Google unveiled its mobile payment service, Google Tez, in India on Monday.
Google Tez, is a Unified Payments Interface (UPI) app available on both iPhone and Android.
According to NDTV, one the features that makes the app unique from other competitors in the market is its “Cash Mode” option, which lets users send money without details of the recipient.Typically, other apps would either require the recipient’s personal ID and phone number, or the sender would be required to scan the recipient’s QR code.
The Google app doesn’t require scanning a code. Through its “Pay Nearby” feature, a user can send money to another Tez user in close proximity without having to share private details like one;s bank account information and phone number.
The app also uses Audio QR, or AQR. This uses ultrasonic sounds from the two phones involved in a money transfer to allow the transaction between devices, without the need for NFC. Essentially, AQR is letting the phones of both the sender and receiver talk to each other.
For the app, Google Tez has four bank partners, including the State Bank of India, HDFC Bank, ICICI Bank, and Axis Bank.
According to various reports, within the first 24 hours of its launch the app had 4,10,000 active users.1 - Reader Likes This Post