Google has announced a new payment app called Google Tez app for Indian users on Monday. There are various competitors who have already set their market for the payment methods like PayTM, PhonePe & BHIM app may get affected.
Google Tez Payment App is released for India on 18th September 2017
Google Tez is not a digital wallet service PayTM but it uses your bank account to transfer money to one another. There are many unique features in Tez App. One of them is called Cash Mode by which you can send money to someone without using QR code. This features uses audio matching system.
Features of Tez App – Things to Know about Google Tez UPI App
Here we are going to show some of the best features of Tez App.
Tez App is available for Android & iOS smartphones. It is a multi lingual app which supports multiple languages like Hindi,Gujarati, Kannada, Marathi, Tamil, Bengali, and Telugu. You need to register your mobile number to register with the app & link your account number with it.
The app is based on UPI method & verify you with the SMS. After that your Google Account & bank account will be linked with the app. For Android users, the Google account will be linked automatically & for iPhone users , Google account has to be login manually.
Google Tez app creates a fresh UPI ID or VPA , which is taken from Gmail ID. One more thing to know is that you can’t use any existing UPI id if you have one. The app will create a new one for you.
If your Bank account has already an UPI Pin, then you will be asked to enter it. This will skip the step of creation of new UPI Pin.
The security aspect is also been checked in the app , where the app can be locked with Pattern Lock, PIN or Fingerprint scanner. You can put the same security type for the app & phone but this is strongly recommended not to do.
The app is very easy to use, as you tap on Payment method , you can select the contact to pay. You can also pay with the conventional method by using IFSC code & account number. The app is useful for businesses as well.
The Cash Mode in Tez App helps you to transfer money without knowing someone’s phone number. This works by transmitting an audio code using Google’s QR technology to identify the recipient phone near it. The audio handshake can be done in a noisy place too, but it takes a little time.
For marketing basis, Google has offered the new users & referring users an amount of Rs. 51 for using the app. This amount will be transferred in the bank account. There is a scratch & win contest also where you can Rs. 1000. You can win 10 rewards in a week.
Google Tez is an UPI based payment app which is made for Indian users. The app is very useful in the areas where people do not very advance smartphones & also not a high speed Internet. The app is having close resemblance to Chinese app called WeChat.
The app is going to cut the market of many app & can be soon known as the best payment app in India. The app have to compete with the PayTM. The project is estimated to be $500 billion market by 2020 (BCG estimates).