"Send money to friends, instantly receive payments directly to your bank account and pay the nearby café with Tez, Google's new digital payment app for India", is what the description reads on Google's Play Store.
Tez has a daily transaction limit of Rs 1,00,000 like all UPI apps and up to 20 transfers in a day.
Transactions are protected by Google's Tez Shield.
The Google Tez app supports regional languages such as Hindi, Tamil, Telugu, Kannada, Gujarati, Bengali and Marathi.
Google also plans to launch a version of the app for businesses but businesses need to register to show their interest in the app.
Upcoming smartphones from Lava, Micromax, Panasonic, and Nokia will feature the Tez mobile payments app out of the box.
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You can download the app from here. Though you can use your existing screen lock or create a new lock for Google Tez.
Additionally, there is also a separate business portal for online companies to integrate as sellers to accept Tez payments.
A feature called Cash Mode allows users to instantly transfer money to a nearby Tez user without sharing any sensitive information such as bank account or contact number.
Union Finance Minister, Arun Jaitley who has been very vocal about the usage of digital payment modes in India, himself launched the application with the vision of fastening India's digital growth, just as the name suggests. However, it will first need to address challenges that are specific to India's e-payment market, before it can become a success. However, all the bank accounts will have to have the same registered mobile number. Funds can be also transfer using phone number, QR account and bank account number.
Mobile payment options have been on a rise and with wallet options like PayTM that got a lot more recognition after the Indian govt. chose to demonetize two currency notes past year, the adoption rate for digital payments through smartphones has been high.
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