Google made its foray into the burgeoning mobile payments sector in
India on Monday Sep 17,2018 by launching its mobile wallet app, Google Tez, at an
event in New Delhi attended by Finance Minister Arun Jaitley.
How does it work?
Google Tez is a mobile
wallet based on the Unified Payments Interface (UPI) platform built by
the National Payments Corporation of India (NPCI). UPI-enabled wallets
permit users to transfer money without requiring the bank account
details of the recipient. The UPI ID of the recipient is used as a proxy
for the account number and IFSC code, thereby simplifying the process
of money transfer.
How is it different from other digital wallets?
Unlike
most other wallets apps, it does not require money to be stored in the
app to make digital payments. Tez works as an extension of one's bank
account, which means that unused money remains in the bank earning
interest. Each transaction is initiated by the sender entering his UPI
pin with the additional security of existing phone locks. The app is
available for download on both Android and iOS devices. This is
functionally similar to the BHIM app.
How can you transfer money using Tez?
After
installing the app, users have to sync their wallets with their Google
account, and the mobile number linked to it. Access to the wallet from
the app drawer is protected by two-level security: a 4-digit Google PIN,
and the security settings on the device, such as passcodes,
fingerprints, or pattern locks
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