Google launches Tez mobile payments app for India

The payment app represents Google’s entry on the Indian market, highlighting the growing importance of mobile payments in the region. The application allows users to connect their bank account to their phones to pay for goods in stores and online as well as to send money to other users. 

Tez is available on iOS and Android and Google connected with several major banks in the country via the UPI (Unified Payments Interface), a government-backed payment standard and network that links major financial institutions in India. Google has trademarked the name in other Asian countries like Thailand and the Philippines, signalling a desire to expand in the region. 

Unlike PayTM’s e-wallet, Tez doesn’t allow users to store money in a digital wallet. Instead, it links a bank account with the phone and deducts payments directly from the user’s account.