provides bank-to-bank payments which is protected by Tez Shield, which is a data security platform from the Google that helps to detects fraud and protects user identity. The app looks more like a chat app, allowing users to user the contact list as a way to keep transaction history organized.
The app will compete with the already established Paytm that leads the mobile payment services in the country. The innovative AQR feature may attract audience and it is for us to wait and watch for what people feel about the ‘Tez’.