Internet giant Google has forayed into the payment space in the country with the launch of a payment solution, called ‘Tez’ (fast). Google released the app on the Android as well as the Apple App store. The app allows users to do financial transactions like sending money, receiving payments directly into their bank accounts and paying bills. The users can link the app to their bank accounts and the platform is built on the government’s Unified Payment Interface (UPI).
Google has launched a feature called Cash Mode where one can pay without sharing bank details or phone number. The technology called audio QR Code works like Near Field Communication and uses ultrasound waved to connect two phones through the phone’s microphone and speaker. Google says its completely secure and uses UPI’s bank to bank transfer platform.
Google has also enabled merchants to use the Tez platform to receive payments directly through the app. The biggest incentive to other businesses to enrol for Tez is that all payments go through to the merchant’s bank with minimal latency.
Digital payments have got a huge push post the government’s demonetisation exercise in November last year and according to government estimates digital economy has the potential to go up to $1 trillion in the next few years.