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.
- It would be a digital wallet for storing Indian currency
- This app is made only for the Indian market and hence has been localized accordingly.
- 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.
- It would support credit and debit card
- As the name “Tez” suggests it is expected that using this service, user can instantly send or receive money to any mobile number
- Payments to various services can be made through the app such as prepaid recharge, post paid mobile bill payments and so on.
- 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.
- It is a completely different service than Google’s existing payment service called Android Pay.
- 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.