Tez launched in September 2017 to compete with mobile payment giants Alibaba and Paytm. It connects directly to a user’s bank account and works with the United Payments Interface, so it integrates with any bank in the region that supports UPI.
In addition to sending money, there’s Tez Shield, an always-active security feature designed to prevent fraud or hacking.
Tez now has 14 million customers in India, and expansion into new markets depends on how conversations progress in the next few months, says the company.
More than that, the company revealed that they initially looked across Latin America, the Middle East and Africa, the markets identified by the Next Billion Users initiative. Countries with low credit card penetration and limited access to near-field communications systems — are the most attractive to the company. Scale is also important, as well as political support for mobile payments adoption.
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