Google has launched its own UPI Payment app Tez in India. The App supports UPI payments across all major banks in India and can be used to pay and receive money directly between accounts (belonging to same or different persons).
Tez App also includes a ‘Cash Mode’ that can be used to share money directly between nearby devices without sharing phone number or any other personal detail. The feature works somewhat like share it where the sender can toggle the switch to ‘Pay’ and the payee can toggle it to’ receive’. You can secure the app using your mobile pin/ pattern or using a separate four digit Google PIN.
You can add multiple bank accounts connected with your phone number and also transfer funds between them. Google is offering referal and several other rewards to lure in users into using the app.
For every friend that you refer you can earn 51 INR cash back directly to your account after your friends make his first payment. Moreover, Google is also offering scratch cards valued between o and 1000 that you will get everytime you send or receive money from a new account (up to 10 per week). Then there is a provision of weekly lucky draw.
The Tez app has opened to a lukewarm response in India as several users are reporting it to be buggy. At the same time, since Google is controlling the software, you can expect the app to get better with time.
Tez also has a business angle to it. Google is in the process of forging partnership with different businesses and has initiated a Tez Business program. Partners can use Tez app to receive payments from Tez up to 50,000 INR per month without incurring any charges. It’s also in talks with several online payment aggregators like Billdesk and PayU and e-commerse platforms like Shopify to divert online business to Tez.