Google is all set to launch “Tez”, a Unified Payments Interface (UPI) based digital payment service in India. The-Ken.com, one of India’s leading news websites reports that Google’s Tez will make its foray into India’s digital payment ecosystem on September 18, 2017. Tez means “fast” in Hindi. Google states that this new payment service will be similar to Google Wallet or Android Pay, while Tez is expected to perform beyond its kin. What makes Tez unique is its strong support for the UPI system. The Unified Payments Interface (UPI) is a digital payment system launched by the National Payments Corporation of India (NPCI) under the regulations of the Reserve Bank of India. UPI facilitates instant fund transfer between two bank accounts on the mobile platform. When Tez arrives, it will function as a dedicated app for facilitating this service.
Besides having its own UPI-based service, Tez will integrate with third-party payment wallets such as Patym and MobiKwik among others on its platform. Though Google products have a strong consumer presence in India, Google still hasn’t made a giant leap into payments outside of the U.S. The potential of the Indian market has already attracted industry big shots including Uber, WhatsApp, TrueCaller, and Flipkart, who are either getting into or have already marked their presence in the Indian digital payment ecosystem. According to a report by Boston Consulting Group, India has the world’s second largest smartphone market, with Android being the preferred OS. This reveals the expanding reach of Google in India, which could in turn give Tez, an upper hand among the payment wallets.
Google has initiated its UPI discussions with some of the leading private banks in India. Market observers and tech enthusiasts are looking forward to the multi-pronged strategy that Tez will deploy. The strategy will include measures to augment payment push with device, content, data, and applications.