Google launches Tez, a mobile payments app tailored for Indian users

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The users can also make person to person instant money transfer using the app.

Putting an end to the speculations surrounding Google launching a simplified mobile payment platform for the Indian market, the search engine giant on Monday launched Tez, which marks the company’s entry into the competitive mobile payment industry in Asia.

Tez, which is now available for Android and iOS users in India, will give the ability to link their smartphones to their bank accounts and pay for goods and other purchases done through both offline and online.

The users can also make person to person instant money transfer using the app.

With Tez, users can pay directly from their bank account, thanks to the Google, which uses the UPI (Unified Payments Interface). Currently, the app works with all major banks, including Google partners: Axis, HDFC Bank, ICICI and State Bank of India.

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Unlike the likes of PayTM and MobiKwik, which are popular in India, Tez is not a mobile wallet as it doesn’t ask users to store money but instead, it works more like the Apple’s Wallet as it works as a third party to link the bank account to your phone so that payments can be deducted from the account directly.

According to the official page of Tez, it has a 24×7 security called the Tez Shield to help detect fraud, prevent hacking, and verify your identity. Each transaction made through Tez will be secured with the user’s UPI PIN and the app is secured with a Google PIN or your screen lock method such as fingerprint.

Tez has a feature called Use Cash Mode to send money instantly to another Tez user nearby without needing to share private details like the bank account or phone number. This will allow users to transact with the simplicity and with the benefit of added security.

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According to the official website of Tez, it has already partnered with apps and websites such as RedBus, PVR, Dominos, Dish TV and Jet Airways, which will all accept Tez.

Tez currently supports language such as English, Hindi, Bengali, Gujarati, Kannada, Marathi, Tamil, and Telugu, making the app truly crafted for India.

In the case of business owners and shops, they can use the Tez with their current account to start accepting digital payments. The payment will go directly to their bank accounts without any additional cost incurred for the transaction.

“The app weighs just 7MB on Android and works with the vast majority of Android smartphones in the country,” said Caesar Sengupta, the head of Google’s Next Billion program during the launch event in Delhi on Monday.

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As an introductory offer Google has announced that those who join Tez through invitation from a friend will get Rs. 51 after signing up and the fried in turn will also receive the same benefit.

Tez was launched on Monday by Finance Minister of India Arun Jaitley who said during the event that “Tez by Google is perhaps the simplest form of monetary transactions.” He also added that Tez and other platforms like it will make a major change in the digital payments landscape in India.