Last year September, Google launched Tez, a digital payments app, which entered the crowded and fiercely competitive digital payments space in India.
Tez, which translate to “fast” in Hindi, is a UPI-based app that can be used to make transactions mobile, as well as paying offline at stores. UPI (Unified Payments Interface) was launched by National Payments Corporation of India (NPCI), an umbrella organisation in India that is in charge of all retail payments systems. While NPCI is a private entity, it is regulated by the country’s central bank – ‘Reverse Bank of India’.
According to the tech giant, since the launch of the app, over 22 million businesses and people have used Tez to make over 750 million transactions that are collectively worth over $30 billion annually.
At the annual ‘Google for India’ event in New Delhi yesterday, Google announced that Tez will now be called Google Pay going forward as the company will be looking at taking Tez beyond India and hence has unified all its payments offerings worldwide.
However, other than the name, the app will remain the same with its similar feature set, so users in India will not get the marquee google Pay features that are made available in the US and elsewhere. At least for now.
One of the marquee new features in the app is Google’s entry into the financial services segment. Google who is now working with a few banks in India – HDFC Bank, ICICI Bank, Federal Bank, and Kotak Mahindra Bank to provide pre-approved instant loans to Google Pay users. The feature will roll out to its eligible users within the coming weeks.
The tech giant is also working to make Google Pay even more useful by increasing the number of places that it can be used and also be expanding services for merchants. Google is partnering with the largest stores across India, payment technology providers like Bill Desk and Pinelabs, and the top banks in the country. It will also introduce deeper integrations with online merchants including giving the users the ability to pay using Google Pay without leaving the merchant’s app.
Have you used Tez by Google? Tell us your preferred digital payment service and the features that you would like to see on Google Pay. Tell us what you think in the comments section!