Since the government started promoting cashless ways to do financial transactions and promoted UPI a lot, new players are jumping into the field to compete with Paytm which has a very strong hold in India. PhonePe was once such great app which hit the market, and now Google Tez has been officially launched in India, which will help people send and receive money within seconds.
Google Tez allows users to make small or big payments straight from their bank accounts for free. It has no complicated things like a wallet or vault where your money resides, and later you need to transfer to the bank account. Rather, it will let users send and receive money by using their bank account only. It is multilingual and it supports English and seven Indian languages (Hindi, Bengali, Gujrati, Kannada, Marathi, Tamil, and Telugu). Tez works in partnership with four Banks — Axis Bank, HDFC Bank, ICICI Bank, and State Bank of India (SBI) to facilitate the processing of payments across over 50 UPI enabled banks.
One more thing that we must talk about Tez is its compatibility. It will work on any device running Android 4.4 Kitkat or higher and also on iOS. No hardware like NFC chip or anything is required for using the Cash Mode in the app.
Tez uses Audio OR technology to securely send money from person to person with just a few taps. By pressing and holding the Cash Mode buttons at the same time, two people using Tez are able to make a secure transaction in seconds without needing to share private details like phone numbers or account numbers so that you don’t need to worry about asking the merchant his VPA or phone number while paying for anything.
Tez also works with a phone number, so that you know how many of your friends and people you know use the app. In case you want to send money to someone who is not nearby, you can still send money by entering his bank account number or UPI ID. Transaction history with each person is grouped together like a conversation. Tez works with all 50+ UPI-enabled banks, so that money stays in users’ bank accounts until they need to use it. Users continue to earn interest from their banks and have their deposits backed by bank security guarantees. There is no need to reload a digital wallet.
Google has stated in the press release that Tez is secure and protected by multiple layers of security. The list includes dedicated security system offered by Indian banks, the NPCI, and the Tez Shield- Google’s suite of security features, including a machine-learning-based fraud detection engine, device level protection, including a Google PIN, and no sharing of phone numbers or bank account numbers via Cash Mode. Customer service is available 24/7.
Along with the launch of Tez, Google has also announced some offers and gifts for users. – Tez Scratch Cards™ and Tez Lucky Sundays™. With each eligible transaction, the users have the opportunity to win Tez Scratch Cards™ worth up to ₹1,000 and get enrolled for the weekly Lucky Sundays draw of ₹1 lakh. Google slightly mocked some other similar services as they clearly said, “No need to hunt for coupon codes: When a Tez user wins, as per applicable terms and conditions, rewards go straight into the user’s bank account.”
Introducing the new payments and commerce app, Caesar Sengupta, Vice President of the Next Billion Users team at Google, said, “We are deeply committed to bringing the best of Google’s technologies to Indian users, and Tez takes that to the next level. Tez was built for India first — and starts us on a journey to make digital payments simpler and more accessible to everyone. We want to combine the best of Google with the best from our partners — Axis Bank, HDFC Bank, ICICI Bank, and State Bank of India — to supercharge digital payments and commerce for as many Indians as possible and help them get the most from every rupee.”
Diana Layfield, Vice President, Head of Finance & Commerce Products, Next Billion Users, said, “With Tez, we are not just building an app but working towards a digital ecosystem that brings together millions of smartphone users, small merchants, large businesses, and financial institutions — all built on the UPI infrastructure that NPCI and the Indian government have taken great initiative in developing. Today is the start of a new journey for us. We look forward to bringing more features and innovations to meet people’s needs, and providing businesses with more ways to interact with their customers.”
Tez for Business was also announced which offers businesses new ways to unlock the potential of digital payments and engage their customers. It will offer Business Channels, using which merchants get their own business channel on the Tez app where they can engage directly with their customers to share offers, send payment reminders, link to their mobile website or customer support, and more. This gives an app-like payment experience without needing to download an app. Online businesses can integrate the Payment Request API so they can securely accept UPI payments using Tez on their mobile websites with just a few taps.