Google Tez, one of the leading and faster payment app is going to be renamed as Google Pay according to the reports. Google Tez was launched last year in September with a bang offering lightning fast transactions to and fro bank using Unified Payments Interface (UPI). Google will rename the app as Google Pay to slide in under the Google Pay umbrella which is a global payment app used across the globe.
According to the Economic Times, creating UPI payment method on Google Play Store using Tez (soon-to-be Google Pay) will tap into new opportunities. Further, Google has maintained that it will consolidate all the payment apps under the Google Pay umbrella in an attempt the avoid confusion.
Google Tez was released both on App Store and Google Play Store where it received positive responses from the latter as India is dominated by Android smartphones and of course, the falling price of smartphones as well as internet tariffs. Once the transition goes through, Google would accept UPI payments for its services where the users will have to open the app and authorize transactions and that’s it.
Google Tez accounts for more than 50 million downloads so far since its launch along with more than 50 million transactions on a monthly basis. About the numbers, India ranks at 29th in terms of revenue generated from iOS and Android apps sales and that translates to a huge number even if it’s the 29th position. Tez is also one of the top three UPI payment apps along with PhonePe and PayTM in terms of market share. It has tied up with bigwigs such as HDFC Bank, ICICI Bank, State Bank of India, and Axis Bank, and features tens of other banks as well closing in more than 50 million transactions every month.
As of June 2018, Google Tez accounted for more than 22% of the total UPI transactions i.e. around 54 million transactions while the competitor PayTM made around 94 million transactions using UPI payments following by PhonePe which had made over 53.4 million transactions in June alone.
Google Tez offers a plethora of features right from Lucky Fridays that could win you up to 1 lakh rupees. It supports Marathi, Kannada, Gujarati, Hindi, Telugu, Tamil, and Bengali among other languages. It supports Bill payments to postpaid mobile bills, DTH, water, gas, electricity and more using its Bharat BillPay feature and this is just the tip of the iceberg.
