Technology giant Google India will launch Tez, a payment app as the company plans to foray into the business of growing digital payment segment. The Tez app will be launched by Arun Jaitley on 18 September 2017.
The Google has started trials of its TEZ app a few months back and completed the testing of its Unified Payment Interface (UPI) payment service. The company has been waiting for the approval of RBI lo launch the service in the country.
Social media companies WatsApp and Facebook are also discussing with NPCI to set up their own UPI enabled payment systems on their platforms. UPI system allows the online users to transfer money between the banks using virtual address.
Users do not need account number, IFSC code or MMID to carry out the financial transactions through UPI enabled payment system. The app can be downloaded from Google Play Store by Android mobile users.