Friday, 22 September 2017

Google's Tez App: Fast-tracking Digital India?

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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