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- UPI-Based Payments App 'Tez' Likely To Be Launched In India By Google
UPI-Based Payments App 'Tez' Likely To Be Launched In India By Google
Highlights
- Google may launch a UPI-based payments app next week
- The app will be similar to the digital wallet Android Pay
- Government estimates triple growth in digital infrastructure in 2017
According to The-Ken.com, on September 18, "Google, Alphabet Inc's subsidiary, will make an entry into India's fast growing and super competitive digital payment ecosystem". According to the website, Google is launching "Tez" (meaning fast in Hindi) which is more like Android Pay.
Google is yet to comment on this.
UPI is a payment system launched by the National Payments Corporation of India (NPCI) and regulated by the Reserve Bank of India which facilitates the instant fund transfer between two bank accounts on the mobile platform. Other big player to join India's growing digital payment market is Facebook-owned WhatsApp.
WhatsApp has been in the news for working towards a UPI-based interface on its platform. According to media reports, the leading messaging platform is already in talks with the NPCI and a few banks to facilitate financial transactions via UPI. According to the blog website "WABetaInfo", WhatsApp is giving shape to its plans towards bank-to-bank transfer using the UPI system.
Some mobile messaging platforms like WeChat and Hike Messenger already support UPI-based payment services.
The infrastructure of digital payments in India is expected to increase three-fold by the end of 2017 with almost five million electronic point of sale (PoS) machines, the Ministry of Electronics and IT (MeitY) has said.
Also Read: Paytm Payments Bank Partners With NPCI For RuPay Digital Debit Card"We expect that by December, the number will actually go up to five million PoS, which means that the infrastructure for digital payments is going to grow three times in the short span of one year," said Aruna Sundararajan. Secretary, Ministry of Electronics and IT.
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
NDTV along with MasterCard is launching a multi-platform campaign “Cashless Bano India”, to create digital awareness and educate the masses about digital payment solutions for day to day transactions.
The campaign aims to take the message of a cash free India to the country, all while educating them on the ways and means to do it.
We aim to reach out to people and educate them on:
1). Digital and financial literacy
2). New generation digital payment solutions
3). Enabling merchants and consumers to understand and adopt secured and safe payment Solutions
4). Ease of usage at point of sales