Google is reportedly set to release a localised digital payments app in India as early as Monday (18 September).
According to India-based business publication The Ken, Google ‘Tez’ – which means ‘fast’ in Hindi – will feature a digital wallet where users can store currency, and will offer a set of payment options beyond Google Wallet or Android Pay. Furthermore, it will include support for India’s Unified Payments Interface (UPI) – a government-backed payments system which facilitates free money transfers between bank accounts on mobile – as well as support for third-party wallets like Paytm and MobiKwik.
Government filings confirm that Google has plans to release the payments app in India. Furthermore, the tech giant may also have plans to expand across other developing markets in Asia, as it has registered for ‘Tez’ trademarks in at least Indonesia and the Philippines.
The mobile payment and wallet space in India has a lot of interest, and a variety of companies have dived into the market. Caller ID service Truecaller lets users transfer money through its app, while WhatsApp was said to be working on a similar feature for India earlier this year. On the other hand, Paytm has taken a step in the opposite direction and is adding mobile messaging to its payments service.