Google on Monday launched a payments app for India called Tez in a bid to gain a foothold in India's rapidly-growing digital payments space. Tez uses Unified Payment Interface (UPI) and allows users to connect their bank accounts to the service. Google has partnered with State bank of India, India's biggest lender, HDFC Bank, ICICI Bank and Axis Bank for the service. You can choose any of the 55 banks available in the list. Finance Minister Arun Jaitley, who launched Tez in New Delhi, said Google is keen on joining India's transformation into a digital economy, especially after the demonetization.
Here is how to download and use the Tez app:
1)The Tez app is available on both Android and iOS platform. You can download the Tez app either from Google Playstore or from Apple Store.
2) After you install the Tez app, enter your phone number so that Google can verify with a SMS.
3) After your phone number gets successfully verified using one time password, the app will ask you to enter you a Google PIN for additional security of your account. You can also use pattern lock or fingerprint for another layer of security. After this, the Tez app will be ready for use.
4) To send or receive money using the Tez app, you need to link the app with your bank account. To link the app with your bank account click on "Add Bank Account". It will show you all the available banks. Select your bank name and proceed. It will ask you to enter the last six digits of your debit card and card expiry date following which your UPI ID will be generated and will be verified using an OTP.
5) After this you can send and receive money from anybody using the Tez app. Using this app you can invite you friends from your contact list to use this app. Google gives cashbacks of Rs 51 if your invitee downloads and makes a transaction of more than Rs 50 on the app.
Digital payments market in India is expected to grow 10-fold to $500 billion by 2020, which has attracted many players including Bharti Airtel to enter into this space. Facebook's popular WharsApp instant messaging service is also mulling foraying into digital payment services in India, which is home to 200 million of its billion-plus users, according to a Reuters report. (With agency inputs)