Google has rebranded its digital payment platform Tez as Google Pay. It was announced by Google VP Caesar Sengupta on 28 August 2018, that the platform would be rebranded as Google Pay. By bringing UPI capability under Google Pay, the company will allow users to access it across all its applications. This means that users will be able to send money within emails, make purchases in its online store and even get instant loan approval from some banks.
Let’s take a look at the top features of Google Tez aka Google Pay.
Bank loan pre-approval
• In its new feature, Google said that the app could soon help its Indian users get instant “pre-approved” loans from some banks.
• Google also announced partnership with financial institutions such as HDFC Bank, ICICI Bank, Federal Bank and Kotak Mahindra Bank to facilitate pre-approved loans to customers.
• According to VP Sengupta the banks will bring their financial capabilities, understanding of the user and their customers, while Google will add its user experience and ability to make complex processes extremely simple and very fast.
• Google Pay works with all major banks in India on BHIM UPI (Unified Payments Interface).
• To get a loan from Google Pay, customers just need to accept the bank’s terms and the money will be deposited into their bank account.
Send or receive money via audio
• Along with traditional peer-to-peer transactions, Google Tez aka Google Pay lets you make payments to friends (using Tez app) in proximity through audio-based QR system.
• Under the hood Google Pay uses ultrasonic waves to create one-time code for digital payment.
• The feature works on all phones regardless they have Near Field Connectivity (NFC).
• The technology is said to be quite similar to Chirp which also uses ultrasonic audio to transfer data.
Pay your utility bills
• Apart from peer-to-peer transaction, Google Pay lets you recharge your DTH service and pay for other utility bills like electricity, gas, water, insurance, property tax and even auto finance (Bajaj) among others.
• Google Pay also allows customers to pay for mobile, landline and broadband.
• It also allows its users to pay to select businesses.
• Currently, the application supports payments to services like redBus, Zerodha, TataSky, BESCOM, and Goibibo.
• Just like Paytm, Google Pay also offers a number of cashback schemes.
• Currently, it is offering scratch card (virtual) worth up to Rs 1,000 on paying or receiving Rs 150 or more.
• There’s also a “Lucky Fridays” scratch card that could you win up to Rs 100,000 on sending Rs 500 or more.
• On paying electricity bills with Google Tez, you are assured Rs 50 cashback.
• Under the dedicated Rewards section, you can monitor all the money you’ve earned from Google.
• The company has continued its offer of Rs 51 cashback on referring a friend to Google Tez.
About Tez app
• Google launched the Tez app in India in 2017.
• Since last year, over 55 million people have downloaded the app.
• More than 22 million people and businesses actively use the app for digital transactions every month.
Paytm remains India’s largest digital payments company claiming to have 150 million app downloads.
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