This new tool of the giant tech could later expand to countries of Southeast Asia.
The electronic payments market in India could receive a new actor this Monday. According to information from a local website, The Ken , Google would be preparing a local digital payment service in India , which it plans to launch next Monday and which would have christened the name Tez .
The payment method would follow the guidelines of the UPI or Unified Payments Interface , the system that manages the government and regulates the maximum state authority in subjects of banks to facilitate transfers of money between accounts through mobile platforms. For the launch of this service, Google will partner with several of the country’s large banking entities, collects the medium.
The local sector of digitized financial operations has hosted several big tech proposals in recent times. Among those who have shown interest is WhatsApp . The company owned by Facebook would be profiling a P2P payment service according to the UPI standard.
To this must be added the presence of companies such as Paytm , one of the main firms in the sector that operate in the country and which has been backed by two of the great Asian tech companies, SoftBank and Alibaba, the latter through its financial arm, Ant Financial.
Precisely Paytm is one of the companies with which Google is expected to integrate its service Tez, in addition to its own products such as Google Wallet or Android Pay. The Web aims to launch a multi-strategy strategy to embrace devices, content, data and applications to enter the mobile payment market in India, which TechCrunch says is expected to reach $ 500 billion in 2020.
The corporation could have greater ambitions for Tez. In addition to having registered the official forms for the launch of a product of this name in India, the giant would have requested the designation of the brand in other countries of Southeast Asia, Indonesia and the Philippines.