Google will launch a Unified Payments Interface-based digital payment service called Tez in India on September 18, according to reports. Although the company is yet to confirm the news, it has invited the media to a press conference on the launch of a new product, reported IANS.
Tez may work like the company’s global product – Android Pay or Google Wallet. The firm is likely to partner with large private banks for Tez, reported The Ken. Apart from its own UPI-based service, Google may integrate third-party payment wallets like Paytm and MobiKwik to its platform too.
UPI is a payment system launched by the National Payments Corporation of India, and is regulated by the Reserve Bank of India. It facilitates instant fund transfer between two bank accounts on the mobile phone platform.
Apart from Google, Facebook-owned WhatsApp is also joining the digital payment market. According to reports, the messaging platform is in talks with NPCI and a few banks.