Google today debuted a new payment app in India for iOS and Android devices dubbed Tez — meaning fast. While the company has only released the app in India so far, it does intend to launch it in other Asian countries as well over the coming months.
Ever since all currency in circulation in India was demonetised on November 8th last year, there has been a huge uptick in mobile wallets and other forms of digital transactions in the country. Google wants to cash in on this popularity and capture the market with Tez.
The app makes use of UPI — Unified Payment Interface — to make sending/receiving money simple. The standard is backed by the Government of India and is also used by many other popular apps like PhonePe and BHIM.
At launch, Google Tez supports Axis, HDFC Bank, ICICI, and almost every other bank that supports UPI. Retailers supporting Tez on launch day include Domino’s Pizza, Jet Airways, RedBus, and more. The list is bound to increase over time as Google works on adding more partners for Tez.
Interestingly, there is a Pay Nearby mode in the app which allows one Tez user to send money to another Tez user by simply bringing their phones in close proximity.
There is a daily limit of Rs 1,00,000 on transactions, with the maximum number of transactions capped to 20 in a day. Unlike other apps like Paytm, there is no wallet functionality in Google Tez. Instead, once you link your bank account to Tez, any money will be directly deducted from it.
Compared to the likes of Paytm and PhonePe, Google’s Tez app seems to be missing a lot of features. As of now, the only features present in the app include sending money to your friends and family and using the app to pay at selected retail stores. For consumers to adopt Tez, Google needs to add more functionality to the app and ensure a wide array of retailers support it as well.