Joining the digital payment bandwagon in India, Google is reportedly launching a Unified Payments Interface (UPI)-based digital payment service called "Tez" as early as next week. So, now even Google would provide UPI based payments just like other apps such as PhonePe and BHIM and its looking wonderful. To be honest, Google is trying something new in their Tez project as far leaks are concerned. So, here are we at some important glance if this coverage:
Google "Tez" Launching Date:
According to The-Ken.com, on September 18, "Google, Alphabet Inc's subsidiary, will make an entry into India's fast growing and super competitive digital payment ecosystem". Google is launching "Tez" (meaning fast in Hindi) which is more like friendly UI and it will keep hold of all the users as well.
Whatsapp also launching their UPI-based interface very soon:
WhatsApp has been in the news for working towards a UPI-based interface on its platform and we all are aware of the fact Whatsapp has been trying its level best to include UPI payments so that the users would find productivity that ulimatelty would result in revenues. According to media reports, the leading messaging platform is already in talks with the NPCI and a few banks to facilitate financial transactions via UPI. WhatsApp is giving shape to its plans towards bank-to-bank transfer using the UPI system.
Current Apps which support UPI- based Payment Services:
Some mobile messaging platforms and apps provide UPI- based payment services like
Importance and Need of Digital Payments explained:
The infrastructure of digital payments in India is expected to increase three-fold by the end of 2017 with almost five million electronic point of sale (PoS) machines, the Ministry of Electronics and IT (MeitY) has said.
"We expect that by December, the number will actually go up to five million PoS, which means that the infrastructure for digital payments is going to grow three times in the short span of one year," MeitY Secretary Aruna Sundararajan has said.