Google recently launched its first UPI enabled digital payment app in India with name TEZ. Currently e-payments market in India is lead by Paytm, and for right reasons. But now Google wants a slice of it. And that too for right reasons.
Google TEZ App
Unlike Paytm or Mobikwik, Tez is not a wallet. This means it will not store your money on the Tez account ever. Instead, all your transactions will go directly through your bank accounts. So if you receive money through someone using Tez, it will be credited to your bank account instead of an app wallet.
You can only link your bank accounts using UPI as of now. Once you select the bank of your choice, your account details will be brought up automatically since the app looks for UPI accounts associated with your phone number. You cannot add credit or debit cards for payments currently, but Google says the functionality is coming soon.
One of the main features of TEZ app is it uses ultrasonic audio to pair with another TEZ app user nearby.This allows the sender and receiver to exchange money without giving out their bank or UPI details. To use the Cash Mode, both parties need to be present close to each other and enable the receive/pay options on their respective devices.
- Google Tez connects directly to bank accounts so there is no moving-money-around business. Also, you don’t have to, again and again, recharge your e-wallet. If you have the money in your bank account, you have it Tez.
- Google Tez has a much simpler user interface.
- The Cash mode, which uses sound and proximity to move money without requiring a bank account number or phone number, is a cleverly designed feature. Similar is the way transactions and chats between people carrying out transactions are merged. In a way paying or receiving money through Google Tez is like chatting on WhatsApp.
- As noted earlier, Google Tez probably has a technology lead in terms of infrastructure behind it. Google is also a company here with more money. And that may turn out to be advantageous to Tez in future. Although, I must note here that even if Google has technology lead, it is going to be limited by the infrastructure that powers UPI. That infrastructure is not managed by Google.
Though the app is new there are various offers available by Google which are from 50 Rs to 1 Lake for lucky winners you can get the experience of app from here – Download Now