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| Google TEZ |
Digital India has been one of the trending topics these days and also one of the brainchild movements of the Indian government. Google has already been quite active in this movement by providing fast WiFi connections at most places and the Payments app i.e "Tez" by Google, is another addition or rather contribution towards this field. This app is mainly meant for transactions via the bank account and not like any wallet app.
As the Payments take place directly through the bank, the transactions will be extremely secure and the user will be able to avail the interest offered by the bank in the usual manner. It doesn't act like any wallet but rather just a medium between your bank and the receiver of the amount i.e like the concept of any debit card.
It uses UPI (unified payments interface) for the transactions and if you want to check the banks that support it, do refer the link : BANKS ALLOWING UPI BASED TRANSACTION
The Payments are secured with either your UPI pin or Google pin or even the password on your screen lock like fingerprint. With Tez, transactions can be made locally from a phone to another without the need to share any Pin or number and there is no involvement of NFC too. The app makes use of Audio QR technology which emits ultrasound frequency waves to make transactions locally which can be used for payment to any grocer, shopkeeper or supermarkets , etc. This Audio QR technology makes use of just a mic and speaker.
Tez can also be used to pay online via UPI. With Tez, the user gets a code for every transaction which enables him/her to win amount upto Rs. 1000. The jackpot prize is Rs. 1 lakh whose winner will be chosen every week. This will enable many users to join and considering the app being from Google, security should never be an issue.
This app has been made keeping the Indian users in mind and the algorithm with which this app works, it seems to have great potential and there is support for multiple Indian languages. This app is available for iOS and Android and the only requirement is a bank account that is to be linked.
Images via Official site
App link : Play store