Google TEZ:Search Engine Giant Google is reportedly all set to launch localized digital payment service in India. “We invite you to a press conference to share details on the launch of a new product developed grounds up for India”, read an invite from the company, according to IANS. The firm is likely to partner with large private banks for Tez, reported The Ken. It will integrate a UPI-based service from Google with existing third-party wallet services like Paytm and Mobikwik.
Google India has not responded to the report.
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. Juniper estimates that Apple Pay will hit 86 million users in 2017 globally, up from 45 million in 2016. “On Monday, 18 September, Google, Alphabet Inc’s subsidiary, will make an entry into India’s fast growing and super competitive digital payment ecosystem”, a report by The Ken stated. With a 57% market share, Alibaba-backed Paytm now dominates in a market crowded with several mobile wallet players such as Tencent-backed Hike Messenger, MobiKwik, FreeCharge, Oxigen, Citrus Pay, Phone Pe, PayU, ItzCash, Jio Money and Ola Money. Even global companies like Truecaller and Uber have entered the payment space in India with Facebook-owned WhatsApp working to grab a slice of India’s growing mobile wallet pie.
According to the Experts if Google launches Tez Payment Service, then it will have a significant impact on other gateways. The feature “Whatsapp Payments: the immediate bank-to-bank transfer with UPI” will be available in the new version “2.17.295” through the Google Play Beta Programme. However, UPI is indeed going to be the highlight of the app. Launching Tez is a logical step in that direction.