Both of these do support peer-to-peer transfers, but Google Tez has the advantage of "Cash Mode" I mentioned earlier. After the verification, Google will ask the users to add a UPI PIN to start making payments. It allows instant money transfer with no transaction fee.
Google is finally joining the digital payments ecosystem in India.
After months of speculation, search engine giant Google on Monday announced its foray into India's burgeoning digital payments market with Tez, its UPI-enabled mobile app. With Tez, you can transfer money directly to your bank account. What's the advantage of this? However, Tez is a payments app, where you link your bank account with the app and pay directly from the account. It is worth to note that Tez is not a mobile wallet but UPI based app.
Google has teamed up with HDFC Bank, ICICI Bank, and State Bank of India for the backend processing. A user can earn as much as Rs. 9000 using Tez Referrals. It also groups together transaction history with each person or business. There is also has a separate business portal for sellers to register themselves and accept payments through Tez itself.
Introducing the new payments and commerce app, Caesar Sengupta, Vice President of the Next Billion Users team at Google, said, "We are deeply committed to bringing the best of Google's technologies to Indian users, and Tez takes that to the next level".
Chat Support which helps you over live chat any time you are facing a problem in the app. 'Tez' means fast in Hindi. You can refer the app to as many people as you want although the maximum reward is limited to the Rs 9000. "Each transaction is secured with your UPI PIN and the app is secured with a Google PIN or your screen lock method such as fingerprint".
No need of the wallet.
The application will use Unified Payments Interface and will be linked to bank accounts directly. You existing UPI ID will also be displayed there; if you don't have one already, it'll be generated.
NPCI's own UPI based app BHIM has similar feature wherein users can send money to others by saving their account numbers and IFSC codes. There are also the bank security protocols that are working in the background, and Google says they are also attentive towards fraud detection. However, unlike many other payments apps like Paytm, PhonePe etc, Google Tez does not work as a wallet yet.
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