Google Tez is available on Android and iOS and it is a standalone payments app which is powered by UPI, a payments protocol launched by National Payment Corporation of India (NPCI). The UPI is a government-run platform for all mobile transactions, which Google has integrated with. The company has also launched a separate business portal for tech startups to accept Tez payments. Like most other payment apps, Tez lets you send and receive money, and also allows to pay for your purchases. Users will also be able to pay for goods online and in physical outlets.
When compared to other mobile wallets, Google Tez app is a bit differnet from the services like Paytm. The app comes with tons of features, which lets you make payments and transfer money easily. Also, Airtel Payments Bank option is present as well in the bank accounts section. Google Tez is a stand-alone application which is available for both Android and iOS.
While a lot of us were awaiting Android Pay support in India, Google made a decision to customise the experience focused on Indian users. It is worth to note that Tez is not a mobile wallet but UPI based app. The "Tez Shield" will guard the application against any fraud, hacking, and unauthorized use. Even the app can be secured with a Google PIN or a screen lock. This saves you from the hassle of remembering complicated bank numbers. Apart from English, Tez also supports all the major regional languages including Hindi, Telugu, Tamil, Kannada, Bengali, and Marathi.
With the tagline "Money made simple", Google says, "With Tez, you can pay directly from your bank account, which means your money is safe with your bank and you'll continue to earn interest". In addition, weekly transactions enroll customers in Tez's Lucky Sundays contest where they could win INR 100,000 per week.
Users can win up to ₹1,000 simply by transacting.
Cash Mode makes use of ultrasound waves and connects two phones using the phone's microphone and speakers. And you can start making payments straight away.
On the other hand, an estimated 53 percent of the country's population has bank accounts.
Merchants with individual current accounts can receive up to ₹50,000 per month with UPI with no fees.