Google launches mobile payment app, Tez, for India
Launch partners for Tez include PVR Cinemas and redBus, who will be joined by a number of other businesses like DishTV, Jet Airways and Domino’s in the coming weeks
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Google announced on Monday that it has launched a new mobile payment app for India called Tez. Tez works over Unified Payment (UPI) standard and is available on the Android Play Store. Manufacturing partners including Lava, Micromax, Nokia Mobile and Panasonic will come with Tez, making it even easier to get started.
Launch partners for Tez include PVR Cinemas and redBus, who will be joined by a number of other businesses like DishTV, Jet Airways and Domino’s in the coming weeks. Google also said that it will be working with existing advertisers and online ecommerce platforms like Shopify and payment aggregators like Billdesk and PayU.
“To make digital payments truly work for India, we wanted to build a product that can compete with cash. It needs payment to be simple, affordable and work everywhere and for everyone. So today in India we’re introducing a new mobile app from Google, Tez—a simple and secure way to pay for things, big and small, online and offline,” wrote Caesar Sengupta, Vice President, Next Billion Users Team, Google, on the Official Google India Blog.
“We are seeing a trend where the number of UPI-based payment apps is increasing and this is likely to continue. This is currently in line with the expectations and requirements around digital payments and we will see new features to differentiate that will be added to differentiate the app and attract customer base,” opined DD Mishra, Research Director at Gartner.
Speaking about what the entry of Google in the mobile payment space means for the ecosystem, he commented, “It is too early to say whether it (Tez) can be a game changer as evolution in this business is going to continue, but yes it has the capabilities to bring some disruption as of now. Moreover, Google’s information about an individual’s preferences can play a good role in enabling business to know their preferences and provide offers with interesting options. It tries to address security concerns as well. The mobile wallet industry too is evolving and we are at an interesting stage in this competition. Eventually, UPI payments will have an upper hand if they continue to remain free and provide better security, convenience and add more value-added services. It will all depend on how fast Google can build an ecosystem of partnerships around them and continue to sustain innovations.”
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