Google May Launch UPI-Based Payment System Soon

According to media reports from the Mint daily in July, Google, Facebook Inc and Whatsapp Inc were in communication with the National Payments Corporation of India to provide the Unified Payments Interface-enabled payment in their platforms. The firm is likely to partner with large private banks for Tez, reported The Ken.

Getting on the digital payments bandwagon in India, Google has announced to launch a similar service in the country.

According to the website, Google is launching "Tez" (meaning fast in Hindi) which is more like Android Pay. Two years prior the organization propelled Android Pay following the disappointment of its prior item Google Wallet. The Tez app will also support Unified Payments Interface (UPI) and other popular third-party mobile wallet services such as Paytm and Mobikwik.

It will, be available both on the desktop, as a Chrome widget, and will be rolled out as an app on Google's Play Store or will be pre-installed on the operating system and introduced as part of future updates to the operating system. When approached by TechCrunch about its plans, Google declined to comment, but responded to Quartz with a GIF that reads "Because fast is better than slow." This will also be the first time that Google will be foraying into payments app outside of the US. Still, the launch of a separate service that is customized for India comes as a surprise. Google will launch "Tez" on 18th September. Whatsapp is also working on a new payment feature. As per the invite for the event, the company is set to "share details on the launch of a new product developed grounds up for India".

Vanessa Coleman