In a blog post, Caesar Sengupta, vice president, Next Billion Users Team wrote: "Small businesses can also use Tez to accept payments directly into their savings or individual current accounts (subject to regulatory limits)".
To send money to another user, you then enter in their UPI ID, or select their phone number from your contacts list, if they're also using Tez.
The application specifically launched for Indian users is available in various regional languages including Bengali, Gujarati, Marathi, Kannada, Tamil and Telugu apart from Hindi and English. To recall, UPI or United Payments Interface enables one to send or receive money through a virtual address, doing away with the need of putting details such as NFSC code or other related bank account details. With Tez for Business, Google is allowing businesses their own channel to talk to customers in-app, providing them with offers and news about products.
Apple launches Watch Series 3 with built-in cellular
To top things up, the all new Apple Watch Series 3 comes with a faster S3 dual core processor and a W2 wireless chip for charging. Apple still compares itself to watch companies even though it is not positioning its watch for fitness, like wearable makers do.
On Google Tez, transactions are shown like simple conversations. It could charge a fee to some of the above mentioned partners to offer extra features like some promotional offers.
Note - If you have a smartphone with unlocked bootloader or a custom ROM, the app might not work and will show that the software the phone is running on is not secure.
Tez app supports various banks like HDFC Bank, ICICI, State Bank of India, Axis and several other banks that support UPI. This cash mode allows you to pay your family and friends nearby without having to deal with the nuances of bank details and long identification numbers. The winning formula here is that you do not need to add anything to your digital wallet, as it transfers money directly from your bank; sitting there and earning interest, till the time comes you for its needs. Users also stand to win Rs 1 lakh every week with "Tez Lucky Sundays".
Moreover, it supports over 50 UPI enabled banks, UPI which is India's official Digital payment method. The payment app is available both for Android and iOS. Called Tez, the service is Google's first step into digital payments in Asia.