Tez is designed for users to send money to each other via audio, in addition to paying for purchases in businesses that allow digital transactions.
Google has launched in India a new mobile payments application called Tez , which allows you to send money to nearby phones using Audio QR. The service, whose launch has already moved last week, is now available in China, in versions for Android and iOS .
Google Tez – whose name in Hindi means “fast” – is designed for users to send money to each other, in addition to paying for purchases in businesses that allow digital transactions, reports TechCrunch .
The application is built on top of the country’s unified payment inter-agency interface (UPI), which allows instant money transfers at no cost. The UPI user identity is generated automatically and is linked to the user’s bank account and phone number. He can send money to another person by simply entering his UPI ID, or by selecting his phone number from the contact list if he is also wearing Tez.
There is also a “Cash Mode” feature , to pay and receive money from people close to you simply by using audio. Both users must have the Tez application installed, but they will not need to share numbers or bank account details with others to transfer money.
In addition to protecting privacy, this could be an attempt by Google to make electronic payments easier for people who use smartphones for the first time in their lives. You can also pay for purchases and services by scanning the QR code of a company.
If a company has a web page, you can also subscribe to Tez’s commercial program , which will have a channel with which to communicate with customers through text messages in the application and allow payments.
While UPI transactions are free, Google could earn Tez revenue by charging companies for additional features such as promoting offers through the above mentioned channel system. In addition, the company is making its way into the rapidly growing digital payment space in India.