As the new report claims Google is gearing up to launch Tez, a cross-platform payments app in India. Billion plus customers are in the sights of internet giant who reportedly set to release a mobile payments service in the country within two the next 15 days.
The Google’s payment app ‘Tez’ (whose name translates from Hindi to mean ‘fast’) is expected to feature a digital wallet where you can store currency. Integration with India’s Unified Payments Interface (UPI), the Tez app allows for money transfers at no additional cost. A simplified checkout system is also embedded.
It’s also said that the Google’s Tez payments app will support credit cards and third-party wallets like PayTM and Mobiwik.
The whole thing sounds a bit like an India-specific version of Android Pay. Tez will apparently also be available on desktops, Chrome and as a standalone Android app. In addition to that, it’s also stated to be integrated into other apps to allow for easier payments.
After Uber, Truecaller and WhatsApp, Google will be the next international giant to roll out a payment product in India. Tez, means as early as next Monday, launch date.
It seams like Google is eying India’s growing digital commerce and payments space as a new source of revenue. While wallets and digital peer-to-peer money transfers have taken off following the grand demonetization exercise last November. PayTM, one of the largest players in this space, now counts 100 million users on its wallet platform live.
Tez is a multi-layered app, according to The Ken, that will offer a comprehensive set of payments options in India. It supports UPI, a single-window mobile payment system, including MobiWik and Paytm. Tez will be rolled out as an app on Google Play Store. Or will be pre-installed on the operating system. And also be introduced as part of future updates to the Android OS.
The UPI-based service will be integrated into other applications, including e-commerce, mobility, over-the-top apps and Google’s own suite of Android apps, Play Music/Movies (for subscriptions) and Play Store (for paid downloads).
What to note is that, Google globally has gad only limited success with its mobile payment systems. With a 57% market share, Alibaba-backed Paytm currently dominates in a market crowded with several mobile wallet players such as Tencent-backed Hike Messenger, MobiWik, FreeCharge, Oxigen, Citrus Pay, Phone Pe, PayU, ItzCash, Jio Money and Ola Money. Others such as Truecaller and Uber have also entered the payment space in India with Facebook owned WhatsApp working to grab a slice of India’s growing mobile wallet pie.
In fact, Android dominates India’s smartphone market with a huge market share of 97%. This essentially means nine in 10 smartphones sold in India are Android-based. So Google’s new trend, the Tez app for payments online will get more successful rate in India.
Last but not least, Google has been spending its resources and launching new products and services to target “the next billion” internet users that include the rail WiFi programme and data-optimized apps like YouTube Go. Launching Tez is a logical step in that direction.
Stay tuned for more information about Tez once it launches next week. Google has confirmed the day it’s doing something on Monday.
(source: The Ken)
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