The digital payments scene is erupting in India. With players like PayTM ruling the roast other companies are playing catch up. The latest one to join the race is Google, yes the internet giant is apparently readying a localized digital payment as per a report from The Ken.
‘Tez’ is a Hindi word for ‘fast’ and as per the sources, Google’s new payment service will go beyond the Android Pay or the Google Wallet. It’s speculated that Google Tez will complement their new payment service with other features like travel bookings. Furthermore, the report says that the Tez app will be a dedicated app. Google Tez will also include support for Unified Payments Interface (UPI) and will also integrate with other payment services including PayTm and MobiKwik.
Google Tez will also include support for Unified Payments Interface (UPI) and will also integrate with other payment services including PayTm and MobiKwik. Google has not exactly been aggressive about their payments offering, in fact, they haven’t been able to make a mark outside the U.S. In the meanwhile Indian market is one of the largest in volumes when it comes to smartphone user base and internet user base. With the advent of 4G services like Reliance Jio, the things have only gone north. The digital payment system Is pegged to be a $500 billion industry by 2020 and this perhaps makes India a market that’s hard to ignore.
The most evident advantage that Google already has in India is the Android user base. In all likelihood, this userbase combined with the increase in digital payments will help Google scale the heights. That being said the Google Tez is apparently now just for India since the company has registered trademarks in Indonesia and the Philippines.
At the previous Google App Summit the company was talking about how they are intending to bring the Next Billion Users onboard. A part of this effort includes free WiFi at railway stations, lite version of YouTube app and the Android push. On a related note, one needs to observe how Google is ranking up its revenue making machinery by offering new services. As of now, Google has a plethora of products across spectrums.