Google's Tez goes live; Here are its top featues
- Author: Carolyn Briggs Sep 18, 2017,
Sep 18, 2017, 12:38
Google's Tez will sync with the user's mobile number and just like in the BHIM app, this needs to be same number which is synced with the bank account. When a Tez user wins, as per applicable terms and conditions, rewards go straight into the user's bank account.
It is worth noting that the app is not a digital "wallet" like PayTM wherein the money is stored in the app and is topped up for purchases. This will enable transferring money from identity to identity, and that is linked on the back-end to an account. There is no need to reload a digital wallet. Supported banks include Axis, HDFC Bank, ICICI and State Bank of India and other banks that support UPI. You can invite and add as many people you want, but the offer is limited to April 1, 2018, and Rs 9,000 in one year. Google will also not charge a single penny from businesses. At least not until you actually make the transaction. It would be unveiled for both iOS and Android as a standalone payments app, supporting various local languages as- English, Hindi, Bengali, Gujarati, Kannada, Marathi, Tamil, and Telugu. Users will be able to change their preferred language anytime they want. Feature phones won't be getting Tez app as UPI doesn't work on such handsets, the executive said. To establish an account and to use Tez, customers must be in India, have an Indian bank account and an Indian mobile number. After the initial setup, you have to either use your existing screen lock or set up a new PIN for the Tez app. You may also receive payments from other Users or third parties in the Payment Instrument you designated in Tez to receive funds.
The unique proposition from Google though is the "Cash Mode" in Tez. Today, Google Tez, a UPI-enabled digital payment app has been launched in the country. After that the payment is made instantly. When you wish to add a bank account to the Tez app, you select the bank where your account is, and Tez app will ask for a confirmation that it will send an SMS from your phone to verify your number with the bank. "We've sent a reminder".
The Payment Transactions carried out through Tez are exclusively between the Sender and the Recipient of the payment. PhonePe is primarily known for deals and offers on various services, something which Google is advertising with Tez as well.
This is Google's first big foray into mobile payments in Asia.
Airtel Payments Bank on Sunday said it is the first payments bank in India to integrate the Unified Payments Interface (UPI) on its digital platform.
Once the app gets installed, you have to launch it on your device. So far I do not see any dedicated businesses which are eligible for recurring payments such as my phone service provider or electricity bill provider.