Google Tez has Gained 7.5 Million Users in 5 Weeks in India
Google made its foray into the ever-growing mobile payments sector in India on September 18th 2017 by launching its mobile wallet app Google Tez. Google Tez is a mobile payments service by Google based on the Unified Payment Interface (UPI) platform developed by the National Payments Corporation of India (NPCI). UPI is a government-run platform for all mobile transactions, powering payment services like PhonePe.
Tez works on a huge array of smartphones (with apps for both Android and iOS). The Android app supports a variety of Indic languages such as Hindi, Bengali, Gujarati, Kannada, Marathi, Tamil, and Telugu. “Tez” is the Hindi/Urdu word for “Fast”.
A Google account and a bank account-linked mobile number are required to use the Tez app. The app itself is protected by a Google pin and your device’s security method (fingerprint, pass code or pattern unlock). The transactions on Tez are secured by ‘Tez Shield’ which detects fraud, prevents hacking, and verifies identity. As an added layer of security, the app refuses to work on rooted phones.
With Tez users can pay/transfer money directly from their bank accounts. Tez users can transfer the money without requiring the bank account details of the recipient. The UPI ID of the recipient is used as a substitute for the account number and IFSC code, thereby simplifying money transfers. Unlike most other wallet apps, it does not require money to be stored in the app to make digital payments.
Google CEO Sundar Pichai proclaimed to investors and analysts that the Tez app had clocked 7.5 million installs within 37 days after its launch and was able to register 30 million transactions within 5 weeks during a quarterly enarnings call. Figures from Google Play show that the app has been downloaded between 5 to 10 million times.
Mr. Pichai further added: “I’m really excited about the potential this brings for India’s mostly cash-based economy”. Tez is expected to add support for card payments by the end of this year by integrating the technology of Google’s global mobile payment platform, Android Pay.
Want more posts like this delivered to your inbox? Enter your email to be subscribed to our newsletter.