Google Plans To Expand Tez outside India in Near Future
Technology giant Google announced on April 3, 2018, that it will be expanding its payment system Google Tez to shortlisted emerging countries in Asia
UPI payment app of Goggle, Tez which was launched in September 2017 is competing with mobile payment giants such as Alibaba and Paytm. It operates by connecting user’s bank account and works with the United Payments Interface, so it integrates with any bank in the region that supports UPI. In addition to sending money, there’s Tez Shield, an always-active security feature designed to prevent fraud or hacking. The app has around 14 million users in India. Now the company plans to explore new markets depending upon conversations progress in the next few months, according to the company.
Furthermore, the company revealed that they initially looked across Latin America, the Middle East and Africa, the markets identified by the next billion user’s initiative. Economies with low credit card penetration and limited access to near-field communications systems are the most lucrative markets to the company. Recently, company integrated chat option in the Google Tez application and is slowly rolling it out to its 13.5 million active users, taking the competition directly to WhatsApp. The payment application operates on the Unified Payments Interface railroads and now it will allow consumers to not only send money to each other but also open up an option for conversation around the transaction.
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