The Finance Minister Arun Jaitley has launched the Google payment app "Tez" in India. After launching this app, Arun Jaitley said that the compulsion of going digital post the note ban, has become a habit and e-payments will gather pace on account of government initiatives and technology advancement.
Google wants to taste the mobile payments sector in India and has launched the Android payments app, Google Tez. Google Tez has been built on the Government backed Unified Payment Interface (UPI) Platform. With Google Tez, you can send money to the bank accounts of family and friends, you can receive payments directly into your bank account and you can easily pay utility bills.
With Google Tez your money transfers are real simple and secure. Want to know more on investment planning? We at IndianMoney.com will make it easy for you. Just give us a missed call on 022 6181 6111 to explore our unique Free Advisory Service. IndianMoney.com is not a seller of any financial products. We only provide FREE financial advice / education to ensure that you are not mis-guided while buying any kind of financial products.
You must be wondering what's Google Tez. Tez in Hindi means fast and Google has released Tez on both the Android and iOS platforms. The Tez app is available in English and Hindi and also supports Bengali, Gujarati, Marathi, Kannada, Tamil and Telugu. Google has partnered with Axis Bank, HDFC Bank, ICICI Bank and State Bank of India (SBI) to give you Google Tez. You can use Google Tez on all 55 banks which support UPI. Google Tez is very similar to the BHIM app, which is the most used UPI payment app in India.
You May Also Watch:
Google Tez has a very simple user interface and you can sign into the application using the mobile number, which you have registered with your bank account. You can receive an OTP via SMS and the registration process is complete once you are provided with an email id. You then have to add the UPI PIN to start making payments. You require a Gmail account and a working mobile number to carry out these transactions.
With the Tez app, you can send or receive money into your bank account in seconds. You can pay your bills real fast. You can also send a text message from your registered mobile number using the Tez app. You can also view a list of your friends using the Tez app and request money from them or even pay money to their bank accounts.
Google Tez app is really safe. You are protected with Google's 4-digit security PIN or a pattern lock each time you open the app. You also have 24/7 protection by the Tez Shield. If you need any help on Google Tez, there is a chat based user interface.
Google will partner with HMD Global formerly Nokia, Micromax, Lava, Panasonic and Xolo to preload the Tez app on the upcoming smart phones of these brands. Google will also integrate Tez with Google Maps so that when you search for a place, Google Maps will suggest a store in that area.
Google Tez comes with the "Cash Mode" which works just like the NFC feature. Cash mode requires two users (say you and your chaiwala) to be in close proximity, to make a payment. Google Tez uses QR scan to help you make/receive payments after you find another user. You can pay your chaiwala, milk man and your salon on the spot using cash mode.
All you have to do is tap the "Cash" button on the Google Tez app and follow the instructions. Your phone uses the proximity sensor and microphone to enable the payment. This is very similar to the blue tooth you use in your smart phone. Google also allows merchants to use the Tez platform to receive payments directly through this app. Only businesses which transact with consumers can use this feature.
Google wants to push Tez and is offering you referral rewards. If you refer the Google Tez app to your friends and they sign up and make a payment using it, you and your friend will each get a Rs 51 reward. You can refer Tez to as many people you want. The maximum reward you get is limited to INR 9,000. This referral offer is valid till April 1, 2018. With the Lucky Sundays scratch card, you have a chance of winning INR 1 Lakh from Team Tez.
Google had a slow start on the first day of its launch. Many of our citizens could not sign up for this service and expressed their displeasure on social media. Many angry citizens gave Google Tez a one-star rating on Google Play Store. Within a few hours Google Tez had 600 one-star ratings and around 700 five-star ratings. A Google spokesperson said that too many users tried to sign up for the service, resulting in failed registrations. A Google India team is working 24*7 to identify and fix the bugs. These are small problems and Google India will settle them. Google Tez will soon be a game changer and a disruptor in the mobile payments sector. Be Wise, Get Rich.
The research team at IndianMoney.com comprises of certified and experienced professionals who share the company's vision to make every Indian financially literate by equipping every Indian with right and unbiased advice. IndianMoney.com research team provides newsletters, articles, videos and FAQs on various financial products and concepts only to help you make wise financial decisions.
Subscribe to our Youtube Channel
Hello friend! I am your personal financial advisor. By the end of this interactive session, I will help you to plan yours and your family's finances to ensure a better future.