Tez is Google’s play to supplant cash transactions and instruct a more key role of how people pay for things, using their mobile to produce so. But it’s likewise a lead chances for the companionship to force out roughly novel technologies — similar sound QR (AQR), which lets users transfer coin past times letting their phones verbalize to each other alongside sounds — to run into how it tin brand that procedure to a greater extent than frictionless, as well as hence to a greater extent than attractive to occupation than cash itself. More on AQR below.
Google linking upward alongside several major banks inward the province similar Axis, HDFC Bank, ICICI, as well as State Bank of Republic of Republic of India (SBI), past times means of UPI (Unified Payments Interface) — a payment criterion as well as organization backed past times the authorities inward its force to select to a greater extent than integrated banking services into a real fragmented market. There volition likewise move phones coming to the marketplace from Lava, Micromax, Nokia as well as Panasonic alongside Tez preloaded, the companionship said.
Note : Tez is not a mobile “wallet” in the same means every bit PayTM offers a mobile wallet, where coin is stored inward the app as well as needs to move topped upward to move used; it’s to a greater extent than similar Apple’s Wallet or other mobile wallets inward the west: a house that links upward your telephone alongside your banking concern accounts to permit you lot occupation your telephone every bit a means to deduct payments from those accounts.
With this, Google instruct latest international giant to move inward into India’s fast growing digital payment ecosystem. Google has announced that the app volition ‘understand’ eight Indian languages and volition move alongside 55 banks.