Google trumpets Tez success
Google’s mobile payment app, Tez, which launched in India on 18th September, has been downloaded five million times on Play Store. The company says that, within 24 hours of the launch, it saw nearly 1.8 crore gross merchandise volume (GMV) done with over four lakh active users.
Using NPCI's (National Payments Corporation of India) Unified Payments Interface (UPI), the app lets users link up their phones to their bank accounts to pay for goods in physical stores and online, and for person-to-person money transfers utilising Audio QR. All of which is achieved via a partnership with Axis Bank, HDFC Bank, ICICI Bank and State Bank of India, facilitating the processing of payments across 50-plus UPI-enabled banks.