Google launches ‘Tez,’ a new UPI-based payments app
Google aims to give a tough competition to rivals
Google launches a Unified Payments Interface (UPI) app called Tez in India under the ‘Make in India’ initiative. This app will allow users to pay for services both online and offline and also influence person- to- person transactions.
Finance minister Arun Jaitley launched Tez. He said that digital payments got a huge push in November, December and January. According to government estimates, digital economy has the potential to go up to $1trillion in the next few years.
"We reached a peak figure (after the demonetisation). After this it marginally slipped and is now bound to pick up again," Jaitley said.
"Now, the time has come with the application as simple as this that what started as compulsion becomes a matter of convenience
Google’s new app is expected to come with support for other payment options like Paytm and MobiKwik as well. According to a report in The Ken, Google Tez(meaning fast in Hindi) will offer a comprehensive set of payment options beyond existing products like Google Wallet or Android Pay.
With Google launching Tez, do you think other digital payment players have to adopt a more prudent strategy to survive in the market?
Do let us know.