A new mobile payments platform from Google has been announced for Asia, and it’s going live in India before heading anywhere else. Tez, which means “fast” in Hindi, is really just like any other payments and commerce app except it relies on something a bit different to actually transfer money between two nearby devices.
Sound is what you can use for transactions that take place within a close proximity. With Google’s audio QR technology, Tez is able to emit sound from one device that another picks up. Payments are then made without bank accounts and phone numbers being shared. Tez also works with more traditional methods like entering a friend’s name, email, or phone number. Integration with other apps and services are included as well.
Tez is based on the Unified Payments Interface (UPI) standard, meaning you get instant and secure transactions that move between bank accounts.
These are the core features:
- Direct, bank-to-bank payments: Tez uses UPI for instant and secure payments, directly to and from bank accounts.
- “Cash Mode” for nearby transactions: Pay nearby without sharing your private details like bank account or phone number.
- Tez Shield: Backed by Google’s expertise in data security, Tez works 24/7 to help detect fraud, prevent hacking, and to verify and protect the identity of every user.
- Tez for Business: Tez for Business is a program for large and small enterprises to connect with consumers inside the Tez app to make payments, share redeemable offers, products and updates.
Google chose India for its launch because the country has more than 300 million people using mobile devices. And, based on the company’s research, India’s payments industry will generate $500 billion in revenue by 2020. Google wants to be at the front of the rise, especially since a large portion of transactions will be done on phones and tablets.
Both iOS and Android devices in India can start using the Tez app today. Once the app is running successfully there, Google will introduce it into additional markets.