After many speculations and leaks, Google has finally launched its new digital payment app ‘Tez’ for India. Arun Jaitley, Indian Union Finance Minister launched the Tez Payment App today at an event in New Delhi.
With the help of this application, the users will be able to send/receive money, pay bills without any additional charge. Tez, which means “fast” in Hindi, is available for Android and iOS users.
How does it work?
Tez makes use of India’s UPI (Unified Payments Interface) for carrying out the operations. As the app uses UPI, the user won’t have to open a separate account or worry about reloading wallets (the way things work in country’s leading app – PayTM) for making the payments. With Tez, you can pay directly from your bank account, which means, you can continue to earn interest on the money in your savings account.
Tez will provide secure payments with Tez Shield. Each transaction is secured with your UPI PIN and the app is secured with a Google PIN or fingerprint.
Tez works with all the major banks in the country. To roll-out smoother services, Google has also partnered with top banks like Axis, HDFC Bank, ICICI and State Bank of India. As it works with all major banks and the vast majority of smartphones, you can pay or get paid by almost anyone. The users can transact $1,00,000 in one day across all UPI apps, and they can make maximum 20 transfers in a day.
How To Download and Use ‘Tez’?
Tez has already gone live on Google’s Play Store, and Apple’s App Store on iOS as well. Here is how you can download and make use of the Google’s new digital payment app for India.
- Go to App Store or Play Store and search for the app ‘TEZ’.
- Click on Install and wait till download completes.
- Once the installation is complete, you will need to add your mobile number for OTP verification.
- After that one needs to set the Google PIN or screen lock; fingerprint lock is also supported for extra security.
- Now, you need to add your bank account by tapping on the profile button at the top left corner.
- There, choose the bank name and your account will be automatically detected with the help of phone number.
- Your existing UPI ID will also be displayed there; if you don’t have one already, it will be generated. This UPI ID will be used to validate all the transactions.
- Once set up, you can send or receive payments using the Phone number, Account number, UPI ID, or QR code.
How to Make Payments Using ‘Tez’ Payment App?
- To send the money, you need to tap the Payments section on the home screen and start a payment.
- Or you can use ‘Cash Mode’ to send money instantly to another Tez user nearby without needing to share private details like your bank account or phone number. Using this mode, you can simply transfer money with people around you using audio.
Tez also provides a separate ‘Tez for Business‘ option for vendors who wish to add it as a payment option. Businesses will get their own Business Channels to directly engage with customers and share offers.
Click here to download ‘Tez Payment App’ directly.