As with other UPI apps, Google Tez is also dictated by the same set of guidelines-you are limited to sending Rs1 lakh per day, with a maximum limit of 20 transactions per day.
For the Tez app, Google has on board banks that support the Unified Payments Interface (UPI).
Caesar Sengupta, Google VP for its Next Billion Users Team, said "to make digital payments truly work for India, we need a product that can compete with cash".
Unlike its rivals which use digital wallets, Google Tez connects directly to bank accounts via UPI. The mobile payments app will be available in seven Indian languages - Hindi, Bengali, Gujarati, Kannada, Marathi, Tamil and Telugu.
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India's crowded digital payments market, expected to grow ten-fold to $500 billion by 2020, received a shot in the arm after Prime Minister Narendra Modi banned old high-value notes previous year, forcing people to use e-wallets and card payments. Here, one thing important is that use the same mobile number for both bank account and the application. Google has partnered with Axis, HDFC, ICICI and SBI for backend processing. To make it easier for customers, the USA firm is also offering a Google helpline number and chat support on a daily basis. After verification the Google will prompt you to add a UPI PIN and you can start making payments. Rather, it is built along the lines of popular apps in the West, so it works as a bridge between the user's bank and the app, notes TechCrunch.
Tez introduces a new "cash" mode.
The other is a Tez Scratch Cards feature that grants up to Rs 1000 deposited directly to their bank with every transaction. Through this, the users can trace the nearby agent to either make or receive the payments.
Google has not forgotten to secure the payments. The report claims that PhonePe has almost 45 percent of the market share in all UPI transactions across the country in August which includes BHIM and several banks who are making use of UPI like ICICI, Axis, Kotak Mahindra and more. There are also the bank security protocols that are working in the background, and Google says they are also attentive towards fraud detection.