After joining the digital payment bandwagon in India and
accepting WhatsAppSpace plans, Google is launching an integrated payment
interface (UPI) based digital payment service on September 18.
As Regarding Sarkari News World, the Unified Payments
Interface (UPI) app is called Google Tez. 'Fast', in Hindi (Indian national
language) means the fasting app will be launched as a part of the "make in
India" government initiative, which aims to encourage national and
multinational companies to manufacture products in the country.
According to the business body GSMA and Boston Consulting Group
(some sites say that the study was not done by GSMA but Google), the digital
payment market in India will grow rapidly in the next few years and reach 500
billion dollars and 15% GDP by 2020 Until then, non-cash payment methods
(check, demand draft, net-banking, credit / debit card, mobile wallet and UPI)
will be doubled by 40% of total consumer payments.
81% of Indian digital payment users have liked it for other
payment methods, it is currently expected that 90% of Indian consumers will
have the possibility of using digital payments for both online and offline
transactions. It is therefore not surprising that not just the technology companies
which are their mobile purses but telecom, bank and e-commerce companies are
also jumping.
Google has created an app with Indian contexts, although there
are plans for expansion of other South East Asian markets later, it is
therefore integrated payments for peer-to-peer mobile transactions launched by
National Payment Corporation of India (NPCI) Interface (UPI) will support.
The UPA is a payment system that allows money transfers between
any two bank accounts that have registered mobile number and you do not need to
enter credit / debit card details, IFSC codes, or net banking / wallet
passwords.
Available for desktop, as a chrome widget, as an app on the
Google Play Store, or part of its new OS (and part of the future updates about
it), this payment and facing other users Is such as Peti M. and Mobikivic.
Google has already sent an invitation to the media outlets for
the launch event of the app in New Delhi on September 18.
With a population of more than 1.3 billion, India can prove to
be an important market for Google's payment efforts.
Google has had limited success with its mobile payment system
two years ago, the company launched its first product after the failure of Google
Wallet on Android. Most mobile phone users in India support the Android
operating system.
Features and Highlights of a Tez App launch by Google
- The app is specially adapted for Indian users and Indian conditions. Most of all, it will also support regional languages 'fast', a Hindi word, meaning fast.
- Faster will be a multi-level app, which includes existing mobile wallet such as Patmium, Mobikivic, Freecharges and others.
- The app will support the UPA Payment Interface, which is the National Payment Corporation of India (NPCI).
- The app will already be installed in all Android phones; Can be downloaded via Google Playstore, and can also be used by desktop.
- The US supported payment mechanism will cover Google's app's app on Google Playstore (app, movie, music subscription), ecommerce purchases and top-top-top apps.
