Google planning to launch digital payment app Tez in India
California/United states, September 14: New Delhi would be joining the digital payment bandwagon in India, Google is planning to launch an Unified Payments Interface (UPI)-based digital payment service application called “Tez” mostly by the next week.
According to the media reports from the Ken.com website on September 18, it was said that “Google, Alphabet Inc’s subsidiary, would make an entry into India’s fast growing and super competitive digital payment ecosystem”. Google will be launching the application named Tez that means fast in Hindi language which is more like Android Pay.
Unified Payments Interface is a payment system launched by the National Payments Corporation of India (NPCI) and regulated by the Reserve Bank of India which facilitates the instant fund transfer between two bank accounts on the mobile platform. But still Google has not commented on the above report but has sent a media invite for the launch of a new product for India on September 18.
According to media reports from the Mint daily in July, Google, Facebook Inc and Whatsapp Inc were in communication with the National Payments Corporation of India to provide the Unified Payments Interface-enabled payment in their platforms. However, Google launched this system in the United States two years ago.