Money made simple with the digital payments app. After a prolonged issue of leaked details and quite a few weeks of speculation, Google finally and officially unleashed its first giant foray ever into the sphere of mobile payments in Asia, today. The search Giant and Android has launched “Tez in India, which is a brand new mobile wallet that will allow users in linking up their smartphones with their respective bank accounts for various payments such as; paying for goods both online and at physical stores, and also for person-to-person money transactions.
This “Google Tez” is now the latest app of UPI-based payment system within the country India. It has driven the internet search giant into the association of eyeing a piece of companies of India’s pie of digital payments. The company will be holding a launch event in India’s capital New-Delhi on Monday. Tez that generally means “swift” in language Hindi was one of the selling points of the Company with this app, as said by it. Soon after this, the rivals of Google like Facebook and Amazon are also pulling up their socks for tapping the digital payment system of the country.
In iOS and Android, Google Tez is a standalone app that is powered by UPI, which is payment protocol made by the organization that’s government-backed called the NPCI. The Google Tez app launches nine months post a statement said in the interview with the NDTV, by the CEO of the company Sundar Pichai. He said he was looking forward to adopting ways with the UPI.
To be precise it’s not the mobile “wallet” like “Pay TM”, it’s more like the “apple wallet” or the “wallet in the West”, which links up your bank account with your phone for letting you use smartphones in a way that helps in deducting money from your accounts. It supports the major banks of India for a transaction.
For transfer of money, there’s a limit of 20 transfers per day, and money limit of INR 1, 00,000 in a single day.