In line with all the reports and rumours, Google has officially unveiled its latest application- Tez (meaning- 'Fast' in Hindi) for the Indian market. Although Google has already set a launch event for later today, the website of the application tez.google.com already went live and the application is up for download from Google Play Store.
Google Tez is the search giant's take on the UPI payments system in the Indian market. The application currently supports all the major UPI payment supported banks such as Axis, ICICI, HDFC, etc. Also, Airtel Payments Bank option is present as well in the bank accounts section.
For the unaware, UPI or Unified Payments Interface allows you to send or receive money through a virtual payment address (VPA). So, with the help of a VPA address, you can send money to others. This removes the hassle of adding the beneficiary account to your bank account and goes away with NEFT or IMPS payment methods. Having said that, money transfer via UPI is instant and secure, and it works same as IMPS feature, sans the requirement of adding beneficiary account details.
Furthermore, Google has partnered with services such as Dominos, Jet Airways, etc., allowing customers to pay using Google Tez. As an introductory offer, Google is running a campaign where users will get Rs. 51 as a cashback for transferring Rs. 1 to someone's account.
Coming back the Tez application, Google has added support for various Indian regional languages such as English, Hindi, Telugu, Tamil, Marathi, Bengali, Gujarati, and Kannada. The Google Tez works same as other UPI payment apps, in which you need to enter a UPI pin to make a transaction. In addition, Google has added a feature called ‘Tez Shield,' which is a fraud detection scheme comes into play whenever there' some malicious attempt on your account.
There's a dedicated 'Cash Mode,' which allows you to transfer money to people nearby your location without requiring the VPA address. This is something unique from Google.
Google surely is looking to make massive strides with the Tez app in the Indian market. This app comes from Google at a time where Indian consumers are looking for a reliable digital payments app from a trusted brand. You can download the Google Tez app by heading over to Google Play Store or Apple App Store.