Google's goal for the brand new payments app it launched in India on Monday is simple, yet ambitious: to get in on the action each time someone sends or receives money in its largest market outside the United States. UPI, as it is popularly called, already has the backing of several large banks and a multitude of mobile payments apps from various participants, including one backed by the central government itself, called Bharat Interface for Money (BHIM), support the method. You can use it to buy movie tickets, pay utility bills, restaurant bills, transportation, tv, spit bills, even send money to family or pay directly from your bank account and so many digital transactions. Tez uses UPI and works with major banks including SBI, HDFC Bank, ICICI Bank and Axis Bank.
The app works with all major Indian banks and a vast majority of smartphones.
Tez, Google's Payment service launched today in India.
Among those jostling to make inroads are Facebook Inc's messaging service WhatsApp, which is in discussions with UPI's creator, the National Payments Corporation of India, for a service that's compatible with the interface. Once the number is verified via one-time password (OTP), the app will request the UPI VPA (Virtual Payment Address) if you've created one in the past, else take you through the process of creating a new ID.
Google has just launched its Tez UPI-based mobile payments app in India.
Furthermore, Google has partnered with services such as Dominos, Jet Airways, etc., allowing customers to pay using Google Tez. UPI allows for easy transfer for payments within bank accounts. It offers some flexibility in transaction up to ₹ 1,00,000 and 20 transactions per day.
More details on this feature are awaited and Google is likely to announce this as one of the highlights of the app. This includes "Cash Mode" that lets you send/receive money without having to exchange any sort of private information and support for a bunch of local languages. At the other end of the line, any merchant, physical or online, that similarly supports UPI, or has the new Tez logo, will accept payments via Tez. Then set their Google PIN or screen lock and then link their existing bank account to Tez. Apart from this business, Google is also looking forward to adding a Business Messaging channel to its services.