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How Tez works

Google forayed into the burgeoning
mobile payments
sector in India on Monday
with its mobile wallet app,
Google Tez. Here’s what you
need to know about Tez.

How does it work?

J Google Tez is a mobile
wallet based on the Unified
Payments Interface (UPI)
platform built by the National
Payments Corporation
of India (NPCI). UPI-enabled
wallets permit users
to transfer money without
the recipient’s bank account
details. The UPI ID of the recipient
is used as a proxy for
the account number and
IFSC code, thereby simplifying
the money transfer.

How is it different from
digital wallets?

J Tez does not require
money to be stored in the
app to make digital payments.
It works as an extension
of one’s bank account,
So, unused money remains
in the bank, earning interest.
Each transaction is
initiated by the sender entering
his UPI pin with the
additional security of existing
phone locks.

How can you transfer
money using Tez?

J After installing the app
on an Android or an iOS
device, users have to sync
their wallets with their
Google account, and the
mobile number linked to it.
Access to the wallet from
the app drawer is protected
by a Google PIN and by security
settings on the
device, such as passcodes,
fingerprints and pattern

Integration of one’s bank
account with the wallet is
done via SMS, and will not
be completed if the phone
number associated with the
account does not match, or
if the user holds an NRI account
which is not supported
for this feature. Users
without a UPI id will have to
create one and enter a secure
UPI pin.

Once the user’s bank account
is linked, money can
be transferred using the recipient’s
UPI id. Users also
have the option of making
transfers to bank accounts
by entering the account
number of the recipient and
the related IFSC code.

Other means of making
payments is by using the
camera to scan a QR code,
or entering the phone number
of the recipient. The app
automatically identifies contacts
who have successfully
registered with the Tez database.
A fourth alternative is
the ‘Cash Mode’ that allows
quick transfers with nearby
Tez users without sharing
phone numbers. Cash Mode
can be used to pay as well as
receive money from devices
within its range.

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