UPI Based Google Tez App Offers Users INR 9000 Per Year As Reward
Google Tez, a new payment app specifically made for India, is available in the Google Play store. Tez is Google’s payment app for India, which uses the UPI (Unified Payments Interface) interface to connect to a user’s bank account and for transactions. The app, which is going to go head to head versus the popular apps like Paytm, PhonePe and BHIM, may give Google a share of India’s growing e-payments market.
Google Tez app formally launched which supports 55 Indian banks including popular ones like the ICICI Bank, State Bank of India and HDFC Bank. The app is available in English as well as in seven other Indian regional languages. It is for now available for both iOS (read iPhone) and Android.
Google Tez is offering several new features including “proximity” transactions that allow people to carry out “cash” transactions without revealing their phone number or bank account.
“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,” writes Google in describing app.
The app allows users to make the payments through 3 modes. One is the through UPI ID, which is part of the government of India UPI interface. If you know the iD of a receiver you can simply input that and make the payment. The second way to pay is through a QR code, which a user will be able to scan and make the relevant payment. Finally, there is option to pay by using the phone number.
In addition to the three modes, Google has built another mode, which is especial to Tez. This is called “cash” mode and it uses proximity. The way Google describes it, the Cash mode will allow two users to exchange money if they have the phones in close proximity. Just tap the “Cash” button in the Tez app and then follow the instructions. The phone uses proximity sensor and microphone to enable payment and it, in a way, works similar to how users share Bluetooth files.
While for the end-users, the app is called Tez, Google has also built a special version for businesses. This is called Tez for Business.
Google in a bid to push the app is offering referral rewards. It is asking users to refer the app to friends and if they sign and make a payment using it, you and your friend each will get INR 51 reward. You can refer the app to as many people as you want although the maximum reward is limited to the INR 9000. The referral offer, according to Google, will be valid until April 1, 2018.
Currently, India’s e-payment market is dominated by Paytm, even though government took has its own BHIM app, which too uses UPI interface. However, the Tez and Paytm are two very different apps. While Tez acts as a payment interface for UPI, Paytm is a wallet app. Apps like Tez use the money in a bank account to enable payments similar to PhonePe of Flipkart.