Internet search giant Google today entered into India’s Digital Payment space with the release of its “Tez” app. Amazon, Flipkart, Uber already have their payment app apart from PayTm and Mobiwik. Google’s “Tez” is the latest entrant into the digital payment battlefield.
With this new app users can send and receive money from one bank to another in a simple and faster way. Users can also use “Tez” app to make online and offline (Physical stores) payments. Users can also buy movie tickets; book a hotel room etc. with this app. This is a lightweight app which does not take more than 7MB of space on your android phone. This app is available for Android and iOS users at present. It is available in seven Indian languages as of now Hindi, Bengali, Gujarati, Kannada, Marathi, Tamil and Telugu.
Union Finance Minister Arun Jaitely launched this app at National Capital on Monday with the august presence of elites from different walks of life. On this occasion Caesar Sengupta, VP, Product Management of Google said, “Tez” has been specially made for India and will make payments as simple as cash”.
Google has tied up with some of the most prominent banks like Axis Bank, HDFC Bank, ICICI Bank and State Bank of India to make this app a huge success. Some other Big Multinational banks are yet to join the bandwagon, as the talk with them is on an incremental stage.
This app has one cool feature known as “Cash Mode”. With this feature one can transfer money to others, even without sharing bank details and mobile number. This will happen with the help of a feature known as unique sound signature. This unique sound signature will make pair with a nearby phone, an audio QR code will be generated and transferred, and once matched it will make the payment.
There is some limit on the amount of money transfer and number of transactions per day. One cannot send or receive more than one lakh rupees in a single day and also cannot make more than 20 transactions in a single day. However this limit is set by Google and it may further vary from bank to bank.
Google has also released one promotional offer, if you recommend this app to your friends, colleagues or relatives, and if they make any kind of digital payment through this app then you will get 51 rupees as a bonus for each recommendation.
There are certain key factors which are driving big MNCs to invest in Digital Payments space. India is the fastest growing world economy today. Currently there are more than 300 million active internet users in India. And according to government sources, these numbers will increase to 650 million by 2020. Since demonetization there is an exponential surge in digital transactions in India. All these Factors are making digital payments industry a lucrative field and fertile destination to invest.