In September 2017, Google launched Tez. Tez is a digital payments app, specifically made for India. Within a year, Google Pay (Tez) a digital payments app found a place with well over 22 million people and businesses. Google Pay (Tez) a digital payments app is being increasingly used every month regularly.
People in India from villages and towns alike are using it. They pay their electricity bills, book bus tickets, do mobile recharges, and share their food bills among friends. Google’s digital payments app is simple. Google’s digital payments app has fast transactions.
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Google Pay (Tez): Transactions, UPI, & BHIM
Tez has made recharges and electricity bill payments just taps away. Google’s digital payments app it built on the BHIM UPI. Google’s digital payments app facilitates sending money to anybody. You can send money if the receiver uses a different payment app. Altogether, there have been well over 750 million transactions. Each transaction is settled immediately and in a secure manner into the receiver’s bank account.
Annually, transactions amount to US $30 billion. In Indian Rupees, it’s Rs. 2,000,000,000,000 crores. With the Tez’s growth, UPI monthly transactions in India have multiplied 14 times. This results in India’s economy becoming one of the leading pioneers in the digital finance world.
Google Pay (Tez): Global Perspective
Google is planning to launch many of its features in Tez globally. Many countries have noticed India’s digital payments success with Tez. Google is moving ahead to work with other governments to deliver digital payments innovations to those countries. In line with this, Google is unifying its payment apps globally into one single app. Starting August 29, 2018, Tez is going to be called Google Pay.
Google Pay: Google Tez
Things about the app:
- Contacts on home-screen
- One-touch mobile recharge
- Offers and rewards
These will still be available in Google Pay. Eventually, most of these features will be rolled out to other countries. Global features, currently not in India, will be launched.
User acceptance in India has also increased. Google Pay is being used is many more places. Google’s digital payments app can be used on the net, in apps, in local stores, and in Google products. Google’s digital payments app will make payments seamless in all things we use.
Some places to use Google’s digital Payments App:
- Online apps
- Online website
- Retail stores
- Online merchants: FreshMenu, Goibibo, redBus, BookMyshow, etc.
Google Pay (Tez): Small Businesses
Google’s digital payments app looks to support and help 1.2 million local Indian businesses. A dedicated business experience is being developed. There are specific plans being developed to help expand their business. Other than receiving digital payments, it will also help them to be discovered in Google Search and Maps. They would also be able to communicate with customers, all this through relevant offers and messages.
These features are being tested in Bangalore and Delhi currently. Google Pay will be on boarding more businesses in the coming months.
Google Pay (Tez): Financials
Google Pay’s aim is making money matters simpler. Google’s digital payments app is partnering with Federal Bank, HDFC Bank, ICICI Bank, and Kotak Mahindra Bank for pre-approved loans. Customers, Google’s digital payments app will be able to get a customized loan from these banks. There will be minimum paperwork involved. Once the customer accepts the terms, money would be deposited instantly in their bank account.
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[Devesh Prabhu is a simple person who follows #Tech, #Smartphones, #Tablets, and other #Technology related #NEWS in general and blogs about them in his own way. He has been blogging on these and many other technology-related topics through his various blogs. You can always find him tinkering with his various gadgets to see what makes them tick. When not blogging or writing articles, you can find him enjoying the calmness and serenity of nature in a secluded location.
[Note: The article "Google Pay was Tez – The Change that Beckons" first appeared on http://deveshprabhu.in, a different take on things related to #Tech, #Smartphones, #Tablets, #Electronics, and other #Technology related #NEWS in general.]
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