What is Google Tez?
“Tez means “fast” in Hindi.”
Google Tez is a digital payment application powered by UPI and is available on Android and IOS. The application will allow users to link their phones to their bank accounts to pay for goods and services in a secure manner. It will work for online transactions as well as offline, and also allow for money transfers from person to person.
Google Tez is simple and easy
Google Tez is compatible with most local languages like Hindi, Bengali, Gujarati, Kannada, Marathi, Tamil and Telugu. It has a very simple and direct interface. You will only need to link your bank account by verifying your credentials. The application will send a text message from your registered phone number to confirm registration in the Tez application. Once verified, you must add a UPI PIN, and you can start trading immediately.
Google Tez has a ‘Cash Mode’, which allows you to make person-to-person payments to people who are in close physical proximity. It accomplishes this by transmitting “audio” waves that are inaudible to human ears. Identify the person nearby and allow you to pay or receive money from the user. Tez has partnered with HDFC Bank, ICICI Bank and State Bank of India for backend processing.
Not a mobile wallet
Tez is not a “mobile wallet” like Paytm or Mobikwik. Here, the money does not need to be stored in the application, since the user can carry out transactions directly from his bank account. Tez allows you to link your phone with your bank account and allows you to use your smartphone as a way to make transactions directly from your bank account.
Although Tez is directly linked to your bank account, there are transaction limits. For money transfers, the limit is Rs. 1,00,000 / – per day in all UPI applications and 20 transfers in one day. For a valid transaction, the minimum amount must be Rs. 50 / – per user. For current accounts and traders, the limit is Rs. 50,000 / – per month with UPI for free. After the limit, transactions will be charged for bank charges.
Association with Utility Services
Tez has been associated exclusively with some public services such as RedBus, PVR Cinemas, Domino’s Pizza, Dish TV and Jet Airways to boost their acceptance. Users are encouraged to look for the Tez logo on their favorite services, to check compatibility. The company has also introduced “Tez Scratch Cards” with special offers and offers.
Exclusive Business Channels
Tez offers an exclusive business channel within its service as the recent WhatsApp business feature and similar to what Paytm is working on. These channels will help users easily find services with special discounts that can take advantage of the Tez application.