Get the app first : 

Tez can be downloaded from the Apple iOS or Google Play store.

Add registered mobile number: For the app to work, the mobile number that should be registered should be the same as the number registered with your bank account.

(Introducing Tez – A new payments app by Google)

Create a 4 Digit Google PIN: 

A 4-digit Google PIN has to be set up for the app to work.

Add bank account: Choose your bank from the list. A secure message will then be sent from the registered mobile number and your bank account details will be captured. Next, enter the last 6 digits of your debit card number and its expiry date. Lastly, enter the OTP sent to you by the bank.

(Introducing Tez Created by Google, made for India first)

Make payment :

To make a payment, enter the name of the person you want to send money to, the amount, and a brief description of the transaction. Enter the MPIN to authorise the payment.

Cash mode :

The person to whom the payment is to be made through cash mode should have the Tez app as well. They also need to be in your vicinity and have to activate 'Receive' mode on their app. The payee need not be a saved contact on your phone. You just need to enter the amount to be transferred and the reason for transfer.

(Tez Send and receive money across India)

(Tez Installing From a Referral Link)

Things to remember :

• Know which of your contacts have installed Tez and allow the app to access your contact list.
• The app does not create an online wallet that you can top up for payments. Payments and receipts are made directly through your bank account.

Thank you...

The income tax department has relaxed the 'compulsory/forcible' updation of tax payer details on its return filing website. When this new requirement was introduced on September 22, a tax payer was unable to log in to their e-filing account without first giving and verifying all contact, profile and bank account details. Now the income tax department has removed this compulsory 'forcible' updation method. Instead, a tax payer is able to log into his/her e-filing account, and a page for updation.

The department has further said that same mobile number and email ID can be used by a maximum of 3 assessees for their primary contact details. 

On September 22, 2017, the income tax department has asked new as well as existing tax payers to update their profiles by logging into the e-filing website in order to facilitate effective communication between the department and tax payers. 

Abhishek Soni, CEO, Tax2Win.in says, "Once the advisory came into effect, many tax payers were not able to login into their account unless they gave the required details to the department." Tax2Win is an online tax return filing and advisory firm.

Archit Gupta, CEO, ClearTax says, "On 22 September, 2017, many tax payers reached out to us saying they were unable to login to their accounts without the required details." 

The advisory issued on September 22 said, "New Registration process to facilitate effective communication between the tax payer and department is enabled. The existing e-filing users are required to update their profile by logging into e-filing account. Users who have registered already and not activated has to register again."

The department has asked tax payers to provide details such as residential status and address, registered mobile number, secondary mobile number, primary and secondary email addresses, , and bank account details. 

The department has further said that same mobile number and email ID can be used by a maximum of 3 assessees for their primary contact details. 

Apart from this, the details provided by the tax payer will required to be authenticated via a one-time password (OTP) which is sent over email and SMS. The tax payer is required to confirm the same using the OTP. 

Chetan Chandak, head of tax research, H&R Block India says, "Until 22 September, tax payers were able to link a single mobile number for more than 3 accounts on the e-filing portal. On 22 September, the department made it mandatory for all users to update their profile."

He further adds: "In this case, the tax payer was not able to get the OTP and the site was showing an error that the number is already registered for 3 users. Hence, the only option left was updating the mobile number for the other accounts first (i.e., delinking his own mobile number from other accounts and bringing the count to below 3) and then updating his own profile. However, it was difficult for a tax payer to identify all the accounts where his mobile number was already registered and getting it delinked from the other accounts. Fortunately, the income tax department has now inserted a skip button, by clicking it the tax payer can skip the profile update page and do all the necessary tasks on the e-filing portal which comes as a big relief for many who have to access their tax returns, 26AS, etc. or need to respond to any tax notice." 

Thank you...

  Tez is powered by the Indian government supported Unified Payments Interface (UPI). The “cash” mode feature in the Tez app lets users send and receive payment to the nearby users with Tez installed on their smartphone. There is no need for bank account details or phone number. This technology is Google’s proprietary and uses Audio QR (AQR) ultrasound technique that helps in pairing the phones. For Google Tez, the competitor is the cash currency. And the objective of this app is to encourage digital payment and make it simple and secure.

 Newly added Google Tez, Paytm, PhonePe, and BHIM application.,all of them have some special features, all these apps are made for easy transactions using your smartphone.

The new digital payment app developed by Google called “Tez” was launched on 18th September. The app has lot of new features which makes it stand out from the existing digital wallet apps in the already existing crowded payments app such as Paytm, BHIM, Mobikwik, PhonePe and others which have been encouraging digital transactions in India.

 Bhim : 
 In January this year, the  government launched (Bharat  Interface for Mobile) BHIM app  that works on Unified  Payments Interface (UPI) -a  system that powers multiple  bank banking features  accounts into a single mobile  application (of any participating bank) and merges their several features. Here, unlike mobile wallets, the transactions are directly linked to bank accounts and doesn't require loading any money and therefore continue to earn interest on the money kept in the bank. So, you don't lose the interest earned on the money by the bank by keeping it. All the payer and recipient need are bank accounts, of their own connected to the UPI, and should possess a virtual payment address. To make the payment, you can use the virtual payment address of the recipient. The recipient also needs not be on BHIM app. A bank account is all that is needed to receive the payment.

