Google is known for its services and the applications they offer that makes the everyday task of every people’s life. Google has been moving in the direction of providing payment services to their users market in India. An application named Tez was introduced by Google to target the Indian users and help them offer an online payment portal.
Working on the Unified Payments Interface (UPI) is an instant real-time payment system developed by the National Payments Corporation of India, allowing inter-bank transactions. The Reserve Bank of India regulates the UPI interface, which works instantly and allows to transfer funds between two bank accounts using mobile phones. The concept was so appreciated and adapted by the people that within 37 days, the application got 8.5 million downloads.
The transformation of Google Tez
With the growing popularity, new cities were introduced, and Google planned to expand its services to further cities. Launched in 2017, Google Tez was changed into Google Pay in 2018. It was accepted by PVR Cinemas, state electricity departments, and other places. The application is compatible with iOS and Android devices, and this makes it accessible by everyone.
The transferring of the money takes place without the user entering any information about them, and all they have to do is add the number that is registered with their bank account. The app has certain limitations of transfers, which means that a user can make up to 20 transactions per day, making an aggregate amount of Rs.1 lakh through the app.
How to use Google Pay (Google Tez)
You can download the Google Pay application from the Play Store or Appstore, and after downloading the app, the user will have to link their bank account with Google Pay. Here you can set up a 4-digit pin for the Google App, and then you can lock the app with the on-device security settings such as a passcode, fingerprint lock, etc.
The UPI pin is essential to make the transactions work. These are the steps that a person has to follow to make the payments using Google Pay:
- User can make the payments using recipient’s UPI id or their phone number and IFSC code
- Other means of making payments are using the camera to scan the QR code
- NFC is another way using which a user can send money to another person that is within the range
These transactions directly go to the bank account that is linked with the phone number, and money is not stored in any wallet. The transactions are safe, and this is considered a much better way of transferring cash as compared to other methods.