Net banking, IMPS, and even digital wallets, are passe as opposed to the latest launches that are happening in the fintech industry lately. The latest of interesting things happening in Indian fintech market is the concept of Unified Payment Interface (UPI), and Google is the newest entrant in the market with the launch of the app named Tez.
UPI enables users in India to make money transfers and make bill payments at any merchant points directly with their bank accounts using their bank accounts, all with the convenient app interface. With traditional IMPS transfers on the internet banking interface require users to login into the website account to make transactions, UPI enables the same process on a clean app interface, with security choices and advanced rewards.
All payments made and received with UPI handlers are operated right out of the bank. If you receive a fund from someone on your UPI account, it appears right on your linked bank account. UPI is not another digital wallet.
Tez is the latest UPI app to be available in the Indian market and offers user the ease of making money transfers and bill payments at any merchant points that accept UPI payments.
UPI cannot be linked to native wallet transactions as offered by Paytm wallet, Mobikwik, Freecharge and the likes. UPI is a whole lot of different game and removes blockers on interoperability. Tez is no different. It works right on the UPI platform and any user who has linked their mobile number to their bank accounts can download the app and get started on using the app.
One of the key features that Tez app brings is the ability to use UPI payments without sharing email ID, mobile number or other personal information. Called the Cash mode, users can use this feature to send money and receive money from people nearby using Tez.
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This newest digital payment app in India is not alone. Commerce giant Flipkart has a popular app in the name of PhonePe that’s available on Android and iOS, and has been India’s most successfull UPI app yet. It would be interesting to see how Google aims at changing this rank.
While UPI is made by National Payments Corporation of India (NPCI), it’s backed by RBI, government of India and Narendra Modi, Prime Minister of India. UPI is a platform that enables the convenience to to build UPI apps, and there are many UPI apps available on both Android and iOS platfroms currently. BHIM is one such UPI app that’s made and backed exclusively by the government of India.
For starters, Google is betting huge on consumer discounts for users checking out at merchant points with Tez payments. Google also has made a separate app called Tez for Business that allows business owners to collect payments with their current accounts. Individual current account owners can collect payments of upto Rs 50000 for free a month, and post that, they would incur a charge from their banks.
Tez for regular users brings a new concept called Tez Scratch cards, an in-app rewards program that provides loyalty bonuses to users who transact with Tez.
"Earn Tez Scratch Cards to win up to ₹1,000 with each transaction and be eligible to win ₹1 lakh every week with Lucky Sundays. You don’t need to hunt for coupon codes. Just use Tez and if you win, your rewards go straight into your bank account."
Tez is available for free on the Android and iOS marketplaces. Sign up with your email ID and mobile number to get started with Tez UPI app. When you enter your mobile number, the app will automatically pull your bank account information from the UPI platform, you can set a pin on the app and get started on money transfers, bill payments.
Check out Tez for Business here. Tez for Business is currently not available for registrations for the general public. Users can show interest for application on the website and the Tez business operations unit will reach out for application. Tez for Business has a huge growth opportunity in India considering this is a first-mover advantage with a clean card-like interface. Tez for Business app allows business owners to create custom channels that can be used by customers for ease of payment, and also customize personalized, unique offers for customers.