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What is Google TEZ? Here is all you need to know about India’s new Digital Payments App

Google's new digital payment app Tez will support Unified Payment Interface UPI as well as other wallets like PayTm and Mobkwik. Aimed at Quicker and protected means of payments, Google Tez will soon be giving a tough competition to the existing payment services.

Google-Tez

Google TEZ App: Tez, Google’s Payment service launched yesterday in India. Google’s own payment app works on computers and smartphone devices. The term Tez signifies ‘Speed’ in the Hindi Language. Aimed at Quicker and protected means of payments, Google Tez will soon be giving a tough competition to the existing payment services.

Search Engine Giant Google’s new digital payment app Tez will support Unified Payment Interface UPI as well as other wallets like PayTm and Mobkwik. Google has been planning to launch the Tez mobile app from last few months. Google has completed the testing of its TEZ app in July itself and waited for RBI’s approval for its launch. TEZ app is a multi-layered payment service which may be used to receive e-commerce payments and other financial transactions.

Google in a note said that “Send money home to your family, split a dinner bill with friends, or pay the local chaiwala or sabziwala. Make all payments big or small, directly from the bank accounts with Tez, for India

Tez is more like an Apple’s wallet which would link your bank accounts and smartphone. It allows paying bills by directly deducting the money from the bank accounts instead of saving your money in the app.

The app works in partnership with four Banks — Axis Bank, HDFC Bank, ICICI Bank and State Bank of India — to facilitate the processing of payments around over 50 UPI-enabled banks.

How Google Tez Works?

Google’s Tez Payment solution app facilitates Payment Transactions using your UPI accounts, debit card, credit card, internet banking accounts or some other Payment Instruments approved through Tez.

The Payment Transactions carried out via Tez are exclusively between the Sender and the Recipient of this payment. It creates a link between you and the respective Payment Method Providers, enabling you to create and receive payments using Payment Method Provider Services.

When the payment instruction is authenticated, authorized and processed via the Payments System Provider Services, the payment might be deducted directly from you by the Payments System Providers or by means of the settlement facilitation services provided by the Partner Banking.

Basic requirements and use:

You will Require a mobile, internet or other supported device That meets certain system and compatibility requirements, which might vary from time to time. Just Download Google Tez Program from Google play store and start using it.

To utilize Tez, you will have to be physically situated in India when establishing your Google Account on Tez, possess Indian bank accounts and an Indian mobile number.

Google TEZ App Characteristics:

  • Direct & Instant money transfer from bank to bank using UPI
  • TEZ is secure and safe, Google TEZ’s multi-layered security and 24/7 protection via TEZ shield permits users to create transactions with confidence.
  • Google Tez’s Cash Mode enables you to instantly send/receive money to anyone around you without sharing details like phone number or bank accounts.
  • Pay and set reminders for recurring bills like DTH, Gas Mobile, Landline,  Credit Cards, Donations, Insurance, Loans, Subscriptions, etc.

 

Google TEZ offers on Transactions:

Users will Get Tez Scratch Cards in the app and be eligible to win up to ?1,000 with every eligible transaction. In addition to this Tez Scratch cards, users each week transactions enroll you in Google Tez’s Lucky Sundays contest where you can win ?1 lakh weekly. To avail the above offers from TEZ, the Transactions has to be ?50 or more per person

  • Download Google TEZ app from Playstore
  • Signup using your mobile number
  • Invite anyone to Install Tez App by sending them TEZ app link
  • Ensure that he download Tez using the link
  • After signup, as soon as your referral makes a payment using Google TEZ both of you will be awarded Rs 51
  • The Catch here is, the reward money will be just awarded after the first transaction.
  • Using this TEZ promotional offer, a single user can make up to Rs 9000
  • This TEZ App Referral program ends on April 1, 2018

Tez App Transaction Daily Limit:

For money transfers, ?1,00,000 is defined as the limit in one day together with UPI apps. With Google Tez  App, users can perform 20 transfers in a single day.


A day after Google launched its newest digital payment app “Tez” in India, the company’s Indian-born CEO Sundar Pichai on Tuesday tweeted


Finance Minister Arun Jaitley who launched the app here had said the idea of “Tez” had been discussed by Pichai in January, only after demonetisation.


“Google saw a terrific potential in Indian market and businesses,” Jaitley said, adding that Google’s new digital payments app during the upcoming few months was likely to produce key improvements in digital transaction volumes.


Built on the Indian government-supported Unified Payments Interface (UPI), Tez makes it possible for users, at no charge, to make small or big transactions straight in their bank account.


According to D.D. Mishra, Research Director, Gartner, Tez provides promising characteristics which are in-line with all the requirements.


“It is too early to state whether it could be a game changer as evolution in this business is going to continue, but yes it has the capabilities to bring some disruption as of today,” Mishra said in a statement.


Additionally, Google’s information about an individual’s tastes can play a fantastic part in enabling business to be aware of their tastes and provide supplies with interesting options.


“The mobile wallet industry too, is evolving and we’re at an interesting point in this competition. Finally, UPI payments will have an upper hand if it continues to remain free and provide much better security, convenience and include additional Value Added Services,” Mishra informed.

About the author

Cindy

Cindy is a professional writer and SEO consultant. She writes about a wide variety of topics, including technology, travel, SEO, social media, education and personal finance.

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