|PICTURE By: GOOGLE.|
This new launch is based on the country’s Unified Payment Interface (UPI) standard – a government-backed system launched last year to encourage digital payments in India.
The App is called Tez, and it allows users to make money transfers to each other and to buy goods from physical stores and mobile websites. The App also works on both Android and Apple smartphones.
Tez App transfers money from a user’s bank account directly to the recipient and thus acts as a replacement for a bank card, in a similar manner to Android Pay or Apple Pay.
Google says that Tez works with all 55 banks that are already participating, including many of India’s largest lenders. Google provides the services without charge. It has been speculated that it might introduce additional profit-making functions at a later stage.
The US firm said Tez would soon be pre-installed on new handsets from Lava, Micromax, Nokia, and Panasonic.