Google Tez - mobile wallet app Monday Sep 17,2018

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