Google to launch its own Online payment service in India, Google Tez

Search engine tycoon Google will launch Online payment service in India.The online Payment service is named as Google Tez. Google online payment service. Read more Apply as student news reporter from your college Follow us on Facebook

Hyderabad: Adoption of mobile payment services has been growing steadily in India, especially after a demonetization drive that removed plenty of bills from circulation, creating a cash crunch in the process.The Unified Payment Interface (UPI) envisages a payments architecture that is directly linked to achieving the goals of universal electronic payments, a less-cash society, and financial inclusion, using the latest technology trends, laid down in the Reserve Bank of India (RBI). The RBI document reveals that the number of non-cash transactions per person currently stands at just six per year; only a fraction of the 10 million plus retailers in India accept card payments; banking services were available in less than 100,000 villages as of March 2011, and nearly 145 million households are excluded from banking.With millions of new users coming online every year and fast adoption of mobile technology, the market for digital payments is estimated to reach $500 billion per year by 2020.

Search engine tycoon Google will also launch Online payment service in India. The online Payment service is named as Google Tez, Which means very fast in Hindi. Google Tez will integrate with Unified Payments Interface. The government-owned platform for mobile transactions, and other popular mobile wallet services like Paytm and MobiKwik.

The Ken spotted documents that show that Google applied for a trade mark for “Tez”. Interestingly, the company also sought to secure this brand in Indonesia and the Philippines. It’s unclear why Google would want to launch another payment service besides Android Pay, but the company is no stranger to duplicate and overlapping projects.Google has strong competition in India – Samsung brought Pay to the market in March, the same month Truecaller added mobile payment functionality to its app. Perhaps more worrying for Google, Facebook-owned WhatsApp is not far behind – the messaging juggernaut is said to be close to adding a payment feature to its wildly popular service.

Author: Elyuxen

Elyuxen, a student newspaper where students get to work as well as publish all the news related to colleges in and around Hyderabad. It is the first ever student newspaper in South India which is successfully running. The beauty and the tagline of this newspaper is it is *For the student, by the student, of the student

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