Google Tez will store your Aadhar details for transactions

For implementing this app and for backend processing, Google tied up with HDFC Bank, SBI, ICICI.

To ensure the security of the user, “Tez” makes use of either Google’s 4-digit security PIN or screen/pattern lock to open the app each time.

The app is highly secure. Introducing Tez, a payments app designed for smartphone users in India. So it should be possible for Google to create a financial address such as @tez. There are also distribution partners – Nokia, Micromax, Lava, and Panasonic – that will probably pre-load Tez app on their upcoming devices. This too, is a move which has been made keeping security in mind. (The sounds should be inaudible to human ears though because they’re sent using ultrasonic frequencies, according to the Financial Times)The feature is therefore similar to cash transactions which don’t require the exchange of personal details like bank accounts and phone numbers. It will let you pay in physical and online stores by linking your bank account with the app.

The company set the launch event to release this app on September 18th, 2017 in New Delhi. This is quite an innovative means of making payments. It is powered by UPI and aims to offer safe and fast payments mode to Indian consumers. The Google Tez app is now available on Google Play Store. Upon signing up, both of them would get Rs. 51 as a bonus. Minimum transaction needs to be ₹50. Under the Tez Scratch Cards, one can win up to Rs 1000 with each transaction and he/she be eligible to win Rs 1 lakh every week with Lucky Sundays.

Interestingly, there is a cash mode option in the Tez app as well, which will help you make payments to a nearby person without needing to enter the phone number. It even supports Touch ID on IOS.

Google’s entry will definitely add impetus to the government’s efforts to get people to shift to digital money, given that most of India’s 300 million or so smartphones run on Google’s Android operating system – therefore an environment that people are already familiar with. If the only acceptable VPA for a UPI account is that linked to the bank, then what’s the point of a VPA, and doesn’t that defeat the idea of a VPA being the unbundling of payments from the account?

You can use this app to send and receive money directly on your bank account.

Earlier this year Sundar Pichai, the Google CEO had commented that Google is looking forward to adopt the UPI technology. Google confirmed to BuzzFeed News that it will be able to see who paid whom and how much.