Tuesday, 19 September 2017

Google wades into Virtual Payments Territory

Yesterday, Google entered into virtual payment sector with its new app. It was unveiled at New Delhi, by Caeser Sengupta Google's VP under the New Billion Users Project. It was also attended by Arun Jaitley, the Finance minister of India.

The name of app, 'Tez'. As its name implies, the selling point of the app is its transaction speed and ease. At a nimble 7MB of size, it provides astonishing utility. This payment app is assisted by UPI which was started by NPCL. Registration requires your mobile number which acts as your VPA (Virtual Payment Address), this mobile has to be registered with your bank account if UPI transactions have to be done. Google has also partnered with Axis bank, ICICI bank nad State Bank of India for backend handling. The Google VP also talked about plans to integrate credit and debit card based transactions into its app in the future.

This app is available in both Android and iOS platforms, and is available in English and 7 other Indian languages (Marathi, Hindi, Bengali, Tamil, Telugu, Gujarati and Kannada).


Fig 1) Lock screen


For additional security, each time you open the app, you require a google pin which is created when you set up the app for the first time. However, it isnt required to carry out transactions.


Fig 2) Main Screen


If you want to conduct UPI based transactions, then you need your debit card details. Once they are filled in the app, two things are needed, your bank OTP and your UPI pin. The UPI pin is created when you register for the first time.


Fig 3) Transaction Screen


You can pay directly via your contacts (if the app is allowed access to contacts) or via a mobile number. It also supports cash based transactions which allows you to transfer money without exchanging mobile number. This method employs AQR (Audio QR) which encrypts the information between the payer and the payee, and also detects if a mobile terminal with Tez is nearby.


Fig 4) Cash mode


Google also introduced a launch offer, where if a user invites their friends, they both get Rs.51/- after their first transaction. The bonus limit is upto Rs.9000/- and the deadline is upto April 2018. 

Anyways, the virtual payments sector gotten interesting with the entry of a huge corporation with Amazon and Whatsapp right next on the entrant list.

 

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