Finance Minister Arun Jaitley, in tune with the Modi government's encouragement for digital payments, has launched Google'smobile wallet and payments app "Tez", specifically designed for India. Money transfers are limited to ₹1,00,000 (yes, it's actually written like that) per day through UPI apps and 20 transfers per day.
For making this app safe, Google has added a multi-layered security and Tez Shield. The app supports seven Indian languages, including Hindi, Tamil, Bengali, Gujarati, Telugu, Kannada, Marathi, and it supports English as well.
Google has also announced "Tez for Business", an app which will enable merchants to engage directly with customers. You will have to create a new UPI Pin, which will be required to carry out transactions.
You can download the app from here. Similar to how competing mobile wallet services function, Tez will allow you to pay for goods and services digitally. "In the event that you are a Recipient, you hereby consent Google to permit the Sender to store your information including bank account number and Aadhaar number on Tez for the objective of sending you payments", adds the page.
But if you don't want to share private details like your bank account or phone number, Tez has got another trick up its sleeve.
Google is also looking to target businesses in India in order to break into the digital payments market. To authorize the payment, you will need to enter your UPI PIN.
Google is integrating this app with all the major banks in the country through Unified Payments Interface which is also known as UPI. It's a bit late to the game considering how popular apps like Paytm already are, but the search giant does have a considerable base in the country using its other services. Google is also partnering with redBus, PVR Cinemas, Domino's, dishtv, Jet Airways, and more to allow users to pay through the companies' apps or websites. Also, Airtel Payments Bank option is present as well in the bank accounts section.
India has seen a fast growth of online payment apps like PayTm in the past few years and last year's demonetization further fueled this growth.
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