Tez is built on Unified Payments Interface (UPI) and allows users to make small or big payments, free of cost, directly through their bank accounts.
The app was launched in India on September 18. Within 24 hours of the launch of Tez, Google reported 1.8 cross Gross Merchandise volume (GMV) done by four lakh active users.
As reported by the National Payment Corporation of India (NPCI), UPI has crossed three crore transactions in September.
The number of transactions witnessed by UPI reported a rise of 85.32 per cent. It increased from 1.66 crore in August to 3.07 crore in September.
Out of the three crore transactions, BHIM’s share was 76.03 lakh — a market share of nearly 24.7 per cent.
Google Tez is working in partnership with four banks namely Axis Bank, HDFC Bank, ICICI Bank and State Bank of India, to ensure the processing of payments across over 50 UPI-enabled banks.
Developed in India, the app is compatible with majority of the smartphones available in the country. Keeping the lingual diversity in mind, the app is available in seven Indian languages — Hindi, Bengali, Gujarati, Kannada, Marathi, Tamil and Telugu, apart from English.