New Delhi: Finance Minister Arun Jaitley today launched Tech Giant Google's new digital payments app Tez here today to give a boost to digital...
New Delhi: Finance Minister Arun Jaitley today launched Tech Giant Google's new digital payments app Tez here today to give a boost to digital transactions in India. While launching the app, Mr Jaitley said, "Tez by Google (is) perhaps the simplest form of monetary transactions." On the occasion, he stressed upon the need for digital transactions and said that Tez by Google and other ecosystems will make a major change in the digital payments landscape in India. He said that the digital transactions got a major boost in compulsion after demonetisation of high value currency notes in November 2016.
But it went down once the currency came back into the system. But now it is increasing once again. He said that people are using digital transactions not because of compulsion; they are using it as it is simple and convenient. On the occasion, Google India, the tech giant claimed that Tez will enable money transfer directly from the bank accounts of customers, without them having to share their 'personal information'. The app will function on both Android and iOS platforms. The app will 'understand' eight Indian languages and will work with 55 banks. Caesar Sengupta, VP, Next Billion Users, Google said that Tez is Google's made for India payment product and payments will be an area where India will leapfrog the West. "Tez has been made for India and will make payments as simple as cash," said Sengupta..
Tez, which means 'fast' in Hindi, is a UPI-based app that can be used for online transactions, as well as paying offline at stores. UPI (Unified Payments Interface) was launched by National Payments Corporation of India, an umbrella organization for all retail payment systems in India. While NPCI is a private entity, it is regulated by the country's central bank – Reserve Bank of India. He said that all transactions on Tez are secured by 'Tez Shield' that detects fraud, prevents hacking, and verifies identity. The company has partnered with HDFC Bank, ICICI Bank, Axis Bank, and State Bank of India for the backend.