Tech Giant Google’s Unified Payments Interface (UPI) based digital payment service Tez (meaning fast in Hindi) was launched by Union Finance Minister Arun Jaitley in New Delhi.
With this, Google become latest international giant to enter into India’s fast growing digital payment ecosystem.
Google Tez is standalone payments application, available on Android and iOS. The app can be used to pay for movie tickets, utility bills, and make other transactions online. It supports several local languages including Hindi, Bengali, Gujarati, Kannada, Marathi, Tamil and Telugu and will work with 55 banks.
Google has partnered with Axis, HDFC Bank, ICICI, and State Bank of India (SBI) for backend processing. On security front, all transactions on Google Tez app are guarded by Tez Shield to detect fraud, prevent hacking, and verify identity.
Unified Payments Interface (UPI)
UPI is a payments protocol built by government-backed National Payments Corporation of India (NPCI) and regulated by the Reserve Bank of India (RBI). It facilitates the instant fund transfer between two bank accounts on the mobile platform using unique virtual address without putting details of card details, net banking, IFSC code, wallet password etc.