Google to launch mobile payment service in India


Tez, Google's payment app, is expected to launch on September 18.

A report from The Ken suggests that the payments app from Google will be based on Unified Payments Interface (UPI), and could launch as early as next week.

With this development, Google is expected to become the latest global tech giant to roll out a localized payment product specifically in India, after Uber, Truecaller and WhatsApp.

The new service from Alphabet Inc (NASDAQ:GOOG,GOOGL) is reportedly going to be separate from the company's other payment apps, such as Google Wallet and Android Pay. This Payment service would support Govt's UPI ( Unified Payments Interface) as well as private payment services like Paytm and MobiKwik. This app may work like android pay.

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Google is trying on its hand on the 'Digital Mobile Payment' services in India.

Digital payment ecosystem in the country has gained widespread acceptability in major Indian cities but still has a long way to go to cover the entire population - a majority of which now lacks internet connectivity. Google will launch "Tez" on 18th September. The popular messaging platform is said to be in talks with the NPCI and a few banks to facilitate financial transactions via UPI. However, launching in India first is a smart idea.

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. Android Pay has enjoyed considerable success in the USA, but has yet to branch out into other countries.