Tez, Google’s New Payment App Powered By UPI – Coming Soon!
Google’s own payment app which will be launched on September 18th
Unfazed by the previous disappointments of launching payment apps, Google has decided to give it another try – This time, with lots of major changes, and a new vision.
Welcome to Google Tez, Google’s own payment app which will be launched on September 18th. As per some media reports, Google has written an ‘ambiguous’ invite for media personals, wherein they haven’t revealed much details, but hinted at a faster, and ‘multi-layered’ payment app, which will work on both mobile and desktop.
And, the most fascinating fact which we extracted: Google Tez will not only work with UPI, but also support existing mobile wallets such as Paytm, Mobikwik and more.
Is Google launching an aggregator of payment solutions?
Google Tez Will Launch On September 18th
The Ken (pay wall) first reported about a new payment app from Google, called Tez.
As per the available reports, Caesar Sengupta, who is the vice-president, Next Billion Users, Google will launch Google Tez, as on September 18th in New Delhi.
When someone asked Google about more details, then they received a simple reply: “Because fast is better than slow. See you on Monday (18 September).”
Some features and highlights which we gathered from various news portals, regarding Tez:
- The app has been specially customized for Indian users, and Indian conditions. Most probably, it will support regional languages as well. ‘Tez’, is a Hindi word, which means Fast.
- Tez would be a multi-layered app, supporting existing mobile wallets such as Paytm, MobiKwik, Freecharge and others.
- The app will support UPI payment interface, which is managed directed by National Payments Corporation of India (NPCI)
- The app would be pre-installed in all Android phones; can be downloaded via Google Playstore, and can be accessed via desktop as well.
- The UPI-powered payment mechanism shall cover Google’s own suite of app at Google Playstore (apps, movies, music subscription), can be used for ecommerce purchases and over-the-top apps as well
Google Is Unfazed By Failures!
Google’s first stint with payment services began way back in 2011, when they launched Google Wallet, a payment platform which supported debit/credit cards and enabled online payment of various purchases, besides peer-to-peer payments and transfers.
Last year, they discontinued the Wallet Card feature, which was proclaimed as the next big thing. Google Wallet’s failure has been attributed to various factors, primarily being the business model, and reluctance of banks to share data with Google.
In 2015, Google launched Android Pay, which replaced debit/card based transactions, but relied on NFC or Near Field Communication as a mode of payment.
But again, as per latest stats, Android Pay is struggling hard to maintain their momentum, and there is a gap of 75% between Android Pay users and Apple Pay users.
Right now in India, Paytm is garnering massive 57% share in payments niche, while there are several active players: Hike Messenger, MobiKwik, FreeCharge, Oxigen, Citrus Pay, Phone Pe, PayU, ItzCash, Jio Money and Ola Money.
It would be interesting to observe how Google carves a niche for themselves.
We will keep you updated.