On September 18th, 2017, the search engine biggie, Google joined the online digital payment market with its application TEZ. With this, the company will now compete to carve a niche for itself in the rapidly expanding digital payment arena, post the demonetization drive focused at digitizing transactions. The users of the application can use the app to directly pay from their bank accounts for movie tickets, bill payments, and others.
Key Features of the Application:
- The application will impart service through the Unified Payments Interface (UPI). National Payments Corporation of India (NPCI) is the nodal body which powers it.
- UPI is a payment protocol which allows users to directly transfer money from a bank account to others through a smartphone application, without having to write credit/debit card number, IFSC Code and other details every time. It was founded by NPCI in 2016 and can include various bank accounts into one application.
- Users can use TEZ with bank accounts in the 30 banks which are UPI powered.
- It is not a mobile wallet like Paytm where money has to be deposited first but is linked to the bank account from where money is directly deducted.
- TEZ can be accessed on both Android and iOS operating systems.
- The application can be viewed in Hindi, Bengali, Gujarati, Kannada, Marathi, Tamil and Telugu versions.
- The amount limit of all transactions in a day cannot exceed 1,00,000 in a day while the number of transactions has to be limited to 20 per day.
- The application uses the Google-developed Audio Quick Response Code (Audio QR) which is being used in payments for the first time.
- A QR Code is the two-dimensional bar code which contains information about the item it concerns with and is scanned to retrieve and transfer information.
- The audio version uses ultrasonic sound, and no Wifi or Bluetooth is needed for the transfer. Two mobile devices need to be brought close enough for their speakers and microphone to catch the audio, and the money can be transferred from one account to another.