About Google Tez:
Google Tez is a mobile-based payment method based on the Unified Payments Interface (UPI) platform. The platform was built by National Payments Corporation of India (NPCI).Google Tez made its debut in India on 19th September 2017, marking the company’s entry into the digital payments segment.
Difference Between E-wallet and UPI:
The basic difference between UPI and E-wallet is that unlike E-wallets, UPI does not require money to be stored in the app to make digital payments. UPI works as an extension of bank account, which means that unused money remains in the bank only. The popular examples of E-wallet are Paytm and Mobikwik. And the popular examples of UPI are PhonePe, BHIM app and latest entry in the list of UPI apps is Google Tez.
How To Install and Setup Google Tez?
Installing Google Tez and Setting up is quite straightforward. The Google Tez app is available on Android as well as iOS. Below are the steps to install and step Tez app on your smartphone.
- Download and install the app from your respective app store.
- After installing the app. It will ask for your mobile number associated with your bank accounts to set up.
- Once you have entered your phone number, the app will automatically send an SMS from your number to the bank to get UPI access.
- Then Google Tez will create a fresh UPI ID for you and links it to your Google account. Your UPI id will depend on the bank you choose.
- To make the app secure in your mobile the app provides the option of locking it down with your fingerprint on devices with a fingerprint scanner or using a PIN for the app.
Google Tez app is tailored by keeping India in mind that’s why the app supports eight different Indian languages(English, Hindi, Bengali, Gujarati, Kannada, Marathi, Tamil, and Telugu). The app works with 55 different private and public banks of India.
“Tez by Google and other ecosystems will make a major change in the digital payments landscape in India. It perhaps is the simplest form of money transaction.”
Arun Jaitley(Finance Minister of India)
How Tez is Different from other UPI:
Tez’s main functionality is similar to its counterparts like Phone Pe or BHIM. But one feature that makes Google Tez special and makes it stand apart from others is its “Cash Mode” feature.
Using this feature Google Tez allows you to transfer money without having the recipient’s phone number. The technology called audio QR Code works like Near Field Communication and uses ultrasound waves to connect two phones to the phone’s microphone and speaker.
If you’re looking to make a payment to someone in your vicinity, you’ll need to toggle Cash Mode to pay, and the recipient has to set it to receive. Once that’s done, The app will start looking for nearby users by emitting an ultrasound signal that’s inaudible to humans and list all available users in the vicinity, and you can select the intended recipient from the list and pay without having to key in a phone number or the UPI ID.
Google Tez Referring Bonus.
Google is offering users 51 Rupees for referring new users to use the app. After a successful referral, both people get the reference amount added to their bank accounts. Apart from referral bonus, Google is also providing Google Tez Scratch Cards for each payment of 50 or above. This card gives users the chance to earn up to 1000 Rupees which will be transferred back to the bank account.
Google Tez for Businesses:
Other than money transfer Google Tez can also be used for online payments. As of now RedBus, PVR, Jet Airways, and Domino’s are using this Tez for payments. The list of users will increase for sure in coming time. Also setting up the Chrome Web Payments interface for Google Tez is simple for merchants.