Google Tez Gained Over 7.5 Million Users in 5 Weeks, Says CEO Sundar Pichai

Google launched their new payment service Tez in India on September 18th 2017. The mobile payments service Tez by Google is based on the Unified Payment Interface (UPI) platform developed by the National Payments Corporation of India (NPCI). UPI is a government-run platform for all mobile transactions, powering payment services like PhonePe.

Tez works on both Android and iOS devices and supports various Indic languages such as Hindi, Bengali, Gujarati, Kannada, Marathi, Tamil, and Telugu. “Tez” is the Hindi/Urdu word for “Fast”.

All you need a Google account and a bank account-linked mobile number to use the Tez app. The app itself is protected by a Google pin and your device’s security method (fingerprint, passcode or pattern unlock). The transactions on Tez are secured by ‘Tez Shield’ which detects fraud, prevents hacking, and verifies identity. Also, Tez app has an extra layer of security, so the app won't work on rooted phones. 

With Tez users can pay/transfer money directly from their bank accounts. Tez users can transfer the money without requiring the bank account details of the recipient. The UPI ID of the recipient is used as a substitute for the account number and IFSC code, thereby simplifying money transfers. Unlike most other wallet apps, it does not require money to be stored in the app to make digital payments.

Google CEO Sundar Pichai proclaimed to investors and analysts that the Tez app had clocked 7.5 million installs within 37 days after its launch and was able to register 30 million transactions within 5 weeks during a quarterly earnings call. Figures from Google Play show that the app has been downloaded between 5 to 10 million times.

Sundar Pichai also said: 

“I’m really excited about the potential this brings for India’s mostly cash-based economy”. 
Tez is expected to add support for card payments by the end of this year by integrating the technology of Google’s global mobile payment platform, Android Pay.

Source : MediaNama

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