Published: Thu, September 14, 2017
Industry | By Dora Warner

Google to launch payment app 'Tez' in India on Sept 18

Google to launch payment app 'Tez' in India on Sept 18

According to the media reports from the website on September 18, it was said that "Google, Alphabet Inc's subsidiary, would make an entry into India's fast growing and super competitive digital payment ecosystem".

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The payment service, called Google "Tez", will offer payment options beyond the existing ones like Google Wallet or Android Pay, the report said. Apart from Google, tech companies like Apple, Samsung, WhatsApp and Truecaller have already made their presence in India and also improvising their business models. Furthermore, it will include support for India's Unified Payments Interface (UPI) - a government-backed payments system which facilitates free money transfers between bank accounts on mobile - as well as support for third-party wallets like Paytm and MobiKwik. When approached by TechCrunch about its plans, Google declined to comment, but responded to Quartz with a GIF that reads "Because fast is better than slow."

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This is a big deal because Google hasn't made a big push into payments outside of the USA and, while it has a strong consumer presence in India, revenue from the country is nothing to write home about. Yet.

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If it goes as is anticipated, Tez is going to be a dedicated app. The global search giant has registered trademarks for Tez in at least two other countries: Indonesia and the Philippines. Let's see what this development in the neighboring India entails for Pakistan.

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