Google to launch mobile payment service in India: Report
15 September, 2017, 00:48
Google will launch a digital payment app in India named "Tez".
The California-headquartered firm would venture in the fastest growing and fiercely competitive digital payment ecosystem of India.
Tez is a platform for payment tool which will be available on the desktop with having a dedicated Android app.
The app will mostly be launched at a press conference on 18 September in New Delhi by Caesar Sengupta, vice-president, Next Billion Users, Google.
Innovation organizations such Google Inc., Facebook Inc., WhatsApp Inc. are in converses with the National Payments Corporation of India (NPCI) to empower Unified Payments Interface (UPI)- empowered payments on their stages, a move which, if executed effectively, would altogether support advanced payments in the nation.
Messaging platforms such as WeChat and Hike messenger already started supporting the UPI-based payment methods.
The search giant had launched its payment app Android Pay in the United States two years ago and has a strong hold on the consumer. According to reports, the messaging platform is in talks with NPCI and a few banks. However, this does mean that the company will have to partner with a local bank in the country in order to utilize the UPI payments system. Apart from UPI, the company will also be integrating third-party payment wallets such as Paytm and MobiKwik, among others. This seems like Google is also making its first approach to the Indian payment market by launching Google Tez app.
According to the Ministry of Electronics and IT (MeitY), the infrastructure of digital payments in India is estimated to grow to three-fold of its current size by the end of 2017.
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