For the home user, Google describes Tez as a simple way to pay for day-to-day things: "Send money home to your family, split a dinner bill with friends, or pay the neighbourhood chaiwala".
Google has just recently launched a special mobile application, called as "Tez", for the objective of allowing its widely growing numbers of customers in India, to make payments and other transactions easily. The app is available in a few Indian languages such as English, Hindi, Bengali, Gujarati, Kannada, Marathi, Tamil, and Telugu.
The app uses the audio pairing to detect the nearby users and we have to manually select the contact for making the payment. It will give competition to government's BHIM app and PayTM.More news: Born actor Harry Dean Stanton dies at 91
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And unlike mobile wallet systems, users can skip the additional step of managing a separate wallet fund, and transfer money to and from their accounts directly.
Google has also announced Tez Scratch Cards and Lucky Sundays interesting offers. This is made possible as the virtual address is linked to the bank account.
In order to make payments through UPI, first you have to enter the account number. Moreover, every transaction needs you to key in UPI PIN before it is processed so the users can be at peace that no illegal transaction will be done given the fact that they don't share the PIN with anyone. This enables users to pay others without exchanging sensitive personal information such as your bank account or phone number.
Google has also taken care of security by introducing Tez Shield, which works along the lines of a fraud detection mechanism.
Another feature enables small businesses to accept Tez payments directly into their savings or individual current accounts.