New
Delhi, Sep 18: Finance Minister Arun Jaitley today launched Tech Giant
Google’s new digital payments app Tez here today to give a boost to digital
transactions in India. While launching the app, Mr Jaitley said, "Tez by
Google (is) perhaps the simplest form of monetary transactions." On the
occasion, he stressed upon the need for digital transactions and said that Tez
by Google and other ecosystems will make a major change in the digital payments
landscape in India. He said that the digital transactions got a major boost in
compulsion after demonetisation of high value currency notes in November 2016.
But it went down once the currency came back into the system. But now it is
increasing once again. He said that people are using digital transactions not
because of compulsion; they are using it as it is simple and convenient. On the
occasion, Google India, the tech giant claimed that Tez will enable money
transfer directly from the bank accounts of customers, without them having to
share their 'personal information'. The app will function on both Android and
iOS platforms. The app will 'understand' eight Indian languages and will work
with 55 banks. Caesar Sengupta, VP, Next Billion Users, Google said that Tez is
Google's made for India payment product and payments will be an area where
India will leapfrog the West. "Tez has been made for India and will make
payments as simple as cash," said Sengupta.. Tez, which means ‘fast’ in
Hindi, is a UPI-based app that can be used for online transactions, as well as
paying offline at stores. UPI (Unified Payments Interface) was launched by
National Payments Corporation of India, an umbrella organization for all retail
payment systems in India. While NPCI is a private entity, it is regulated by
the country’s central bank – Reserve Bank of India. He said that all
transactions on Tez are secured by ‘Tez Shield’ that detects fraud, prevents
hacking, and verifies identity. The company has partnered with HDFC Bank, ICICI
Bank, Axis Bank, and State Bank of India for the backend. UNI
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