Google is trying on its hand on the 'Digital Mobile Payment' services in India. The Internet giant may be considering the fact of digitization, this step has been initiated by the minds therein.
Reports as per The Ken, stated that Google is all set to launch a Unified Payments Interface (UPI)-based digital payment service called “Tez” as early as next week.
The term 'Tez' in Hindi (the national language of India), means 'fast'. In other words it refers as the process of the 'Digital Mobile Payment' being fast and offering payment options beyond the existing ones like Google Wallet or Android Pay.
It is expected that Tez will include support for the Unified Payments Interface (UPI) and other third-party payment services including Paytm and MobiKwik. Also, UPI is regarded to be the mobile-first payment system that facilitates transactions between any two bank accounts.
Google again, is also looking to to partner “several large private banks in India”. It is also reported The Ken that Tez payment service is said to be available both on the desktop, as a Chrome widget, and will be rolled out as an app on Google’s very own Play Store.
Other technical platforms or applications included in this process would be e-commerce, mobility, over-the-top apps, and Google’s own suite of apps—Play Music/Movies (for subscriptions) and Play Store (for paid downloads).
Uber had officially launched Unified Payments Interface (UPI) integration in India in partnership with National Payments Corporation of India. Post this we can hear the news about the 'Tez' effect. Google exactly know when to open its 'treasure bag' for new outputs.
Homegrown messaging app Hike Messenger had tied up with Yes Bank for UPI and wallet service earlier this year.
Tez app launch
The app will mostly be launched at a press conference on 18 September in New Delhi by Caesar Sengupta, vice-president, Next Billion Users, Google. Google India stated with regard to the launch stated “Because fast is better than slow. See you on Monday (18 September).”
Digital payment market in India is expected to touch $500 billion by 2020, according to a report by GSMA and Boston Consulting Group. Android Pay, which was launched in 2015, still has only a quarter of the number of users that Apple Pay does, according to 2017 research by Juniper.
Google has been spending its resources and launching new products and programmes to target “the next billion” internet users that include the rail WiFi programme and data-optimized apps like YouTube Go. Launching Tez is a logical step in that direction.
Hope to get many more innovations as before done by Google!