India is a fast growing country with the vast use of internet among 300 million smartphone users. In Our country net access made well connectivity with in the crowd and made things easier than ever. That includes messaging friends and family, searching the web for information, reading news, watching music videos, or playing games. Everything made simple by net access. But when it comes to paying for things in the real world — vegetables, bus fares, the chaiwallah, splitting the bill at dinner or paying on delivery for something purchased online — those smartphones often go unused. Indians love cash. They use the real money literally the paper money for all their financial needs.
The main reason behind this is cash is easy to use and works everywhere. We have a lot of digital wallets available now but it won’t accept everywhere. But cash is easy to lose, difficult to carry around and can be easily stolen. More critically, cash makes it hard for people to build a financial track record, and could result in exclusion from services like credit and insurance. To make digital payments truly work for India, we need a product that can compete with cash. It needs to be simple, affordable, and work everywhere and for everyone. So today it has introduced a new mobile app from Google, Tez — a simple and secure way to pay for things, big and small, online and offline, in India. Tez is a payments and commerce app built for India on top of the Unified Payments Interface (UPI) standard.
Tez has certain special features like direct, bank-to-bank payments. Tez uses UPI for instant and secure payments, directly to and from bank accounts. “Cash Mode” for nearby transactions: Pay nearby without sharing your private details like bank account or phone number. Tez has a n option named Tez Shield: Backed by Google’s expertise in data security, Tez works 24/7 to help detect fraud, prevent hacking, and to verify and protect the identity of every user. Tez can be used for Business is a program for large and small enterprises to connect with consumers inside the Tez app to make payments, share redeemable offers, products and updates.
Tez enablesus to make cash-like payments with Cash Mode: One of the most powerful aspects of cash is that it enables you to pay others without exchanging sensitive personal information. Cash Mode enables just that by letting you pay another Tez user nearby without having to share personal details like your bank account or phone number. This is ideal for paying the auto-wallah or sabzi-wallah. Bring two phones near each other, hit pay or request, enter your UPI PIN and the payment goes instantly from one bank account to another. Cash Mode is built using our proprietary AQR (Audio QR) technology, which is similar to QR codes but more convenient and more secure. And unlike NFC, it works on almost any smartphone in India, whether Android or iOS.
Tez is almost like a chat app it is based on phone number and easy to use. It uses your phone’s contact list so there’s no need to add people as beneficiaries or remember complicated bank numbers. This makes it easy and quick to transact with people you know. So sending money to your family across the country, paying your landlord, or splitting a bill with a friend is simple and fast. Further, your transaction history with each person or business is grouped together like a conversation — just as chat apps group your messages together. This experience feels natural and enables richer, more engaging interactions.
Pay, get offers and more. At offline and online businesses: Small businesses can also use Tez to accept payments directly into their savings or individual current accounts (subject to regulatory limits). But we wanted to do more to help Indian merchants unlock the potential of digital payments, so we are launching the Tez for Business program. Participating businesses will be able to interact with their customers in new ways, including securely accepting UPI payments on their mobile websites with just a few taps. These merchants will also get their own Business Channel in the Tez app itself, so users can interact and transact easily with them without needing to install multiple apps. From their customized Business Channel, merchants will be able to engage customers directly by sending smart reminders for recurring payments, sharing tailored offers, and more. Our launch partners, PVR Cinemas and redBus, will be joined by a number of other businesses like DishTV, Jet Airways and Domino’s in the coming weeks. And we’re working with our existing advertisers and online e-commerce platforms like Shopify and payment aggregators like Billdesk and PayU to bring hundreds of India’s online businesses to Tez. And today, we’re opening up the Tez for Business program so sign up here if you’re interested in learning more.
Tez works with all of the 55 banks on UPI. Our first-of-its-kind multiple payment service provider partnership with NPCI and four top banks in India — Axis Bank, HDFC Bank, ICICI Bank today and soon with the State Bank of India — means you can use Tez to transact with other UPI apps like BHIM or even check out online using your Tez UPI ID. It doesn’t cost you anything to use Tez, and your money stays in your bank so you continue to earn interest. And best of all, because Tez works directly with your bank account, there’s no need to top-up a wallet balance or pay fees to get money out.Tez is available today on Google Play and the App Store, and we’re excited for you to try it. We hope you’ll like our fresh approach to digital payments and commerce and that Tez will help make your life a little bit easier. This is just one step in a long and important journey towards enabling a cashless India — a crucial component of a Digital India.
Tez is currently accepted by PVR Cinemas, redBus, McDonald’s, ACT Broadband, State government Electricity boards and is expected to be joined by a number of other businesses like DishTV, Jet Airways and Domino’s. Google is also working with existing advertisers and online e-commerce platforms like Shopify and payment aggregators like Billdesk and PayU. Google also plans to add even more ways to pay on Tez (e.g., credit cards and wallets). Select phones from manufacturer partners Lava, Nokia Mobile, and Panasonic will come in with Tez preinstalled.
The application does not require users to share any personal information such as mobile numbers or usernames like other payment applications, instead uses Audio QR codes that rely on sound transmitted at a frequency inaudible to the human ear from the payee handset to the merchant handset. This technology does away with the need for NFC chips on the handsets and holds an additional advantage because a significant number of smartphones in India and other developing markets do not have NFC chips embedded.