If you thought Paytm was all there is to payment apps, think again! Following the footsteps of apps like BHIM and PhonePe, built on the Unified Payments Interface (UPI) platform backed by the Indian government, Internet powerhouse Google Inc has launched Tez, its mobile payments app for India. The app lets you send money to and receive payments from bank accounts (of individuals and merchants) directly. Available for Android and iOS platforms, exclusive partner banks for now are Axis Bank, HDFC Bank, ICICI Bank and State Bank of India (SBI); the app will, however, work with all 55 banks that use the UPI platform.
A particularly innovative feature is the Cash mode, where you can make payments without sharing bank details or phone numbers. Using Google’s Audio QR technology, the app transfers audio to identify the recipient and authenticate the transaction.
There are a few initial bugs, as is expected with any new app. But knowing the strength of Google, these are sure to be ironed out soon, along with additional functionalities to be incorporated.