After several weeks of testing, today Google unveiled Tez, a mobile payment wallet for India. Using this app, the Indian users now can send money home to your family, split a dinner bill with friends, or pay the neighbourhood chaiwala. On September 16th, 2017, the Ministry of Finance tweeted that It will launch the Google Digital Payment app ‘‘ TEZ” on Monday (today), 18th September, 2017 in the national capital. So, from effective today, the users can connect their bank accounts to the phone using Tez app, and do both online and offline transactions easily and securely.
Unlike other digital payments wallets like PayTM, users don't have to put money in their wallet. They can instantly and directly transfer money from bank to bank using NPCI's (National Payments Corporation of India) Unified Payments Interface (UPI) with Tez app. Google assures the users money is secure and safe. With Google’s multi layered security and 24/7 protection by Tez Shield, users can make payments and transfer amounts both big and small, with confidence. The Tez's cash mode makes the money transfer even easier. The users users can instantly send or receive payments to anyone nearby without sharing personal details like their phone number or bank account.
Also, Google is working on other useful features such as,
- Pay through debit and credit cards on Tez.
- Pay and set reminders for recurring bills such as DTH.
Currently Tez supports many major Indian banks including Axis, HDFC, ICICI, PNB, State Bank of India, UCO, Yes Bank and other banks that support UPI. You can view list of banks that support UPI here. Tez currently offers language support for English, Hindi, Bengali, Gujarati, Kannada, Marathi, Tamil, and Telugu. To use Tez app, you must be in India, have an Indian bank account and an Indian mobile number.
There are daily and monthly limits for money transfer using Tez app. You can send up to ₹1,00,000 in one day, and 20 times in one day across all UPI apps. When you reached the limit, you have to wait for one day for further transactions. However, your bank might have its own limits on how much you can send or receive per day. Contact your bank for more information to know how much you can send and/or receive per day.
Tez app is currently available for Android and iOS platforms.
Click on the below link to setup your Tez account on your Android device.
Click the below link to setup Tez on Apple smartphone.
Indian smartphone users have dramatically increased over years. India currently has a smartphone use base of over 300 million. And, it's expected to reach 5.5 billion mobile users by 2022 according to Hindustantimes survey. However, many people in India are still using Cash payments for their offline transactions. Let us wait and see how Tez performs in Indian market. It's going to be a bit challenge for Google to convert the majority users to use Tez.