Tez rebranded as Google Pay: Top features of the UPI-based payment app
Google earlier this week rebranded its digital payment platform Tez as Google Pay. The company also expanded the reach of Google Pay with more third-party apps and services accepting Google's payment solution. Google also announced partnership with financial institutions such as HDFC Bank, ICICI Bank, Federal Bank and Kotak Mahindra Bank to facilitate pre-approved loans to customers.
Google had launched Tez in September last year. Based on the government-backed UPI platform, Google Tez allowed users to make and receive peer-to-peer transactions. Unlike Paytm and other mobile wallets, Google Pay allows users to exchange money directly from their bank accounts. Since its launch, Google Pay has seen over 750 million transactions worth over $30 billion (₹200,000 crore).
"In just under a year, Tez has found a place in the lives for more than 22 million people and businesses who use it every month. People from over 300,000 suburban areas, towns and villages are using it to pay their electrician, book bus rides or split dinner bills with friends," Payments and Next Billion Users Initiative general manager Caesar Sengupta wrote in a blog post.
Google Tez has over more than 50 million downloads on Android Play Store. The application is also available on Apple's App Store. Let's take a look at the top features of Google Tez aka Google Pay.
Send or receive money via audio
Along with traditional peer-to-peer transactions, Google Tez aka Google Pay lets you make payments to friends (using Tez app) in proximity through audio-based QR system. Under the hood Google Pay uses ultrasonic waves to create one-time code for digital payment. The feature works on all phones regardless they have Near Field Connectivity (NFC). The technology is said to be quite similar to Chirp which also uses ultrasonic audio to transfer data.
Pay your utility bills
Apart from peer-to-peer transaction, Google Pay lets you recharge your DTH service and pay for other utility bills like electricity, gas, water, insurance, property tax and even auto finance (Bajaj) among others. Google Pay also allows customers to pay for mobile, landline and broadband. Google Pay also allows its users to pay to select businesses. Currently, the application supports payments to services like redBus, Zerodha, TataSky, BESCOM, and Goibibo.
Flexible payment options
While Google Pay lets you send money to anyone by submitting recipient's bank details and IFSC code, it also allows users to pay via UPI ID, QR code or directly to a Tez user. The app also shows a list of contacts whom you can send or request money. Google Pay also has a dedicated section that shows the transaction history including the requested money.
Just like Paytm, Google Pay also offers a number of cashback schemes. Currently, it is offering scratch card (virtual) worth up to ₹1,000 on paying or receiving ₹150 or more. There's also a "Lucky Fridays" scratch card that could you win up to ₹100,000 on sending ₹500 or more. On paying electricity bills with Google Tez, you are assured ₹50 cashback. Under the dedicated Rewards section, you can monitor all the money you've earned from Google. The company has continued its offer of ₹51 cashback on referring a friend to Google Tez.
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