On Monday the 18th of September 2017, Google launched its new India exclusive payments app. India already is quite familiar with payment apps including PayTM, Freecharge, PhonePe, MobiKwik and several others which might not be so popular. But Google Tez is backed by India’s finance Ministry.
While the app is not taking the country by storm as Google might have expected, it has certainly created an impact. Here are 7 most important facts that everyone should know about Google Tez.
1. There are over 350 million mobile phone users in India, that almost the population of the United States.
2. Unlike existing digital wallets and payment apps like PayTM, Tez allows you to pay and receive directly from your own bank account.
3. Google as introduced a new technology for Google Tez – Audio QR. It is a near field sensor technology where phones can connect with each other using ultrasonic sound waves.
4. The application works by linking with the users’ bank accounts using the Indian government developed UPI (Unified Payments Interface).
5. In the future many mobile devices will have the Google Tez app preloaded. Some of the manufacturers including Lava, Micromax, Nokia and Panasonic.
6. To make it widely acceptable, Google has offered the application in 7 most used Indian Languages including Tamil, Telugu, Marathi, Bengali, Hindi, Kannada, and English.
7. While Tez has made its debut in India, Google is looking to expand into other Asian countries including, Indonesia and Philippines.
What’s more, if you refer your friend to use the app, you and your friend both would ₹51 as incentive.
Are you using the application? How would it impact India’s economy in the future? Let us know!