NEW DELHI — One day after Google launched its new digital payment app "Tez" in India, the company's Indian American CEO Sundar Pichai Sept. 19 tweeted that it will help India move closer to digital transformation.
"We hope that the launch of @TezByGoogle will help take India one step closer to your vision of @_DigitalIndia," Pichai tweeted.
Finance Minister Arun Jaitley, who launched the app in New Delhi, said Pichai had discussed the idea of "Tez" in January, just after demonetization.
"Google saw a great potential in Indian economy and businesses," Jaitley said, adding that Google's new digital payments app was likely to make major advances in digital transaction volumes over the next few months.
Built on the Indian government-supported Unified Payments Interface, Tez allows users, free of charge, to make small or big payments directly from their bank accounts.
The app was built for India, works on the vast majority of the country's smartphones and is available in English and seven Indian languages – Hindi, Bengali, Gujarati, Kannada, Marathi, Tamil and Telugu.
The app works in partnership with four banks – Axis Bank, HDFC Bank, ICICI Bank and State Bank of India – to facilitate the payment processing across over 50 UPI-enabled banks.
According to D.D. Mishra, research director at Gartner, Tez provides promising features that are in-line with the requirements.
"It is too early to say whether it can be a game changer as evolution in this business is going to continue, but yes it has the capabilities to bring some disruption as of now," Mishra said in a statement.
Moreover, Google's information about an individual's preferences can play a good role in enabling businesses to understand preferences and provide offers with interesting and relevant options.
"The mobile wallet industry, too, is evolving and we are at an interesting stage in this competition. Eventually, UPI payments will have an upper hand if it continues to remain free and provide better security, convenience and add more value-added services," Mishra said.