Google CEO Sundar Pichai on Thursday during the Alphabet earnings call made several announcements around Google Tez, the payments app that the search giant had launched in India last month. Based on Unified Payments Interface (UPI), the NPCI's payments platform for the country, the Google Tez app leverages bank accounts for payments.
Google CEO Sundar Pichai, when talking about Google’s revenue in Asian markets, highlighted what Google Tez has achieved so far. Pichai said that Google Tez now has 7.5 million users who have made over 30 million transactions on the app alone.
Within a span of five weeks, Google Tez has managed to garner quite impressive stats for a cash first market like India. Caesar Sengupta, VP of Product Management at Google further highlighted how UPI had a total of 16.6 million transactions in August, and Google Tez managed to garner over 30 million transactions in a month alone. Pichai also added, ”I’m really excited about the potential this brings for India’s mostly cash-based economy.”
Sengupta also answered queries regarding the huge spike in UPI transactions. Firstly, he said that UPI transactions are on Google Tez alone, and not as a whole. In addition to this, he also said that these transactions include P2P (person to person), cash mode and P2M (person to merchant), and does not count cash backs.
Google Tez allows users to transfer money, and make payments via Cash Mode and UPI. Using the ‘Nearby’ feature, you can send instant cash to anyone nearby without having to share your contact or even bank details. For this transaction process, both the smartphones need to be connected either via Bluetooth or Wi-Fi. Google Tez also supports UPI payment method, which is currently available in a host of major banks across India. You can use Google Tez to transfer money to any user with a UPI-supported bank account. Like Paytm, you can also use Google Tez to make payments at physical stores, and for online goods as well.
Download Google Tez app click here
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