Google Tez is the latest e-payment app in India developed by NPCI based on Unified Payments Interface (UPI). Unlike some services using e-wallet, UPI enabled services uses bank account to pay and receive money without requiring the bank account details of the recipient. Imagine a scenario where you have to pay money to a fruit vendor, but you don't have enough money. If the vendor has a phone with Tez installed on it, just connecting the two phones and with a tap on the cash button you can pay the money.
Tez simplifies the payment process as it is built on advance UPI. At present 55 Popular banks including SBI, HDFC, ICICI etc use this interface. Google has announced that the app is safe and provide secure transactions as it comes with background security protection and can be secured with Google's pin or phone's pin. The Tez interface offers language support in English, Hindi, Bengali, Kannada, Tamil, Gujarati, Marathi, and Telugu.
At present Tez app can be used in PVR cinemas and redbus. Google is on the process of expanding it's services to be used in other gateways including Billdesk and PayU.
How to transfer money using Tez app?
On installing the app, users have to sync with Google account with the mobile number linked to it and by providing a 4-digit Google pin. Next step is to integrate the bank account by selecting your bank from the list displayed. This process will not be completed if the phone number associated with the bank account does not match and also does not support for NRI accounts. Finally confirm the details, set the UPI PIN and add the account. This process takes only a few minutes.
Once the account has been added, there are four ways to make a payment.
If the person who you are paying is with you, use the "cash mode". Make the payment by just connecting the phones and by tapping the cash button.
Second method is to make direct transfers to bank accounts by entering the recipient's account number and IFSC code.
People who are already on Tez app are shown in the app.You can make payment or receive payment to these people by just tapping on their phone number. The unique feature of this app is that it shows the transaction history just like a chat update. It allows you to text the people you are paying or receiving the payment. Transaction updates of each person will be visible on the same Window.
The last option is QR code method which is not yet popular. This method may get eventually popular when small business start using Tez.
Google has announced referral bonus of Rs 51 whenever a new user makes a transaction. This offer is valid till April 1, 2018.
It also offers a reward of Rs 1 lakh per week through a virtual scratch card.
You can also earn a scratch card worth RS 1000 for each person when you make a first transfer in a week. You can get a maximum of 5 scratch cards in a week.
Tez looks a pretty decent payment app. However a payment app to be called success need to have right things in store. At present there are many areas where this app cannot be used.Google has to rule out this drawback and I have heard that Google is already taking measures to expand the services.
If you look at the reviews for Tez in Google play store, you can find there are lot of issues people encounter. Such issues should be fixed so that people gain confidence in using the app.
Tez does not support debit or credit cards. They should also add e-wallet option as this will be beneficial at times.
At the moment there are several other interface which clearly paves a way for digital payment with features like paying bills, recharge and e-commerce solutions.Tez may be a good choice in future for the UPI based payment with wider availability.
Tez is the Indian mobile payment app from Google. I have been using this app since last 4 months, never faced any issues. We get a scratch card on new payment every week as a reward from Tez. It is a unique method of promoting the app, I personally won 300 rupees from scratch card in a month.
At present not all services are listed in Tez like mobile prepaid payment, Train ticket booking, movie ticket booking.