Update (Sept 16): Ministry of Finance Twitter handle has now confirmed that Google will indeed be launching the new Tez digital payment app on September 18.
Earlier (Sept 14): Google is reportedly planning to introduce a new payment app called Tez in India, marking its entry in the country’s happening digital payments market.
According to website The Ken, this new payment product will be announced as early as September 18. It will integrate a UPI-based service from Google with existing third-party wallet services like Paytm and Mobikwik.
The search giant is also expected to partner a number of private banking institutes for the swift roll-out of Tez, which is going to be the Indian equivalent of Google’s global payments product Android Pay.
The Mountain View-based company has already applied for Tez trademark in India and the trademark application details clearly point to Tez being a payment service. The trademark application also talks about NFC technology, so I believe that the Google will be including the contact-less payment support using NFC in Tez.
Google is yet to officially comment on the new launch, but given the fact is September 18 is just days away, we don’t have wait for long to hear the full story.
With the likes of Amazon, WhatsApp, and Truecaller already dabbling in the Indian digital payment services market, some very interesting days are ahead and increased competition is only going to help the consumers.