Google has debuted a new UPI-based payments app in India and calling it Google Tez. The rumors have been making rounds for a while now and today, the Tez app has gone live on iOS and Android Play stores. This will let users in India to securely link up their phones with their bank accounts and then send and receive payments in physical stores and online, and for person-to-person money transfers.banks across the country.
“Send money home to your family, split a dinner bill with friends, or pay the neighbourhood chaiwala. Make all payments big or small, directly from your bank account with Tez, Google’s new digital payment app for India,” says Google.
Google Tez is available for download on Apple App Store and Google Play Store for iOS and Android devices respectively. Tez is based on Unified Payments Interface (or UPI) and has support for multitude of banks across the country. As with other UPI apps, Tez requires you to input your phone number, through which it links your bank account securely.
For money transfers, there is a limit of ₹1,00,000 in one day across all UPI apps, and 20 transfers in one day.
There is also a Cash mode where users can securely send and receive payments from someone nearby without sharing phone numbers or bank account details. To achieve that, it produces a special audio signal which can be only read by another phone running the Tez app. As soon as the app detects a compatible device closeby, you can enter the amount and send/receive the payment.
I expect Google to soon integrate Tez with other Google services like Play Store, Play Music etc. Android Pay is due in India as well, so expect Tez integration with that as well. Despite not having majorly differentiating factors, Google Tez is here to make adifference.