Google Pay | Introduction
In India, Google’s Mobile Payment Services which is also called Google Pay will be launched soon. Google will launch the UPI based payment application in the next week. We can download this application from the google play store app like any other application.
Google Called this Google Pay Application Tez
- Google has given its payment service a name called ‘Tez’.
- Even the name suggests the Google App’s intention.
- Its intention is to provide a fast working Unified Payments Interface.
What is the Unique thing Present in the App?
The Unique thing is that first-time NPCI has approved Multi-Bank Partnership in this mobile application for any local digital payment.
Specification of Google Pay App?
- This app is just like Android Pay but slightly different.
- It will offer a separate payment option from existing payment services such as Google Wallet or Android Pay.
- The app also supports other consumer payment services such as Paytm, Mobikwik.
- The government already approved Unified Payments Interface in Google Pay App.
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Application Regulatory Bodies
National Payments Corporation of India has launched the UPI Payment System regulated by the RBI. With the help of UPI instant fund transfers between two bank accounts on the mobile platform is easily available. Other banks are also facilitating the transfer of online funds through their own Unified Payment Interface.
Why is Google entering the paid service market?
After demonetization last year, a huge market option opened for online payment services. Mobile wallet company Paytm took the biggest advantage. This led to the foundation of many mobile wallet companies.
Recently, WhatsApp also asked the Government for approval from the National Payment Corporation of India for the Unified Payments Interface. Therefore, Google also decided to enter the Indian fastest growing online payment service.
The google pay App can be downloaded from here.
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