If you are a "Tez" user, you probably received notification a day before that Google was coming up with a new name for "Tez". And finally they have come with a new name and it is "Google Pay". With an aim to make money simpler, Google Pay India announced the rebranded version of "Tez" via a tweet:
We checked in the playstore and the latest version is not available yet. According to Google, you'll receive a notification to update the app to the latest version.
It is to be noted that your account and transactions will not be affected by this change. Everything you did with "Tez" like sending money to friends and family, paying utility bills, mobile recharge, online shopping and adword bills will remain the same with Google Pay.
What's new coming up with Google Pay
The main goal of Google Pay is to make money as simple as possible for both normal users and businesses. Following are some to-do-list for Google Pay:
Power digital payments
In India, there are many small and medium-size businesses that don't use digital payments. Part of the reasons is digital illeteracy and lack of easier modes of payments that suit their needs. Google Pay will attempt to bridge this gap and simplify digital payments for these people.
Improve financial inclusion
In order to provide affordable financial products and services to the people of India, irrespective of net worth and size, financial inclusion must happen on large scale. Google Pay attempts to do this by partnering with more banks. There is a need for improvement to get both the unbanked and underbanked to have better access to financial services.
Google Pay is a way for merchants to accept quick and easy mobile payments for physical goods and services everywhere you do business, including in stores and online. According to Google, Merchant mode will simplify digital payments for the 12 lakh local businesses already on Tezz platform, and for those coming on-board.
Google Tezz is growing at a very rapid rate. Part of the reasons being its attractive rewards on referrals. According to Google India, in less than a year of its launch, Google Tezz has 22M transacting users, 750M total transactions and $30B annual run rate of tax value.
Google Pay may pose a serious challenge to India's digital payment giant Paytm. But with US-based investment firm BERKSHIRE HATHAWAY investing in Paytm recently, Paytm seems to have taken next big step already.