Google has launched a new mobile payment application in India, called Tez (“fast” translated from Hindi). It can be used to make quick payments between individuals and in the field of small business.
There are about 300 million smartphones in India, but only a relatively small number of them support NFC technology. The Tez app is aimed at owners of entry-level and middle-level devices. It is connected to the local payment system UPI (Unified Payments Interface), which allows secure money transfers between the accounts of all 55 banks in India. For security purposes, Google’s Tez Shield platform is used to detect fraud and protect user data.
The Tez app includes a technology called Audio QR that allows users to establish communication between two devices using sounds. In this case, smartphones agree on a connection using audio to identify the payer and payee. Such sounds are sent using ultrasonic frequencies and should not be perceived by people. This eliminates the need to exchange personal information, including Bank details and phone number, to make a payment. In Tez additionally has a function messenger. It allows you to exchange messages with your contacts and store transaction history. With Tez, small businesses can accept payments from customers to their Bank account, as well as accept payments from mobile sites with “just a couple of clicks”.