Google Tez digital payment app crosses 5 million downloads

Built on the Indian government-supported Unified Payments Interface (UPI), Tez allows users, free of charge, to make small or big payments straight from their bank accounts.

New Delhi, India- September 18, 2017: Caesar Sengupta VP, next Billion Users, briefing the New TEZ app, before Union Minister of Finance and Corporate Affairs Arun Jaitley, launched the Google Digital Payment app at Taj Palace Hotel, in New Delhi, India on Monday, September 18, 2017. ( Photo by Sonu Mehta/ Hindustan Times) (Sonu Mehta/HT PHOTO)

Google's digital payment app Tez has surpassed 5 million downloads on Play Store. The service was launched in India on September 18.

Within 24 hours of 'Tez' being launched, Google saw nearly 1.8 crore gross merchandise volume (GMV) done with over four lakh active users.

Built on the Indian government-supported Unified Payments Interface (UPI), Tez allows users, free of charge, to make small or big payments straight from their bank accounts.

According to the National Payment Corporation of India (NPCI), the number of transactions on UPI has crossed three crore in September.

The number of transactions on UPI platform increased to 3.07 crore in September as against 1.66 crore in August -- an increase of 85.32 per cent.

Of the 3.07 crore transactions, BHIM's share was 76.03 lakh -- a market share of nearly 24.7 per cent.

"Tez" app works in partnership with four Banks -- Axis Bank, HDFC Bank, ICICI Bank and State Bank of India -- to facilitate the processing of payments across over 50 UPI-enabled banks.

The app was built for India, working on the vast majority of the country's smartphones and is available in English and seven Indian languages -- Hindi, Bengali, Gujarati, Kannada, Marathi, Tamil and Telugu.