Google is all set to launch Tez – a mobile payment app in India. This platform would help facilitate digital payments in the country and will also support the UPI payments platform. India, with over 1.3 Billion people, is among the biggest markets of the world for every tech firm. On the sheer basis of the massive population, India is a hot favorite for app makers and tech firms. Google too, considers India one of their hottest markets.
Tez, which stands for ‘Fast’, is different from other Google-made payment products and services such as Google Wallet and Android Pay. As of now it is unclear if Tez is only about UPI payments or will it support other payment systems too. However, UPI is indeed going to be the highlight of the app.
UPI is the Indian government backed technology which helps in digital transfer of money. It stands for Unified Payments Interface and requires the users to create a Virtual Private Address linked with their bank accounts. This service offers instant transfers and is being used by Millions of Indians. 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’s Tez is going to be a dedicated app for the Indian markets when it arrives. What makes it even special is the fact that Google doesn’t really focus on non-US markets when it comes to payment based apps. However, India seems to be an exception with Tez coming out. Google is yet to officially announce the app and has declined to comment on it. However, expect the launch to happen soon.
Information about Google’s Tez comes via Indian news website The-Ken which claims they got the information from Government filings. Interestingly, Google has also filed for the trademark in Indonesia and the Philippines as well. Stay tuned with us for more updates on this payments app from Google.