There are 300 million smart device users in India, and phones with NFC are still comparatively rare and expensive, with several users instead choosing entry-level and mid-tier devices. Tez is a step ahead of Android Pay because it enables users to link pay apps from Indian banks it goes with all of the country’s 55 banks on India’s Unified Payments Interface (UPI). UPI is a method that allows many bank accounts to be combined into one mobile app and allows secure peer-to-peer payment. According to News, digital purchases have grown after the Indian Government banned high-value cash notes late last year.
Tez also helps bank-to-bank amounts and is protected by Tez Shield, a data protection platform from Google that identifies fraud and preserves user identity. Tez behaves like a chat app, using your connection list as a way to keep business history organized. People or companies you’ve sent or accepted cash from grouped together “like a conversation,” Google says.
The organization says small businesses can also use the app to take payments into their bank accounts, and it also receives payments from mobile sites with “just a few taps.” Tez is open on both Android and iOS, and Google intends to release the app in other developing countries including Vietnam, Indonesia, and Thailand.
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