Tuesday, September 19, 2017
With over 300 million smartphone users in India and rapidly improving connectivity, the internet is becoming a daily part of life for many Indians. That includes messaging friends and family, searching the web for information, reading news, watching music videos, or playing games. But when it comes to paying for things in the real world — vegetables, bus fares, the chaiwallah, splitting the bill at dinner or paying on delivery for something purchased online — those smartphones often go unused. Out instead comes… wads of paper. Indians love cash.
There is a reason for this: cash is easy to use and works everywhere. But cash is easy to lose, difficult to carry around and can be easily stolen. More critically, cash makes it hard for people to build a financial track record, and could result in exclusion from services like credit and insurance.
To make digital payments truly work for India, we need a product that can compete with cash. It needs to be simple, affordable, and work everywhere and for everyone. So today we are introducing a new mobile app from Google, Tez — a simple and secure way to pay for things, big and small, online and offline, in India. Tez is a payments and commerce app built for India on top of the Unified Payments Interface (UPI) standard.