Google had on September 14 sent out invites for a September 18 event to ” share details on the launch of a new product developed grounds up for India.” The Google Tez app has been launched today on Play store and is expected to be launched physically by our Finance Minister, Sh. Arun Jaitley.
In July, the National Payments Corporation of India (NPCI) had said Google had completed the testing of its Unified Payment Interface (UPI) payment service and was awaiting RBI’s approval to launch its service. So it seems obvious this will be a payment app based on UPI.
Why the Tez App launched by Google is different from other payments app ?
Tez will offer a comprehensive set of payments options like government-backed Unified Payments Interface (UPI) along with Google’s own suite of apps and other popular payments services in India.
So what is really new with this App and how does it differ from the many other payments apps ?
Well, it is cross platform and payment provider agnostic to begin with. In simple terms you get the benefit of being able to choose any bank / wallet provider of your choice. So with the Tez app you do not need to top up or store balance on the app , and just transfer through your bank directly at the time of transaction.
Secondly, we expect the app to be highly local and simple to use which are the highlights of any GOOGLE product.
Thirdly: It has some innovative features such as Cash Mode and we believe the Tez for Business interface will also be very simple. But most importantly, google rules our online life in multiple aspects and we at Creative Spark believe that Google will cross promote and integrate this app through it’s other products and vica-versa , leveraging its size and reach.
Features of the Tez App
How to Use the Tez App ?
Stay tuned for more as we review the app. Our view is that the way google is investing in the app landscape of India, the growth of App development and ecosystem is bound to increase as also mentioned by us earlier. All this means good news for any Indian mobile App development company.[Update: 20-Sep-2017]: Google’s Tez App seems to be doing well after a few initial hiccups reported by users related to inability to add bank accounts – in the first few hours after launch. “In the past 24 hours, 1.8 Crore GMV done on Tez already with 410,000 active users,” a Google spokesperson told IANS yesterday. [And a clarification]: In a televised interview with a news site on Monday, Google’s Caesar Sengupta clarified that neither Google nor any user can store the Aadhaar information. Although some mention related to it was made in terms of services, that is for a future reference and the information is not stored currently.
Image Courtesy: Tez by Google. All rights, credits with Google.