Thanks to the recent demonetisation, the use of digital wallets and payment platforms has skyrocketed. To “cash” in on this trend, Google has introduced its own payment app made especially for India. To stand out in the crowd, Google has baked in additional features in its offering.
Since most the government supported apps such as BHIM are terrible to use, Google’s app comes as a breather. Google Tez app comes with Unified Payments Interface (UPI) standard.
Google has added a neat cash-like payment method which works with a PIN. This enables users to pay others without exchanging sensitive personal information such as your bank account or phone number. This is ideal for paying the cabs and street vendors. It uses Google’s proprietary AQR (Audio QR) technology, which is similar to QR codes but more convenient and more secure. And unlike NFC, it works on almost every Android and iOS smartphone in India.
Tez uses your phone’s contact list. This saves you from the hassle of remembering complicated bank numbers. You can simply select a contact, chat and send money right away. The app also offers options to share and split expenses. This feature comes in handy for flatmates.
Tez payments go directly to receiver’s bank account. Apart from that though, Google has introduced Tez for Business program. Participating businesses will be able to accept UPI payments on their mobile websites with a simple set-up. Merchants will also get a Business Channel on Tez app. From this, they can engage customers and sell goods directly. Brands such as PVR Cinemas and RedBus are already on-board the new initiative. Tez app is available on Google Play and Apple’s App Store.