Brand News #14
To put it simple words, Tez is an UPI (Unified Payment Interface) based payment app that offers several options for transferring money and making payments. And it is not a mobile wallet in any sense.
Google has taken its own sweet time in launching the digital payment app in India. If you think that its a customized version of Andriod Pay, then you are mistaken. This is exactly the reason why Google spent so much time on this particular project. Their time and efforts have gone into making a built-for-India-app called the Tez. Tez stands for speed and hints at the speed at which you can make digital money transfers and payments.
The Tez app has on-boarded banks that support UPI and its available in Hindi, Bengali, Gujarati, Kannada, Marathi, Tamil and Telugu languages. The banks on-board includes HDFC bank, Axis bank, ICICI bank, State Bank of India, Airtel payment banks, Citibank, HSBC and host of other public banks.
For making payments, both parties need to link their bank accounts to Tez app. Then, you can pay using the UPI capable bank account, use a UPI ID, scan a QR code or pay using a friends phone number. The app also has proximity based mode wherein the parties can send and receive money without having to share their bank account or contact details (provided that the parties are close to each other). This is as simple as paying cash, but without notes.
This is how Tez works. First the app needs to be downloaded from the respective app stores. Then
for adding the bank account, select the bank where your account is and the app will confirm the same with an SMS. This seamless process hardly takes 2 minutes. Once the account is linked, you can send and receive money, make digital payments pretty easily.
Google Tez is not a mobile wallet though. It is not similar to your PayTM or Mobikwik. But being a payment app, you can make digital payments directly from your linked bank account.
UPI's restrictive guidelines is common to all mobile payment apps and the Tez is also limited by the same Rs. 1 lakh limit and 20 transactions per day.
On the security front, the app is protected by Google PIN which unlocks the app and by the second layer of authentication by the the UPI itself. Further to this, the several bank security protocols that work in the background are also there.
Google's introduction of Tez is a big step towards entering the digital payment ecosystem in India and is bound to be a big hit.
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