Google on Monday has officially launched Tez in India. Arriving in one of the biggest technology hubs in the world, the new mobile payment method is touted to be a game-changer in the market.
Technology enthusiasts in India are all eyes on Tez, in Hindi means "fast", as the e-payment system is being supported by the Indian government under its unified payments interface (UPI). In fact, the country's finance minister Arun Jaitley launched it in Delhi.
Tez links bank accounts for sending and receiving money to and from family, friends, shops, etc. who has the app. Transactions within the app are done instantly and directly from banks even without a wallet.
With UPI enabled, mobile payment is possible to happen between two or more banks in a single app without ever needing to providing bank account details and security codes. Payment schemes registered under India's UPI system can be used without swiping a card.
Tez has the "cash-mode" that enables users to transfer money within a range of distance using the location service. The app also allows micro-payments for as low as INR50 (US$0.78).
The Tez trademark has been licensed in the Philippines and Indonesia where it will be introduced soon. Google is expected to make Tez available in more Asian countries as well.
With Google's new e-payment method, the tech giant hopes to redeem itself after the lukewarm reception of Android Pay in the country that eventually straddled in the bottleneck caused by regulatory concerns related to data transfer, security and storage.