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Google Tez aims to revolutionize the digital payment landscape in India

Google Tez aims to make payments hassle-free. (Source: Google)
Google Tez aims to make payments hassle-free. (Source: Google)
Google has launched a new payment service, Tez, which enables fast payments without the need to share information such as bank account numbers, fund transfer codes, or even pair up mobiles by NFC. The new service is compatible with any Indian bank that supports the Unified Payments Interface (UPI).

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Google has forayed into the highly contested digital payments space in India with the launch of its new service, Tez. Tez, which means 'swift' in Hindi, lets users use their bank accounts for payments directly without the need to add the recipient as a beneficiary or fill up additional online wallets. It also comes with the added advantage of not needing NFC but instead, works using Google's own AudioQR technology.

The idea of Tez is to fully substitute conventional cash transactions with digital payments. With the incumbent Government pushing for digital transactions, the service couldn't have come at a better time. For Tez to function, users need to download the Tez app (obviously!) available on Android and iOS (sorry Windows Phone users) and link their bank accounts to the app. Supported banks include Axis Bank, HDFC, ICICI, State Bank of India, and many others that support the Unified Payments Interface (UPI) standard. UPI allows for instant transfer of money 24x7 but there is a cap of 100,000 (US$1558) or a maximum of 20 transactions per day. Google has also roped in online partners of the likes of RedBus, Jet Airways, Dominos etc. and customers can directly pay for these services using Tez. The app supports two-factor authentication and is currently available in 8 languages including English, Hindi, Bengali, Gujarati, Kannada, Marathi, Tamil, and Telugu. By employing AudioQR, Tez negates the need for NFC capabilities on phones. AudioQR works by using ultrasonic sound waves to pair up with another phone. This makes it instantly convenient for widespread usage. India has been traditionally dependent on paper currency for much of its transaction.

With Tez, Google hopes to tap into the 350 million user strong smartphone market in India and hopefully, expand to other Asian countries in the process as well. Right now, Tez is focused towards individuals and small merchants who will be essentially getting the service for free. Other businesses can get registered online to accept payments via Tez. It is not yet known how enterprises will be charged (if at all) for the service. 

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Vaidyanathan Subramaniam
Vaidyanathan Subramaniam - Managing Editor - 1387 articles published on Notebookcheck since 2012
Though a cell and molecular biologist by training, I have been drawn towards computers from a very young age ever since I got my first PC in 1998. My passion for technology grew quite exponentially with the times, and it has been an incredible experience from being a much solicited source for tech advice and troubleshooting among family and friends to joining Notebookcheck in 2017 as a professional tech journalist. Now, I am a Lead Editor at Notebookcheck covering news and reviews encompassing a wide gamut of the technology landscape for Indian and global audiences. When I am not hunting for the next big story or taking complex measurements for reviews, you can find me unwinding to a nice read, listening to some soulful music, or trying out a new game.
contact me via: @Geeky_Vaidy
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> Notebook / Laptop Reviews and News > News > News Archive > Newsarchive 2017 09 > Google Tez aims to revolutionize the digital payment landscape in India
Vaidyanathan Subramaniam, 2017-09-18 (Update: 2017-09-19)