Google TEZ App: Tez, Google’s Payment service launched today in India. Honorable Finance Minister of India, Arun Jaitley has unveiled the Google Tez Mobile App. Google’s own payment app works on both smartphone and desktop. The word Tez means ‘Speed‘ in the Hindi Language. Aimed at Faster and secure means of payments, Google Tez will be giving a tough competition to other payment services.
Search Engine Giant Google’s new digital payment app Tez will support Unified Payment Interface UPI as well as other wallets like PayTm and Mobkwik. Google has been planning to launch the Tez mobile app from last few months. Google has completed the testing of its TEZ app in July itself and waited for RBI’s approval for the launch. TEZ app is a multi-layered payment service that can be used for e-commerce purchases and other financial transactions.
Google in a note stated that “Send money home to your family, split a dinner bill with friends, or pay the neighborhood chaiwala. Make all payments big or small, directly from your bank account with Tez, for India
Difference Between Google Tez and Paytm
Google Tez App is quite different from other mobile wallets like Paytm and Mobkwik. Tez is more like an Apple’s wallet which would link your bank account and smartphone. It allows paying bills by directly deducting the money from your bank account instead of storing your money in the app.
Tez Digital payment App will be supported by banks that include Axis, HDFC Bank, ICICI and SBI and others that support UPI. In addition to English, Google’s new digital payment app supports all Indian Regional languages like Hindi, Bengali, Gujarati, Kannada, Marathi, Tamil, and Telugu.
Tez App Transaction Daily Limit
For cash transfers, ₹1,00,000 is set as the limit in one day across all UPI apps. With Tez app, users can do 20 transfers in a single day.
How Google Tez Works ?
Google’s Tez Payment solution app facilitates Payment Transactions using your UPI account, debit card, credit card, net banking accounts and/or any other Payment Instruments accepted through Tez. You may also receive payments from other Users or third parties in the Payment Instrument you designated in Tez to receive funds.
The Payment Transactions carried out through Tez are solely between the Sender and the Recipient of the payment. We are an intermediary creating a link between you and the respective Payment System Providers, enabling you to make and receive payments using Payment System Provider Services.
Once the payment instruction has been authenticated, authorized and processed through the Payments System Provider Services, the payment may be settled directly to you by the Payments System Providers or through the settlement facilitation services provided by the Partner Banks.
Google Tez Application Basic Use Requirements
You will need a mobile, internet or other supported device that meets certain system and compatibility requirements, which may change from time to time. Download Google Tez App from google play store.
To use Tez, you will need to be physically located in India when establishing your Google Account on Tez, have an Indian bank account and an Indian mobile number.
Google TEZ App Features
- Direct & Instant money transfer from bank to bank using UPI
- TEZ is safe and secure, Google TEZ’s multi-layered security and 24/7 protection via TEZ shield allows users to make transactions with confidence.
- Google Tez’s Cash Mode lets you instantly send/receive payments to anyone nearby without sharing details like phone number or bank account.
TEZ Upcoming Features
– Pay through debit and credit cards on Tez
– Pay and set reminders for recurring bills such as DTH
Google TEZ offers on Transactions
Users will Get Tez Scratch Cards in the app and be eligible to win up to ₹1,000 with each eligible transaction. In addition to the Tez Scratch cards, users weekly transactions enroll you in Google Tez’s Lucky Sundays contest where you could win ₹1 lakh every week. To avail the above offers from TEZ, the Transactions must be ₹50 or more per user
- Download Google TEZ app from playstore
- Signup using your mobile number
- Invite anyone to Install Tez App by sending them TEZ app link
- Make sure he/she download Tez using the link
- After signup, when your referral makes a payment using Google TEZ both of you will be awarded Rs 51
- The Catch here is, the reward cash will be only awarded after the first transaction.
- Using this TEZ promotional offer, a single user can earn up to Rs 9000
- This TEZ App Referral program ends on April 1, 2018
‘Tez’ to take India closer to digital transformation: Pichai
New Delhi: A day after Google launched its new digital payment app “Tez” in India, the company’s Indian-born CEO Sundar Pichai on Tuesday tweeted it will help India move closer to digital transformation.
“We hope that the launch of @TezByGoogle will help take India one step closer to your vision of @_DigitalIndia,” Pichai tweeted.
Finance Minister Arun Jaitley who launched the app here had said the idea of “Tez” was discussed by Pichai in January, just after demonetisation.
“Google saw a great potential in Indian economy and businesses,” Jaitley said, adding that Google’s new digital payments app over the next few months was likely to make major advances in digital transaction volumes.
Built on the Indian government-supported Unified Payments Interface (UPI), Tez allows users, free of charge, to make small or big payments straight from their bank accounts.
The app was built for India, working on the vast majority of the country’s smartphones and available in English and seven Indian languages (Hindi, Bengali, Gujarati, Kannada, Marathi, Tamil and Telugu).
The app works in partnership with four Banks — Axis Bank, HDFC Bank, ICICI Bank and State Bank of India — to facilitate the processing of payments across over 50 UPI-enabled banks.
According to D.D. Mishra, Research Director, Gartner, Tez provides promising features which are in-line with the requirements.
“It is too early to say whether it can be a game changer as evolution in this business is going to continue, but yes it has the capabilities to bring some disruption as of now,” Mishra said in a statement.
Moreover, Google’s information about an individual’s preferences can play a good role in enabling business to know their preferences and provide offers with interesting options.
“The mobile wallet industry too, is evolving and we are at an interesting stage in this competition. Eventually, UPI payments will have an upper hand if it continues to remain free and provide better security, convenience and add more Value Added Services,” Mishra informed.