India has led the way for the rest of the world where Google pay app ‘Tez’ is concerned. Google has announced that it was “unifying all payment offerings globally” & re-naming Tez to Google Pay.
It was last September that Google launched Tez, a digital payments app made for India. Google claims in just under a year, Tez was being used by 22 million people & businesses who use it every month. Tez had made it easy to recharge a phone or pay the monthly electricity bill in just a few taps. And because it’s built on BHIM UPI, users can send money to anyone, even if the recipient is on another payments app.
Together, users had made over 750 million transactions. In total, these transactions were worth over US $30 bln annually. Along with the growth of Tez, India’s monthly UPI transactions had grown 14x, said Google.
We have learnt that when we build for India, we build for the world, and we believe that many of the innovations and features we have pioneered with Tez will work globally. The world has certainly taken notice of India’s digital payments success and our deep investments here with Tez. Many governments are asking us to work with them to bring similar digital payments innovations to their countries. To make this happen, we will be unifying all of Google’s payment offerings globally. Starting today, Tez will now be called Google Pay.
Image Credit: Google
