By Ridhima Malhotra
Google
Tez, a new digital payment app was launched in India this week. Based on
Unified Payments Interface (UPI), Google Tez offers a simple and fast way to
send and receive payments directly into bank accounts of individuals and
merchants.
After
demonetisation, a sudden spurt in the growth of digital money transactions was
seen, but in recent months, cashless transactions have slowed down. At the
launch of the app, Finance Minister Arjun Jaitley however expressed confidence
and said that cashless transactions would bounce back, adding that the slump
was temporary.
Google's
Tez intends to cater to an audience which is looking for easy digital payments
solutions. With a user-friendly interface, Google has launched Tez on both
Android and IOS platforms. Tez was launched in partnership with four Banks -
Axis Bank, HDFC Bank, ICICI Bank and State Bank of India - to facilitate the
processing of payments across over 50 Unified Payments Interface (UPI) enabled
banks.
So, how exactly is Tez App different from the
existing digital payment apps available in the market? The Google Tez is a
medium to facilitate bank transactions between the sender and the receiver. One
of the interesting new features from the tech giant is the “Cash Mode” where
one can pay without sharing bank details or phone number. This is done through
technology called audio QR that works like near field communication (NFC) and
uses ultrasound waves to connect two phones through microphone and speaker.
With digital transactions facing what seems to
be a temporary decline, it remains to be seen if Tez would be able to carve out
a niche for itself in the market.
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