New Payment App Tez or Google Pay

Picture Courtesy: Infiflex

Summary

Tez, is a Hindi word which means Hindi, is a standalone payments app that can be downloaded on Android and iOS devices. It is based on UPI, a payments protocol built by government-backed National Payment Corporation of India (NPCI).

Apart from English and Hindi, “Tez” app supports various languages such as Bengali, Gujarati, Marathi, Kannada, Tamil, and Telugu. The user interface is very simple and the user is asked to sign into the application using that mobile number which is registered with the bank account.

How does it work?

Google Tez is a mobile wallet based on the (UPI) Unified Payments Interface. UPI-enabled wallets permit users to transfer money without requiring the bank account details of the recipient. The UPI ID of the recipient is used as a proxy for the account number and IFSC code, which makes the process simple for money transfer.

How is it different from other digital wallets?

You do not need money to be stored in the app to make digital payments. Tez works as an extension of one’s bank account, which means that unused money remains in the bank itself. Each transaction is initiated by the sender entering his UPI pin with the additional security of existing phone locks. The app is available for download on both Android and iOS devices. This is functionally similar to the BHIM app.

How can you transfer money using Tez?

After installing the app, users have to sync the wallets with the Google account, along with the mobile number linked to it. Access to the wallet from the app drawer is protected by two-level security: a 4-digit Google PIN, and the security settings on the device, such as passcodes, fingerprints, or pattern locks.

How much money can be sent via Tez app?

One can send a maximum of Rs 50,00Google Tez app offers Tez Scratch Cards that enables its users to win up to Rs.1000 with each eligible transaction. in one transaction via the Google Tez app.

What are the benefits of using the app?

Google Tez offers a large number of language support in English, Hindi, Bengali, Kannada, Tamil, Gujarati, Marathi, and Telugu. To gain greater transaction among digital natives, Google has brought out an introductory offer on referrals which allows users to pocket ₹51.

What is Tez for Business?

Google has got most major banks to sign up, which enables businesses banking with the latter to transact using the app. Famous brands like Dominos, RedBus, and PVR have already joined embracing Google’s latest offering. The biggest incentive to other businesses to enroll for Tez is that all payments go through to the merchant’s bank with minimal latency, and more importantly, without levying transaction fees.

Tez Scratch Cards Rewards

Google Tez app offers Tez Scratch Cards that enables users to win up to Rs.1000 with each transaction. Additionally, your weekly transactions will enroll you to Tez’s Lucky Sunday Contest where you can win up to Rs.1 lakh every week.

Conclusion

The company also expanded the reach of Google Pay with more third-party apps and services accepting Google’s payment solution. Google also announced a partnership with financial institutions such as HDFC Bank, ICICI Bank, Federal Bank, and Kotak Mahindra Bank to facilitate pre-approved loans to customers. In a year, Tez has reached to more than 22 million people and businesses who use it every month. People from over 300,000 suburban areas, towns and villages are using it to pay for their bills, book bus rides or split dinner bills with friends.

Published by avnid

I am a former business development executive. Currently I left my job and trying to peruse my career in blogging. You can except Technical Article, Cloud Technology Update, Any Breaking and Trending News.

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