Google’s digital payment app 'Tez' launched

Sep 18, 2017 16:06 IST
Arun Jaitley launches Google’s digital payment app Tez

Finance Minister Arun Jaitley on 18 September 2017 launched Google’s Unified Payments Interface (UPI)-based digital payment service called ‘Tez’ in New Delhi.

With this move, the search giant has become the latest international giant to enter the fast-growing digital payments space in India.

Speaking on the occasion, Arun Jaitley said, Google team saw great potential in the remonetisation period after the demonetization. The minister stated that the need for finding an alternative to cash was never at centre stage in India's economic agenda.

He further expressed confidence that what had started as a compulsion for digitisation post-demonetisation will soon turn into convenience with the launch of Tez.

CA eBook

Key Highlights

• The new digital payments app is expected to make a major change in the digital payments landscape in India.

• It would support several local languages including Hindi, Bengali, Gujarati, Kannada, Marathi, Tamil and Telugu.

• The Google payment App is powered by UPI, a payments protocol built by the Government-backed National Payments Corporation of India (NPCI).

• The word Tez means fast in Hindi.

• The Finance Minister himself conducted the first transaction on the app.

The app’s launch puts it in direct competition with the popular mobile wallet provider in India, Paytm, which is backed by Softbank and Alibaba.

GSTN reopens window for composition scheme for small traders

Is this article important for exams ? Yes2 People Agreed

DISCLAIMER: JPL and its affiliates shall have no liability for any views, thoughts and comments expressed on this article.

Latest Videos

Register to get FREE updates

    All Fields Mandatory
  • (Ex:9123456789)
  • Please Select Your Interest
  • Please specify

  • ajax-loader
  • A verifcation code has been sent to
    your mobile number

    Please enter the verification code below

This website uses cookie or similar technologies, to enhance your browsing experience and provide personalised recommendations. By continuing to use our website, you agree to our Privacy Policy and Cookie Policy. OK