Google has recently introduced its mobile payments in Asia named as Tez. This is a mobile wallet that has been launched in Asia for allowing users to link up their phones to their bank accounts. This will be a great help as this can be used for online payments and for person to person transfer of money.
This app, for now, has been launched for the iOs and Android users in India. Google is looking for ways for linking up the service with the country’s major banks with the help of Unified Payment Interface. This UPI is a payment standard and system which is backed up by the state in order to attract more integrated banking services into the market.
In India, the app has been introduced in English and many other local languages and keeps a limit of cash across all UPI applications. In one day, the app allows only 20 transfers. Google aims to expand this service in other Asian countries in future including Philippines and Indonesia and many other regions. The purpose of introducing this service in India is that it is the second most populated country in the world after China. This country takes into account all classes ranging middle-income class, disposable-income class and a population that is more tech-focused. According to an estimated survey, the digital payments in the country are expected to reach up to $500 billion annually by 2020.
In other words, tech giants like Google have realized that the developing markets have more potential for mobile-based payment services as compared to the markets of U.S. Therefore; tech companies are looking for ways in order to expand their services in the Asian countries in future.
Via: Tech Crunch