Google to launch payment app 'Tez' in India

Joining the digital payment bandwagon in India, Google is reportedly launching a Unified Payments Interface (UPI)-based digital payment service called “Tez” as early as next week.

Tez, which stands for “Fast”, is different from other Google-made payment products and services such as Google Wallet and Android Pay.

It will offer payment options beyond the existing ones like Google Wallet or Android Pay.

While Google has enjoyed success with Android Pay in the U.S., the company has not really ventured into the payments market in other parts of the world.

According to more media reports, it has been learned that Tez will also support government based UPI payment system along with private payment services including Paytm and MobiKwik. However a majority of India is still to adapt to this platform and with Google’s Tez, it looks like more people will soon be on the UPI boat.

Google India has not responded to the report. Android Pay, which was launched in 2015, still has only a quarter of the number of users that Apple Pay does, according to 2017 research by Juniper.

Google’s entry into payments comes at a time when India’s digital payments ecosystem is burgeoning. With a 57% market share, Alibaba-backed Paytm now dominates in a market crowded with several mobile wallet players such as Tencent-backed Hike Messenger, MobiKwik, FreeCharge, Oxigen, Citrus Pay, Phone Pe, PayU, ItzCash, Jio Money and Ola Money.

In the recent past, India has become a hot favourite for tech companies to open up payment services for its consumers with Uber, Whatsapp, Truecaller, Flipkart, and etc to join the list.

Google is yet to officially comment on the new launch, but given the fact is September 18 is just days away, we don’t have wait for long to hear the full story. However, UPI is indeed going to be the highlight of the app.

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