Google officially released ‘Tez’ app in India via Google Play Store. It is the first biggest approach to enter into Asia’s mobile payments market.
Tez will allow user to link up their bank accounts, just like BHIM app. Moreover, it covered major segments like restaurants, taxi, a person-to-person digital transaction that goes straight through your bank. Some of the physical stores may opt-in for Tez app too which will directly compete with key market player Paytm.
“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,” Google notes in its information portal about the new app.
It is now available in iOS & Android both the platform. Google has gathered majority of nationalised bank of India for UPI (Unified Payments Interface) – a payment standard and transaction system managed by Government of India.
One thing you should be clear enough for this app is that it is not mobile wallet. It is more like Apple Wallet or BHIM app that just helps you to transfer funds, know balance and perform other digital transaction. The phone number which is linked up with your bank account will be identified by Tez and your bank account gets link via this Unique ID. The procedure is quite same as BHIM app.
The app has language support for English, Hindi, Bengali, Gujarati, Kannada, Marathi, Tamil, and Telugu.
For money transfers, there is a limit of ₹1,00,000 in one day across all UPI apps, and 20 transfers in one day.
Google has partnered with ICICI Bank to bring this project to India. You can see it in lower section of the app.