Google Tez App: How Is It Different & Should You Switch To It?

Google has decided to join the already crowded viciously competitive digital payments market in India, and launched a new digital payments app – Tez. Tez is a Hindi word, which means ‘fast’. It is a is a UPI-based app that can be used for both online transactions and paying offline at stores. Currently, if you need a UPI app, you can choose between popular apps like Paytm, MobiKwik, the NPCI’s BHIM app, and a range of UPI apps from different banks in the country. Let’s discuss about what is Tez App, how is it different from other UPI based Apps and should you switch to Tez App?

Is it just like any other app?

The Google Tez app is a medium to facilitate bank transactions between the sender and the receiver. This is not like the regular mobile wallet apps, such as Paytm or MobiKwik. It is more in line with the BHIM app where the payments made or received are directly debited from the bank account itself. It relies on UPI platform and creates a Virtual Payee Address within the app itself.

Tez doesn’t support NFC, like Android Pay, Apple Pay or Samsung Pay where you can store your debit or credit card information, and then just hold the phone next to a compatible PoS machine to make the transaction, just because not all smartphones have this feature.

The security feature.

According to the Google, all transactions on Tez are secured by ‘Tez Shield’ that detects fraud, prevents hacking, and verifies identity, but doesn’t give details on how. A user needs to enter Google Pin every time he/she wants to open the app. A UPI Pin is also needed to finalize and approve each transaction.

It will also have a 24/7 customer care helpline for users. This can be accessed by going to Settings>Help & FeedBack  and then choosing chat or call option. Customers also have the option of reporting spam on the Tez app.

Does it require Aadhaar card or Will it support Aadhaar-based payments?

No, the Google Tez app has not yet asked for Aadhaar data and there’s no support for Aadhaar-based verification for now.

Can only one bank account be added to this app?

No, it is possible to add multiple banks to this app. You can add up to four bank accounts. Each account will have an own UPI id & UPI pin. You can also delete any account from the app.

Is there any limit on transaction?

Yes, one can send a maximum of Rs 50,000 in one transaction via this app.

Does Google keep the bank account number, etc? 

So the answer is Yes. The Privacy Policy for Tez is the same as it for the rest of Google Product. You need to have a google account to use this app. If you do not already have a Google Account, you may register for one on Tez, but you can’t avoid it. The terms of service also make it clear that Google will share information with Payment Participants or Third Party provider for the purpose of transactions or providing Tez services.  Remember Tez is partnering with businesses, which will show you offers, information, etc.  Some of these could be based on spending habits depending on how much one ends up using the app.  If you’re not comfortable with sharing more data with Google’s Tez, there is always the option of closing the account from the settings itself or not going to use it at all.

How Google Tez works?

Tez will let you transfer money to friends, family and businesses supporting the platform. As it is a UPI-based app, so the amount is debited directly from the account synced with the app. With UPI, the identifier is the mobile number and the bank account. In order to complete a transaction, the UPI Pin needed, which users have to generate at the time of setting up the service. To know more about how to set up the Google Tez app and its functioning, click here.

What is good about this app?

Though it doesn’t really offer anything dramatically different from an app like Bhim or PhonePe which are also based on UPI, but Tez is also tying up with businesses and offering the option of making payments directly from the app itself. Then there’s the ‘Cash Mode’, which shares money with phones which are in proximity using AudioQR and without sharing mobile number, banking details, etc.

Highlights of Google Tez app

  • It is available on Android as well as iOS, and supports various local languages, including Hindi, Bengali, Gujarati, Kannada, Marathi, Tamil and Telugu.
  • It is supported by a long list of 55 banks.
  • It automatically creates a new UPI ID, or VPA, by picking up the name from the Gmail ID. If UPI is already enabled on that bank account,  you will be prompted to enter the UPI PIN. The account will be set up after this step, and is ready to use.
  • You have the option of using your fingerprint to use or lock down the app. Mobile which doesn’t have the fingerprint scanner, can simply use the PIN to use this app.
  • Sending money using the app is fairly easy, you can tap in the payments tab. It lists all the contacts in your phone book with Google Tez app in one go. Apart from that you have the option to enter Account Number + IFSC details, UPI ID, Scan QR code, or Tez User Phone Number.
  • Cash Mode is the best feature that lets you transfer money without having the recipient’s phone number.
  • To incentivise Tez app, Google is offering users Rs. 51 for referring new users to use the app. After a referral both people will get the money added to their bank accounts. Apart from this, using the app to transfer money (Rs. 50 and above) awards both the sender and the recipient Google Tez Scratch Cards, with one scratch card per week for the sender-recipient. Scratch card gives user the chance to earn up to Rs. 1,000, which is transferred back to bank account. Users can earn a maximum of 10 rewards per week, up to a total of Rs. 9,000 per financial year. There are two types of Google Tez Scratch Cards. The blue ones are awarded to both sender and recipient, while one red ‘Lucky Sundays’ is awarded to the sender only once per week. This red Google Tez Scratch Card is locked until the Sunday, and users will be able to scratch it for a chance to win up to Rs. 1 lakh, Google said.

Hope this helps.

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