With the introduction of the Tez app in India by the ‘search giant’. Google last month, that was launched around a little above the mid of the month, Google had confidence in garnering its customers.
Google had said that it had yet to finalize with the corporate accounts aspect. The company has linked with various banks for the execution of the said app through which the users have been using in order to action their payments.
Google said that it was proud to announce the number of transactions being 30 million with Google Tez app and with 7.5 million users within a small term of five weeks from the Tez app’s launch date.
Caesar Sengupta, VP of Product Management at Google indicated that UPI had a total of 16.6 million transactions in August.
Sundar Pichai, Google CEO on Thursday during the Alphabet earnings call said: “I’m really excited about the potential this brings to India’s mostly cash-based economy.”
When asked about the Asian market for Google, he said that Alphabet and Google have been “laying the foundation [here] for a very, very long time.” He also added that “Google products are heavily used in the region, and that the company has been working hard to build a user base in Asia’. Pichai also reiterated that “mobile transformation is a secular shift” in regions like Asia which has been advantageous for the companies like Alphabet and Google to secure its market.
Google’s Tez app has the base from Unified Payments Interface (UPI). The announcements at the Alphabet’s Q3 earnings call has actually made the world aware that Google is always confident on what it plans and executes.
Google Tez can be used to transfer money to any user with a UPI-supported bank account.
About the question relating to the market discrimination when asked, Pichai answered saying:
“On emerging markets, we do see a differentiated opportunity there partly because the characteristics of how truly many of these markets came mobile first, I think, gives rise to different ways users are adopting our products. And also, more importantly, the ecosystem, which is built around, so for example, if you take e-commerce, the kind of models that are emerging in these countries are also a bit different. So I think we see a way to look at these markets with a lot more thought and address them for the opportunity that they have, not just apply our global products there. So I think that’s what led us to do Google Tez in India. And we’ll thoughtfully look at the opportunities in that region and invest a lot in the years ahead.”
Pichai also referred to the Indian market concentration by Alphabet and Google is because of the fact that these places encourage “region-specific products like Google Tez in India”.