Google enters the fintech game with UPI-based Tez app
Google has now entered the mobile payment services industry in India. After being rumoured for months, Google launched Tez, its UPI-based mobile payment app in India. The app works as a mobile wallet and allows users to transfer money directly from their bank account.

Tez can be used for peer-to-peer payments as well as payments at physical and online stores.

"Send money to friends, instantly receive payments directly to your bank account & pay the nearby cafe with Tez, Google's new digital payment app for India. Using NPCI's (National Payments Corporation of India) Unified Payments Interface (UPI), money transfers are simple & secure with Tez," the app's Playstore description reads .

The app is available both on Android and iOS and is built on the Unified Payment Interface (UPI) which is a Reserve Bank of India initiative to unify the fragmented fintech landscape in the country.

Unlike Paytm, Tez doesn't require users to top up money in the app. It works more like Android Pay or Apple Pay where you link your bank account with Tez and money gets deducted to credited directly to your account.

So far, Tez supports banks like HDFC Bank, ICICI, State Bank of India, Axis and more. You can pay at Dominos, Redbus, Jet Airways and more using Tez. Moreover, the app is available in multiple local languages including Hindi, Bengali, Gujarati, Marathi, Tamil, Kannada and Telegu.

Tez has a daily transaction limit of Rs 1,00,000 like all UPI apps and up to 20 transfers in a day.

Developing economies like India have more potential of adopting mobile based digital payments. While western countries have become habituated with paying through credit cards, countries like India are cash-dependent. India itself has had a low adoption rate for credit cards making the market ripe for fintech startups like Paytm and Freecharge to exploit. The government of India too recognised the gap in adoption and leapfrogged over credit cards to push for digital payments through UPI. A joint report from BCG and Google has predicted that digital payments industry is expected to reach a volume of $500 billion annually by 2020.