Google fast-tracks payments initiative with launch of UPI-based Tez

Google debuts Tez, a mobile payments app for India

To use Tez, you will need to be physically located in India when establishing your Google Account on Tez, have an Indian bank account and an Indian mobile number.

Shashi adds: Note that Samsung Pay, despite being powered by Axis Bank, has its own UPI handle called @pingpay. Which means that the user will continue to earn interest with the money lying in the bank account.

Google's new service goes beyond Android Pay by allowing the linking of payment apps from a clutch of Indian banks, as well as services of Paytm Payments Bank Pvt and One MobiKwik Systems Pvt.

As with other UPI apps, Google Tez is also dictated by the same set of guidelines-you are limited to sending Rs1 lakh per day, with a maximum limit of 20 transactions per day. Actually, any bank that utilizes India's Unified Payments Interface (UPI) will, in theory support it.

It comes with Tez Shield, the name given to its security feature provided by Google. As long as they're UPI-compliant, Tez will work.

Now, about the launch day offers, Google Tez is offering Rs 51 to users if they invite a friend and he/she uses the app. You can also use Cash Mode to securely send money to people nearby without sharing private details like your phone number.

For those selling online, there's Tez for Business as well.

The tech giant has partnered with popular services RedBus, PVR Cinemas, Domino's Pizza, Dish TV and Jet Airways as launch partners.

After downloading the application from App Store and Play Store, you'll need to add your mobile number for OTP verification. In addition to English, Google's new digital payment app supports all Indian Regional languages like Hindi, Bengali, Gujarati, Kannada, Marathi, Tamil, and Telugu.

Tez can be used for making online payments on any site that supports UPI payments. The software links directly to bank accounts, so there's no hassle of topping up a virtual wallet or creating a new account. Above that, banks might start charging fees.

Google has also announced Tez Scratch Cards and Lucky Sundays interesting offers.

The user interface is fairly simple and the user is asked to sign into the application using the mobile number that is registered with the bank account.