Google launches Tez payment app for Android, iOS; all you need to know

Google has finally revealed its payment application, Google Tez. Few days back there were reports about the possible launch of Google's Tez application. The payment application is finally here and it comes with numerous offers to encourage users into using it. Further updates to the application will add features that will even enable debit and credit card payments. To download the official application, users should look for the application developed by Google Inc.

The application has been made available on both Play Store and iOS' app store. This new application is a big announcement from Google as it's the first payment application it has launched which is specific to Asia.

The new app will not compete directly with the likes of Paytm and other mobile wallets, instead it will use bank accounts to make payments via the phone. The payment will be based on UPI (Unified Payments Interface). The payment app works with all banks that offer UPI services.

Unlike digital wallets, there is no need to top up your balance. Instead, the user can directly pay from their bank account.  The app despcription explains, "Tez works with your existing bank account, which means your money is safe with your bank and you'll continue to earn interest. There's no need to open a separate account or worry about reloading wallets."

For security, each transaction will need the UPI pin whereas to log in to the application one can secure it with Google PIN or a fingerprint. Google assures a multi-layered security and 24/7 by Tez shield.

The application even has a Cash Mode that will enable instant transactions with anyone nearby without sharing personal details like a phone number or bank account.

The app description mentions that soon it will also enable payment through debit and credit cards. Other than that, soon users will be able to set reminders for recurring bills. All money transactions will be capped at only 20 payments in a day with a cash limit of Rs 1 lakh.

The application has also setup a reward system to encourage more payments through its services.  The user can get Tez Scratch Cards in the app and be eligible to win up to  Rs 1,000 with each eligible transaction. Plus, weekly transactions enroll the user in Tez's Lucky Sundays contest where one could win Rs 1 lakh every week.

The application provides extensive language support from English, Hindi, Bengali, Gujarati, Kannada, Marathi, Tamil, and Telugu.

The launch of this new service can be seen as a game changer in the Indian industry as Google's reach will be an obvious advantage. The payment is also trying to fill the gap in banking between digital wallets and bank accounts. With direct transfers from and to the customers' bank accounts the app will not require to go through an extra step of topping up wallet balance.