Google Tez has been officially launched for Indian users and the new mobile payments app is now available for download. The app also has a proximity- and location-based Cash Mode, which lets you send money to a nearby contact without either party having to share their bank accounts and contact details-perhaps as simple as paying cash, but without any paper notes. Tez weighs about 7MB in size and is claimed to work with a vast majority of Android smartphones, going back to Android 4.4 Kitkat for support.
Supports eight languages such as English, Hindi, Bengali, Gujarati, Kannada, Marathi, Tamil, and Telugu. The application has been made available on both Play Store and iOS' app store. Whole Tez acts as a payment interface for UPI, Paytm is a wallet app. Apps like Tez use the money in a bank account to enable payments.
Tez works with all of the 55 banks on UPI.
In a day, users can perform up to 20 transfers on Google Tez with a maximum transaction limit of Rs. 1,00,000. The app users audio pairing to connect with nearby users and one can scan QR code to send money.
On Monday, NITI Aayog chief executive officer Amitabh Kant tweeted that the government-backed payments app BHIM had been downloaded three million times since its 30. The software links directly to bank accounts, so there's no hassle of topping up a virtual wallet or creating a new account.
If your primary number is the one linked to your bank account, then you need to make sure the smartphone has that SIM inserted in it.
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For businesses, Google has announced another "Tez for Business" app which will allow the business people to explore the potential of digital payments.
In order to make payments through UPI, first you have to enter the account number.
It comes with Tez Shield, the name given to its security feature provided by Google. Google has tied up with a number of banks, including Axis Bank, HDFC, ICICIBank, State Bank of India. The verification can be done easily by just sending a text message using their registered phone number via the interface of the app. With direct transfers from and to the customers' bank accounts the app will not require to go through an extra step of topping up wallet balance.
This Tez may remind you of the split the bill option in PayPal or the Group Payments in Messenger.
Additionally, there is also a separate business portal for online companies to integrate as sellers to accept Tez payments.