Internet giant Google has forayed into the Payment space of India with the Launch of Payment UPI called, Google “TEZ” [fast].Google calls it very fast but this time there is a lot of bugs in this App. Google Tez is launched today for both Google Play Store and Apple App Store.
Google Tez, a new digital payments app based on NPCI’s UPI platform, was launched in India on Sept 18, 2017. Google’s vice-president for Next Billion Users, Caesar Sengupta, launched the app at an event in New Delhi in the presence of Finance Minister Arun Jaitley. Google’s Tez app will be made available for Android and iOS users. Unlike a Paytm or MobiKwik, Tez is neither a mobile wallet nor a modified version of Android Pay. It is built on UPI and allows for payments directly via bank accounts, thanks to the UPI platform.
Features of Google ‘Tez’
- The app allows users to do financial transactions like Sending Money, Receiving Payments directly into their bank account.
- You can Pay Bills like Electricity bills, In Future, it might support Other bills and recharges
- You can link your App with your bank accounts.
- The app is built on government’s Unified Payment.
- Using NPCI’s unified payment interface, money transfer is very simple and secure.
- ‘Tez’ will be available in 7 Indian languages including Bengali, Marathi, Telugu, Gujarati, Kannada, Hindi and English.
- It doesn’t provide any wallet service like Airtel Money, Mobikwik and Paytm or PayPal.
Google has partnered with four banks which are Axis Bank, HDFC, ICICI and State Bank of India.Over 650million are expected to use the Internet by 2020 and Google is missioned to provide the internet to everyone.Already near to 400 railway stations in India have the access to high-speed free WIFI through Rail Wifi Service.
Via “Tez’ you can send money to your family, split a dinner bill with friends or pay the neighborhood Chaiwala.
Goole has confirmed that they are not collecting any payments from transactions.In future, you can pay through your card with google Tez and Card usage will come with a transaction fee.
Google also says that AQR – the sound based format for transferring money securely between devices -is its own proprietary technology.Google is using it for the first time.While we are seeing a greater proliferation of NFC and Bluetooth across consumer electronics, it’s still not completely ubiquitous and when considering low-cost smartphones in countries like India, may not always be present.
Cons of Google ‘Tez’ as of Now
There is a lot of issues an user is facing, here is some of them
- The app takes a lot of time to connect to the bank to fetch the user Account details
- There is no NFC payment which we think is good because you know the range of NFC is very low.
- There is no option like pay through ADHAR, but it might be updated in near future.
- You can’t edit the UPI ID
- No option to save beneficiary
- SMS charged while adding account but unable to fetch Account details need improvement
Google said that users are getting little issue due to the higher traffic.These all bugs will be fixed in some days and they also said that they are working on App features enhancement.
We are also hoping that Google will fix up all the bugs soon and make this app more usable than Indian UPI BHIM.Which is at this time better than Google TEZ.
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