Here are 10 things to know about Google Tez
1 The app works in partnership with four banks - Axis Bank, HDFC Bank, ICICI Bank and State Bank of India - to facilitate the processing of payments across 55 UPI-enabled banks.
2. How to use: One can start using Google Tez by setting it up on his or her smartphone. Google Tez is available for iPhone and Android smartphone users. After installing the Tez app on your smartphone, enter your phone number so that Google can verify with an SMS. After verifying the user's phone number, the app prompts for a PIN. Users can also choose from one of the three security options to use Google Tez. These options are PIN, fingerprint lock and pattern lock. (Read more)
4 Google Tez cashback: The Google Tez app also offers a cashback of Rs 51 under a referral scheme. Google Tez users inviting another user to download and join the app gets a cashback of Rs 51 per invitee. For the inviter to be eligible for the cashback offer, the invitee must download and make a transaction of more than Rs 50 on the app. "Transactions must be Rs 50 or more with a unique user," according to Google Tez's website.
5 The Rs 51 reward is limited to 50 per user, and a total of Rs 9,000 per financial year, according to the Google Tez website. "You and your invitee must have a UPI-enabled bank account attached to your respective Tez accounts to receive payment from Google," it noted.
6. Besides the Rs 51 reward, Google Tez also awards another form of benefit on transactions of Rs 50 and more. Both the sender and the receiver of money also get Scratch Cards. This is limited to one scratch card per week for the sender-recipient pair.
8. Types of Scratch Cards: Google Tez awards two kinds of Scratch Cards - blue - sent to the sender and the recipient - and red - awarded to the sender once a week. The red Scratch Card, called 'Lucky Sunday's' card, unlocks only on Sundays when the user gets a chance to win up to Rs. 1 lakh, it added. "You don't need to hunt for coupon codes. Just use Tez and if you win, your rewards go straight into your bank account," Google further said on the Tez website.
9 Finance Minister Arun Jaitley launched Tez in New Delhi on Monday. "The Google team was extremely keen because they saw a great potential, both in the economy and the businesses in India," he said.
10 The finance minister said the idea of Tez was discussed by Google CEO Pichai in January. "Google saw a great potential in Indian economy and businesses," Mr Jaitley said. Mr Jaitley also said Google Tez was likely to make major advances in digital transaction volumes over the next few months. Mr Pichai, the India-born CEO of Google, said on microblogging site: "We hope that the launch of @TezByGoogle will help take India one step closer to your vision of @_DigitalIndia".