Google Tez – India’s New Digital wallet that uses Audio QR to Transfer money: It works on any phone with a mic and speaker.
You are in a hurry to catch your train. You reached the platform and then realized that your train’s running late by 20 minutes. So you relax and go have a bottle of water. As you reach for your wallet, you realize you forgot your wallet at home. Thank God for Paytm, you instantly pay Rs.10 for the water bottle and then patiently wait for your train. That’s how the digital market has enveloped us. Paytm launched in 2010 only gained momentum or publicity only after Modi’s demonetization.
Modi’s demonetization rushed in a whole new era for digital transactions that it is expected that India’s digital market to reach around $500 million by 2020. How couldn’t any big company not eye for this new digital market? Google Tez, Google’s exclusive digital wallet for Asia especially India was launched in India in the country’s capital, New Delhi by Shri Arun Jaitley on 18th September 2017.
But what’s the hype with Google Tez? Is it going to be like any other mobile wallets that we have with us? Since most of the Indian citizens are comfortable with Android smartphones, Google will have to be fashioned around android pay but some extra features would also be added like
- It is going to be based on UPI(United Payments Interface) which unifies all the multiple bank accounts into a single mobile application (of any participating bank), merging several banking features, seamless fund routing & merchant payments into one hood.
- Tez would not be like any our usual mobile wallets. It rather uses your money in your bank account to directly deduct money from it instead of actually storing the cash in your account.
- It will be partnering/integrating with many mobile wallets like paytm, mobikwik etc.
- Many private banks like HDFC will be partnering with Google Tez to facilitate transactions.
- With Tez payments comes Tez shields that would secure your transactions. It works as a fraud detection mechanism to protect your money as well.
- The app supports many languages suited for the Indian audience such as English, Hindi, Marathi, Gujarati, Kannada, Bengali, Tamil and Telugu.
- The fascinating feature is the AQR (Audio QR). This technology has not been used by any app for digital transactions.
- Money Transfers up to Rs.1,00,000 in one day across all UPI apps and 20 transfers in one day are allowed.
With Google Tez coming into India’s Digital Market, it would be interesting to see how it’s going to change the face of Digitalization. Would it promote the usage of digital wallets even more, even in the most remote areas? Wil India completely go cashless? The future holds the answers to this. But for now, we can and most certainly welcome this new step that Google has taken in our market.
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Article By Etisha Gurav