Google Tez: Here’s how you can ‘instantly’ transfer, receive money on the mobile payments app

Image result for Money

New Delhi: Ahead of its scheduled launch, Google Tez, a UPI-based mobile payments app, has gone live on Google’s Play Store and Apple’s App Store in India.

The mobile payments app was to be unveiled by Finance Minister Arun Jaitley, and Caesar Sengupta, Google VP for Next Billion Users at an event in New Delhi.

Users of Tez’ UPI-based application can transfer money to bank accounts using a mobile number of the Virtual Payment Address(VPA) instead of the bank account number, IFSC code etc.

The Unified Payments Interface (UPI) was developed by the National Payments Corporation of India (NPCI).

Similar to Government’s BHIM (Bharat Interface for Money) app, Google’s Tez will register with the user’s mobile number which is connected to an individual’s bank account. However, the bank must support the UPI platform.

Google Tez supports seven Indian languages such as Hindi, Tamil, Bengali, Gujarati, Telegu, Kannada and Marathi besides English. The primary language of the app can be switched in settings.

To use Tez, make sure the SIM card of the phone number that is connected your bank account is enabled on the mobile phone. The application also syncs with the Google account when registering.

Key features of the app are:

  • Tez works with existing bank accounts (provided the bank supports UPI). There’s no requirement to open a separate account.
  • You can pay or receive money from anyone who has the Tez App or any other UPI supported app by simply selecting them from your contacts list or by entering their UPI ID.
  • Through Cash Mode, users can send money to people nearby without sharing private details such as phone number.

The other big player to join India’s growing digital payment market is Facebook-owned WhatsApp. WhatsApp has been in the news for working towards a UPI-based interface on its platform.

According to media reports, the leading messaging platform is already in talks with the NPCI and a few banks to facilitate financial transactions via UPI.

According to the blog website “WABetaInfo”, WhatsApp is giving shape to its plans towards bank-to-bank transfer using the UPI system.

Some mobile messaging platforms like WeChat and Hike Messenger already support UPI-based payment services.

The infrastructure of digital payments in India is expected to increase three-fold by the end of 2017 with almost five million electronic point of sale (PoS) machines, the Ministry of Electronics and IT (MeitY) has said.

“We expect that by December, the number will actually go up to five million PoS, which means that the infrastructure for digital payments is going to grow three times in the short span of one year,” MeitY Secretary Aruna Sundararajan said.

[“Source-timesnownews”]