Google Joins Mobile Payments Race in Cash-Reliant India
- Internet giant debuted “Tez” for the country on Monday
- Local rivals such as Hike are also ramping up payments
Alphabet Inc.’s Google introduced a digital payments service specifically designed for India as competition heats up for the country’s billion-plus potential users.
Tez, the Hindi word for fast, debuted Monday for download on iPhones and Android devices and joins an increasingly crowded field. The service is compatible with the Indian government-backed Unified Payments Interface, which simplifies financial transactions and transfers of money between banks. Users pay directly from their accounts at major domestic banks including the State Bank of India, and transfer money to fellow Tez users without sharing personal details. While Tez is aimed squarely at India for now, the app may prove suitable for other countries in future, Google Vice President Caesar Sengupta told reporters Monday.