Here is what you need to know about Google’s new Payment app Tez
Google has finally jumped on the digital payment bandwagon in India with Tez. It is an UPI (Unified Payments Interface) based app that has been developed specific to India. With players like Paytm and PhonePe already established in the market, Google has dodged the competitors by making its design in tune with the Apple Pay, where bank accounts are linked to make payments via phone.
Google Tez , for both iOS and Android works on the Google AQR technology. The phone number associated with your bank is used to set up the app. Once the UPI access is provided from the bank, a UPI ID is created and linked to your Google Account. On Android, the ID will be linked by default to the Google Account on your phone. On iPhone, users are prompted to sign into their Google Accounts manually.
Google Tez offers an upper cash limit of 1 lakh per day and a maximum of 20 transactions in a day.
Here is what you can expect from the new Google Tez
Direct Linking with Bank account
The biggest advantage of Google Tez over other mobile wallets in market is the direct linking with your bank account to make payments. This avoids the need to top up your wallet balance or worry about opening separate accounts.
Google has plans to enable debit as well as credit card payments too.
User friendly App
All your Phonebook contacts are listed under the payments tab, making it extremely easy to send/receive money.
Google Tez also offers an additional feature of ‘Cash mode’, with which transactions can be made without sharing details like phone number or bank details. Transactions can even be carried out without having the recipient’s phone number.
No need of NFC in device
Google uses its AQR technology to transmit audio to connect with the recipient to send/receive payment. This surpasses the need for NFC in device. This smart twist in technology is an added advantage in a country where low budget smartphones are also used extensively.
Also, using audio makes transactions much easier even with basic phones, as only a speaker and microphone is required.
All transactions are totally encrypted and assures a complete multi layered security by the Tez shield.
Google Tez also includes additional features like setting reminders for recurring bills and multi-Language support. Google Tez currently supports English and several regional languages like Hindi, Bengali, Gujarati, Kannada, Marathi, Tamil, and Telugu