Digital payment in India will be getting a giant push on 18th September. The world’s best company to work “Google” is going to launch a new payment service called Google “Tez”. In Hindi, Tez means Fast.

Features:

1. It would be a digital wallet for storing Indian currency
2. This app is made only for the Indian market and hence has been localized accordingly.
3. Payment service would be available both on the desktop, as a Chrome widget, and an app. The app is expected to be made available on the Google Play Store.
4. It would support credit and debit card
5. As the name “Tez” suggests it is expected that using this service, user can instantly send or receive money to any mobile number
6. Payments to various services can be made through the app such as prepaid recharge, post paid mobile bill payments and so on.
7. At retail PoS, user would be able to just wave the smartphone to make payment. No swiping of credit or debit card would be needed.
8. It is a completely different service than Google’s existing payment service called Android Pay.
9. Tez would support Indian government’s Unified Payments Interface (UPI). And private mobile wallets such as Paytm and MobiKwik.

Competitors to Google “Tez”

• The already existing players in India are – Samsung Pay & Truecaller Pay would be giving stiff competition to Google.
• By this year end, Whatsapp may also launch peer to peer payments in India.
• Mobile wallets such as Paytm, Mobikwik, Jio Money and other players

Check out differences between Tez and Paytm

BCG and Google – Report on growth of digital payment in India

After demonetisation, India has seen a significant growth in digital payments done via mobile, tablet and desktop/laptop.

• As per the report published by Boston Consulting Group and Google India; the usage of digital payment system industry will grow to $500 billion by the year 2020.
• Over half of India’s population will make use of digital payments by 2020.
• And top 100 million users will drive 70% digital payments

Let’s see how fast Tez gains momentum in India in a already crowded digital payment system.