India is the second most populated country in Asia after China. It is therefore considered a ripe market for mobile payment services. India has a rising middle-class population with disposable income and a population which is tech savvy. Tez the Google pay service app is the latest entry in this developing economy. It is a viable move as India has low credit card penetration, with general population being wary of change, most transactions revolve around cash payments.
Tez has entered the mobile payment market at a time when many mobile payment applications are available, however, the mobile payment market is not as mature as that in the US. Google is marketing the app very fittingly, calling is ‘Tez’, which has a literal Hindi translation of ‘Fast’ a pointer to how fast and simple the transaction is when viewed in other similar applications.
Google Tez, is the search engines first Unified Interphase Enabled (UPI) digital payment app which was launched earlier this week in India. UPI is a payment system that allows money transfer between any two bank accounts by using a smartphone, online or offline payments can be done under this method, eliminating the hassle of typing credit card details, IFSC code, or net banking or wallet passwords.
Tez is available on Android and IOS as a stand-alone application. Tez is not a mobile wallet where one can store money and use it for payments like PayTM, it is similar to the wallets available in the US or Apple’s wallet, which links your phone with your bank accounts and your phone is only used as a device, through which the application deducts payments from your accounts.
Tez has partnered with Axis, HDFC, SBI and ICICI along with others that support UPI payments. Dominos, Jet Airways and services like RedBus have collaborated with Tez as online partners.
To cater to the segmented market, Tez application has support in English, Hindi, Bengali, Gujarati, Kannada, Marathi, Tamil and Telugu.
Tez creators are offering an interesting introductory offer, in which Google has introduced a rewards program which offers Rs 51 when somebody you referred to, makes their first payment, and a user can earn up to Rs 9000 over a year on referrals. Tez shares the same regulations as other UPI applications, of a maximum transaction limit of Rs 1,00,000 and up to 20 transfers in one day.
Getting Started with Tez is also an easy process, you download the application from Google Play Store or Apple App Store. Choose the preferred language, update a google account for receiving notification. For additional security, Tez offers an internal app lock. The next step will take you to the home screen, where you can choose to pay through UPI or select to pay from your bank account, there is also an option available to link your bank account number to the app. There you are set to use the app.
Some promising additional features,
The ‘Cash Mode’, this is a separate section where the user can keep a track of all the cash transactions made. You can also use cash mode to instantly transfer money from one Tez user to another without sharing any bank details, offering simplicity with added security.
There is a separate ‘Business Portal’ so that online companies can integrate sellers to accept the payments on Tez.
Thus on the onset, Tez looks like a secure and simple app for quick payments.