On 18th of september, Google launched its first big foray into mobile payments in India - Google Tez. Tez stands for "fast" in Hindi, and the lightweight app has a minimal layout with easy-to-find options for transferring money. But the question is with so many services already available in the market, should you shift to the Google Tez app?
Listed here are some of the features that makes this app a unique one:
1 Bank Support
Just like BHIM, users can also transfer money to others with their account numbers and IFSC codes. As of now, the mobile app supports 55 banks in India, and they include ICICI Bank, State Bank of India and HDFC Bank.
2 App size and Internet compatibility
Tez, designed as a Lite app, is just 7 MB in size so that it can run on slow Internet connections, a major challenge in smaller Indian towns and cities. Compared to this, Paytm is 77.4 MB, which can be an issue when running on patchy Internet connection.
3 No additional charge
In a bid to make more customers transact digitally, Tez has kept transactions free of any charge; wallets charge a commission on transactions. Bank also charge a commission on NEFT, RTGS and IMPS transactions and there are limits to the amount you can send at one time. However, on Tez there are no such limits.
4 Cash Mode
One of the interesting new features from the tech giant is "Cash Mode" which can be used to send money without details of the recipient. Typically, without the other person's ID, or phone number, you have to scan their QR code, so this is a simple and easy to use feature that could be used in place or QR codes.
5 Ease of use
Google Tez app is easy, as it needs just a tap to select the recipient. The app also lists other Tez users from your phonebook for a faster process. Apart from Tez users, you can also add recipients using their bank account numbers and IFSC codes to transfer money, or send money via a UPI ID, QR code, or phone number
6 Language Support
Tez supports several Indian languages. "With language support for English, Hindi, Bengali, Gujarati, Kannada, Marathi, Tamil, and Telugu, sending money is easy to understand," says Google.
Google says that Tez comes with TezShield. "The Tez Shield works 24/7 to help detect fraud, prevent hacking, and verify your identity. Each transaction is secured with your UPI PIN and the app is secured with a Google PIN or your screen lock method such as fingerprint," says company. It also notes that in case something goes wrong, consumers will be able to reach out to the phone customer support almost immediately.
8 Google Business
For business, Google is offering some additional support. Not only business can accept Tez payments, they can also start their own Tez channels.
9 Online Payment
Tez makes it faster and more secure to pay on apps and websites – anywhere that UPI is accepted. When you check out, look for the Tez logo or use your Tez UPI ID.
10 Transaction Notification
Tez transactions appear in a chat like window, where you can also exchange messages. So for example when you pay for your lunch using Tez in a shopping mall, don't be surprised when you receive a thank you message as an acknowledgment from the restaurant owner.