According to the latest reports, by a news website known as The Ken, Google may apparently launch a payment App, known as Tez, in India. Tez, which means fast, in Hindi, is an App which is a digital payment service, based on Unified Payments Interface (UPI). Other tech giants have also tried their hands at launching out payment products in India, and Google have also joined the list. Some other companies which did so, were, WhatsApp, Uber and Truecaller.
The App will most probably roll out by next week. Google is expected to integrate third-party payment wallets, on its platform for better convenience to the users, including Paytm and MobiKwik. India is a fast growing economy and so is the increased numbers of the digital payment Apps. India’s payment system is going digital at a faster rate and hence, many competitors have entered the competition. Tez will have similarities to Google Pay, however, Google declined to present any comments on the same.
Google will also partner with numerous private banks in India, for it’s new App. The Unified Payments Interface (UPI), is regulated by the Reserve Bank Of India and was launched by National Payments Corporation Of India (NPCI). Google may have kept mum on the topic because it hasn’t taken a leap into payment service outside U.S., even though it has a huge user base in India. We can look out for the App soon.