Google introduced new mobile payments app Tez for Indian market, competing with cash and other payment apps

Briefing

Google introduced new mobile payments app Tez for Indian market, competing with cash and other payment apps

September 19, 2017

Briefing
  • Tez – Google launched new mobile payments and commerce app Tez for Indian market, which can enable peer-to-peer and consumer-to-business payments with no fees charged
  • UPI Compatible – Links to 55 banks as part of India’s government-backed Unified Payments Interface (UPI), overall system that facilitates inter-bank transactions using mobile devices
  • Cash Mode – Allows issuing of payments without sharing bank accounts or phone numbers
  • Tez Shield – Secures app with 24/7 assistance and monitoring against fraud and hacking
  • Tez for Business – Lets businesses connect with customers for payments and promotions, with initial partners including PVR Cinemas, redBus, DishTV, Jet Airways, and Domino’s
  • Competition – Include other UPI-enabled payments apps from Flipkart, Hike, and WhatsApp

Accelerator
Emerging Market Opportunities, Mobile and Wearable Devices

Market Disruption
New Payment Technologies, Seamless Multi-Channel Experiences, Unbundling Banking

Business Model and Practices

Business Model
and Practices
New Customer Segments

Sector
Financial Services, Information Technology

Organization
Google Inc.

Source

Original Publication Date
September 18, 2017

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