Finance Minister Arun Jaitley to launch Google payment app 'Tez' on Monday,18 Sep. 2017

Finance Minister Arun Jaitley to launch Google payment app 'Tez' on Monday,18 Sep. 2017

  "FM Shri @arunjaitley to launch the Google Digital Payment app 'TEZ' on Monday, 18th September, 2017 in the national capital," the Finance Ministry confirmed in a tweet on Saturday. 

Tech giant Google will launch its payment app 'TEZ' on Monday as it seeks to cash in on the growing digital payment segment in the country.

The news as first reported on ‘THE KEN’, Indian business blog and the app will likely be launched at a press conference on 18 September in New Delhi by Caesar Sengupta, vice-president, Next Billion Users, Google.

The app is probably going to feature a digital wallet where customers can store money and has been integrated with India’s Unified Payments Interface (UPI) to allow for money transfers at no cost, and an easy checkout system. It’s likewise said to support credit cards and third-party wallets like Paytm and Mobikwik.

It will be available both on the desktop, as a Chrome widget, and as an app on Google’s Play Store or will be pre-installed on the operating system and introduced as part of future updates to the operating system.

Tez is largely fashioned on the Google’s global product—Android Pay, earlier called Google Wallet.

Looking at India’s growing digital commerce and payments space as a huge source of revenue, the effort bodes well for Google enabling the search giant to dive deep into payments.

Right now India’s digital payments ecosystem is intensifying; with a 57% market share, Alibaba-backed Paytm presently dominates in a market swarmed with various mobile wallet players like MobiKwik, FreeCharge, Tencent-backed Hike Messenger, Oxygen, Citrus Pay, ItzCash, Phone Pe, PayU, Jio Money and Ola Money.

Global companies like Truecaller and Uber have also entered the payment space in India while Facebook-owned WhatsApp is working to grab a hold on India’s growing mobile wallet space.

  In July, the National Payments Corporation of India (NPCI) had said Google had completed the testing of its UPI payment service and was awaiting Reserve Bank of India's approval to launch its service in the country.

Google has also sent out invites for the event to "share details on the launch of a new product developed grounds up for India".

 "Tez" (meaning fast in Hindi) may work like Android Pay. 

UPI is a payment system launched by the National Payments Corporation of India (NPCI) and regulated by the Reserve Bank of India which facilitates the instant fund transfer between two bank accounts on the mobile platform. 

"We expect that by December, the number will actually go up to five million PoS, which means that the infrastructure for digital payments is going to grow three times in the short span of one year," MeitY Secretary Aruna Sundararajan said. 

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image courtesy : dsim.in, goandroid.co.in, tezappdownload.com