Google has made its own space in the field of mobile payments and e-wallet section in India on Monday by launching its mobile wallet app, Google Tez, which was launched at an event in New Delhi as this was attended by the finance minister Arun Jaitley. We will now try and explain to you all that you need to know about the new app in this category of digital payments.
Google Tez is a mobile wallet based on the Unified Payments interface (UPI) platform as it is built by the National Payments Corporation of India (NPCI). UPI-what it does is that it allows the users to transfer money without requiring the bank details of the recipient.
It is different from rest of the apps, it does not need the money even to be stored in the app to make digital transactions. Tez works as an extension of one’s bank account, which means that unused money remains in the bank stays in the bank getting interested. All transactions are initiated by the sender itself by submitting UPI pin with an additional security of existing phone lock.
As you’re done installing the app, the users will have to sync their wallets with their Google accounts and the mobile number linked to it. Access to the wallet from the app drawer will be kept safe via two level of security, by a security passcode of 4-digit which will be a Google PIN, and the setting on the device, such as passcodes, fingerprints, or pattern locks.
The addition of one’s bank account to the wallet will be done through an SMS, as this process will not go ahead if the phone number provided does not match to the contact number associated with the account. Even the users having an NRI account will not be able to use this feature.
Once the app is launched and the user’s bank account is linked, money can be transferred using the recipient’s UPI id.
The Google Tez will be offered in various language support in English, Hindi, Bengali, Kannada, Tamil, Gujarati, Marathi, and Telugu. To gain greater traction among digital natives, Google is also running a referral program to get popularity amongst the market.