 Google Tez:

 This is the latest  entrant in the mobile  payment space. While  this is lot like Bhim app and directly links to over 50 banks in India including ICICI Bank, State Bank of India and HDFC Bank. It also allows you to transfer money in more ways than one. So while you can pay entering the virtual id or UPI id of the recipient without storing money on the app, it is also possible to transfer money using the camera to scan a QR code, or by entering the phone number of the recipient. Then there is 'Cash Mode' that allows quick transfer of money with nearby Tez users using technology that uses sound to pair your device with another nearby device. It therefore doesn't necessitate a bank account number or phone number. The app is available in number of languages including English, Hindi, Bengali, Kannada, Tamil, Gujarati, Marathi, and Telugu and is available on Android as well as iOS.

 Paytm:

One of the seasoned players in mobile payments market, Paytm can make transactions using a mobile wallet, credit/debit cards, and UPI. Paytm has even added a recent feature where you receive cashback in form of Gold, which is securely stored by Paytm only.

 PhonePe:

 A more recent player to  the mobile  payments platform,  PhonePe is a UPI based app to provide cashless transactions. The app allows you to transact using the PhonePe wallet, Credit/Debit card, or UPI. You can pay bills and do recharges on PhonePe, just like Paytm.

Wallet Type:

To start with, let us know what types of Payment Platforms these apps have to offer. Starting with Google Tez, the app has a simple UI and offers payment through UPI only. You can send or receive money using UPI with Google Tez. Both Paytm and PhonePe offer mobile wallet service, credit/debit card payment option, and UPI.

Payment Support :

There are various modes of payments that can be used on mobile platforms. While not all of the applications support all modes, these apps are basically aimed at integration and ease of payment, keeping the medium as universal as possible.

Firstly, UPI is supported in Google Tez, Paytm, PhonePe, and BHIM app. While Google Tez utilizes UPI to offer Nearby Payment option, BHIM app gives you offline support to make transactions using UPI even without the internet.

The second payment method is a mobile wallet. Paytm as well as PhonePe offer you mobile wallet services. You can top-up your Paytm or PhonePe wallets using your credit/debit card or UPI. These wallets can be used for a quick transaction by scanning QR Codes, or online shopping. Paytm even has a full-fledged online shopping platform named Paytm Mall for extended wallet usage.

You can save your credit/debit cards on Paytm and PhonePe for faster checkouts. Google Tez and BHIM, on the other hand, keep you connected via UPI so you’re carrying a virtual debit card with you always. While Bill Payment and recharge options are easily accessible on Paytm and PhonePe, Google Tez does not support online bill payment.

Cashback and Rewards :

One of the benefits of using mobile payment platforms are the attractive rewards and cashback. Talking about Google Tez first, it converts your bank account into an easy mobile wallet service. Cashback and Reward cash on Google Tez is added directly to your bank account, so you can use it anywhere you want.

Paytm, on the other hand, adds cashback and rewards to your Paytm wallet only. So you cannot use your rewards beyond the places where Paytm is accepted. Anyhow, you can convert your cashback amount to Gold with Paytm, which is good. PhonePe cashback is also limited to your PhonePe wallet only. It does not get transferred to your bank account.

Lastly, all the applications that are listed here support multiple languages so you are not limited by English or Hindi as the only languages. Multilingual apps make localization of mobile platforms easy and more accessible.

Final Verdict :

While all these Mobile Payment platforms offer some unique features, they’re fit for usage by different audiences. While BHIM makes it easier for you to make payments without an internet connection, Google Tez is a secure way to use UPI for quick nearby payments.

Paytm and PhonePe are full-fledged wallets and integrate multiple functions in them. The only drawback with Paytm and PhonePe wallets is that they come with monthly limits of Rs. 20,000 (for Paytm, you can have eKYC done to increase the limit to Rs. 1,00,000). However, for PhonePe, the UPI limits are similar to those of BHIM and other UPI apps.

Thank You...

SBI REDUCES MONTHLY AVERAGE BALANCE from Rs 5,000 to Rs 3,000 W.E.F. 01/10/2017

The Monthly Average Balance (MAB) in Savings Bank Accounts to be revised w.e.f. 01/10/2017. For more details visit: https://t.co/lGxM6RRO37 pic.twitter.com/YeM9VPHL2T

— State Bank of India (@TheOfficialSBI) September 25, 2017

The country’s largest lender State Bank of India on Monday lowered the minimum average monthly balance (MAB) requirement in a savings account to ₹3,000 from ₹5,000, in addition to revising downwards penalties for non-adherence.

The revised MAB requirement and charges will become applicable from October, the bank said in a statement.