Google unveils Tez, a secure mobile payment system for India

Google unveils Tez, a secure mobile payment system for India

The new app will not compete directly with the likes of Paytm and other mobile wallets, instead it will use bank accounts to make payments via the phone. The app works with all major banks and Google has roped in Axis, HDFC Bank, ICICI and State Bank of India as partners for the new venture.

You can send your money to your friends and family safely. Make all payments big or small, directly from your bank account with Tez, Google's new digital payment app for India.

The application provides extensive language support from English, Hindi, Bengali, Gujarati, Kannada, Marathi, Tamil, and Telugu. This app will be like Android Pay, which will release on Google Play Store. Pay instantly and get quick payment confirmation all while keeping your personal and bank details private.

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It's worth noting that Google has already trademarked the Tez name in other Asian countries, so don't be surprised if this app is launched in other locations as well. Most UPI based payment apps allow transactions up to Rs 1,00,000 and up to 20 transfers a day, similarly the Tez app also works on alike set of rules. You can also buy goods from online as well as offline retailers. To help the users, the company has also launched "Tez Scratch Cards'".

To make Tez secure, Google has added a few layers of security.

Google's Tez will sync with the user's mobile number much like in the BHIM app.

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Tez works with all of the 55 banks on UPI, and is protected by the Tez Shield - which detects spam and fraud, while preventing hacking, and verifying and identifying the identity of each user. Unlike some other "mobile wallets", it draws money directly from your bank account, eliminating the need to refill the app.

Making or Receiving payments was never easy as it will become now. Every transaction is enabled with either the Tez PIN or the smartphone lock, whichever a user chooses. All this without sharing bank details or phone numbers.

Google is working to bring Tez for business but while merchants are using their individual accounts for transactions, they can only receive up to Rs 50,000 per month with UPI without incurring any fee. The UPI is a government-run platform for all mobile transactions, which Google has integrated with.

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