Google to launch payment app 'Tez' in India

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Google is launching a payment product which is likely called Google "Tez" (which means fast in Hindi).

The Mountain View-based company has already applied for Tez trademark in India and the trademark application details clearly point to Tez being a payment service. Two years ago the company launched Android Pay following the failure of its earlier product Google Wallet.

Tez is a multi-layered app, according to The Ken, that will offer a comprehensive set of payment options in India.

According to more media reports, it has been learned that Tez will also support government based UPI payment system along with private payment services including Paytm and MobiKwik.

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While Google has enjoyed success with Android Pay in the USA, the company has not really ventured into the payments market in other parts of the world. TechCrunch pointed out that this would be a big deal because Google hasn't made a big push into payments outside of the United States and, while it has a strong consumer presence in India, revenue from the country is nothing to write home about.

Google, according to sources, is... In fact, Apple tops the charts with its digital wallet, and is expected to almost double Apple Pay user base this year.

UPI is a payment system launched by the National Payments Corporation of India, and is regulated by the Reserve Bank of India. What makes it even special is the fact that Google doesn't really focus on non-US markets when it comes to payment based apps.

There is yet to be an official announcement about Google Tez. However, UPI is indeed going to be the highlight of the app.