A day before its formal divulging, Google Tez, another payment application particularly made for India, is accessible in the Google Play store. Tez is Google’s payment application for India, which utilizes the UPI interface to associate with a client’s financial balance and for exchanges.
The application, which will clash versus the mainstream applications like PayTm and BHIM, may give Google an offer of India’s developing e-payment sector. In spite of the fact that before Tez could be known as a win, it should beat challenges that are particular to India’s e-payment market.
Tez application is officially available on the market now. At present, Tez underpins 55 Indian banks including mainstream ones like the ICICI Bank, State Bank of India and HDFC Bank.The application is accessible in English and also in seven other Indian regional languages. It is for the time being accessible on iOS and Android.
In spite of the fact that there are various other UPI-based applications in India at this moment, Google is putting forth a few new highlights in Tez, including “vicinity” exchanges that enable individuals to do “money” exchanges without uncovering their telephone number or financial balance.
Tez will be formally propelled in a couple of hours from now at an occasion in New Delhi. The application is probably going to be divulged by Finance Minister Arun Jaitley.
“Send cash home to your family, split a lunch bill among friends, or pay the neighborhood Kiranawala. Make all installments enormous or little, straightforwardly from your account with Tez, Google’s new advanced payment application for India,” composes Google in portraying application.
The application lets users make the payment in 3 modes.
- One is the through UPI ID, which is a piece of the legislature of India UPI interface. In the event that you know the iD of a money receiver you can essentially enter that and make the payment.
- The second is a QR code, which a user will have to scan and pay the payment. This will most likely work like how the Paytm QR code payment works.
- At last, there is the choice to pay by utilizing the telephone number. This again most likely works like how the Paytm telephone number payment functions.
For common people, Google has built Tez. Google also made a business version of Tez where users can send and receive payments for business purposes.
Till now the app has around a Lakh installs and reviews varrying from 1 star to 5 stars. To use this app a user requires a android version of 4.4 or above.
Although people have liked the design of the app — it is a typical Google app, easy to use and designed with flat and classy material design — many are complaining that the app is not connecting to their bank accounts. Not bad for a first day. But no complains on someone lost the money because of Tez.
Google understood the mindset of Indians and they are also following the similar strategy like Ola, Uber and PayTm for getting more people install the app. Google is pushing the app by offering referral rewards.
It is asking users to refer the app to friends and if they sign and make a payment using it, you and your friend each will get Rs 51 reward. You can refer the app to as many people as you want although the maximum reward is limited to the Rs 9000.
The referral offer, according to Google, will be valid until April 1, 2018.
Presently, India’s maximum e-payment transaction happening through PayTm, even though the government has its own BHIM app, which to uses UPI interface.
However, the Tez and Paytm are two very different apps. Because PayTm is a wallet and Tez just let the user to make payment via Tez. Unlike PayTm Tez won’t be asking you to keep money in your wallet to make an easy payment.
Although this app looks pretty cool, it is just at the beginning stage, as you all know about Google. If it got “YES” from the user they will make it better than anything. Still, it is not clear that what are all services can be included in the app for making payments.
Soon enough Tez is going to act as a Card swiping machine instead you may have to scan the card instead of swiping which let all the business personals receive the payment in hassle-free mode.
PayTm is doing the same but here you don’t have to keep any money in your Wallet. Because Tez has no wallet system and it makes payment directly from the bank account.