If you are looking to add a new payment method to your digital payment list, then say hello to Tez. Tez means fast in English and that’s how Google wants your payments to be. Fast and swift. The app is available for download on iOS and Android and supports English, Hindi, Bengali, Gujarati, Kannada, Marathi, Tamil, and Telugu languages. The app is powered by the UPI payment protocol. Tez works with all major banks, including Axis, HDFC Bank, ICICI and State Bank of India.
If you are worried about security, then the official Google Tez website reads, “The Tez Shield works 24/7 to help detect fraud, prevent hacking, and verify your identity. Each transaction is secured with your UPI PIN and the app is secured with a Google PIN or your screen lock method such as fingerprint. If you ever need help, our help centre, phone, and chat support are available all day, every day”. How Tez competes with other payments systems like PayTM and MobiKwik is yet to be seen.
An interesting feature of the Tez app is the Pay Nearby feature. The app transmits "audio" to identify the person nearby who you wish to make a payment to. This help you pay using the app without sharing any personal details. Up till now, PayTM’s “scan QR code” mode of payment worked quite well and Tez’s Pay Nearby feature looks like a natural evolution of the same.
To kick off Tez, Google has partnered with several popular services such as RedBus, PVR Cinemas, Domino's Pizza, DishTV and Jet Airways. On its website, the company suggests users to look out for the Tez logo to know if the payment method is supported by the service you are using.
Google Tez is also using a “Tez Scratch Cards” to lure customers to start using its service. According to the Google Tez website, users can win up to Rs 1,000 with each transaction (Transactions must be Rs 50 or more with a unique user) “and be eligible to win Rs 1 lakh every week with Lucky Sundays. You don’t need to hunt for coupon codes. Just use Tez and if you win, your rewards go straight into your bank account”.
If you are a business owner then Tez has something for you too. The official Google Tez website reads, “Business owners and shops can use the Tez app with their individual current account to start accepting digital payments today. Payment goes directly to your bank account — all with no fees (Merchants with individual current accounts can receive up to Rs 50,000 per month with UPI with no fees. After that, your bank may charge fees or impose additional requirements.). We are working to support shopkeepers with other types of current accounts soon”.
Get started with Tez is pretty straight forward. Just download the app on your smartphone, use your mobile number to receive an OTP, choose your email account and you are good to go.