Tez is the Unified Payments Interface (UPI) based digital payment service launched by Google. It was launched o 18 September 20017. Tez means speed in Urdu.To capture a major share of the digital payment market in India, Google also announced cash incentive and lucky draws for those who transact using the app.
UPI is the payment protocol developed by the government backed National Payments Corporation of India (NPCI). By adopting this as the backbone of Tez, Google has shown its commitment to the Indian market.
Tez allows users to link up their mobile phones to their bank accounts to pay for goods or services securely. The application can be used in stores, online and for person to person payments. Tez features a technology called Audio QR.
What is Audio QR (AQR) in the Google Tez?
.Tez has introduced a technology Audio QR (AQR) to facilitate exchange of money. This enables it to surpass Near Field Communication (NFC) technology. AQR is a sound based technology that can be used for transferring money securely between devices. AQR uses ultrasonic sounds for exchange of funds. The Audio QR is a proprietary technology of Google. It has earlier used ultrasonic sounds for transfer of information between devices. Apparently, AQR is being used first time for payments.
Features of Google Tez
Google Tez is available on iOS and Android platforms. It supports several Indian languages like Hindi, Bengali, Marathi, Tamil, Kannada, Telugu etc.
Tez does not require any customer sensitive information including e account number. UPI allows customers to transfer money from one bank to another using virtual address. The account holder need not reveal his account number, Aadhaar number to carry out transaction.
Google boasts of higher security than other applications with its multilayered security and 24×7 protection by Tez Shield.
Tez’s Cash Mode , allows a user to send or receive payments instantly to anyone nearby without sharing personal details like phone number or bank account number.
This App uses AQR technology in place NFC being used by other major players
Which are the major players in India in Payment App segment?
BHIM, Paytm, Freecharge, Airtel money, PhonePe, Citrus Pay, Buddy, Lotza, ICICI Pockets are some of the major players in the field. Paytm, the market leader is backed by SoftBank and Alibaba. With the support of big pocket and latest technology Google intends to surpass Paytm.