Google's Tez goes live; Here are its top featues

It also supports payments bank Airtel Payments Bank.

The app allows users to do financial transactions like sending money, receiving payments directly into their bank accounts and paying bills.

Tez will support UPI, enabling users to link their mobile phones to their bank accounts and facilitating payments to merchants for goods purchased as well as to and from other users of the app.

Google has partnered with four banks - Axis Bank, HDFC Bank, ICICI Bank and SBI Bank for this service.

To ensure the security of your bank details, Google's 4-digit security PIN or screen/pattern lock to open the app is required to be entered. Apps like Paytm require that users keep money in e-wallets for the payment.

"With Tez, you can pay directly from your bank account, which means your money is safe with your bank and you'll continue to earn interest". You can add multiple bank accounts and change the primary bank account whenever you wish.

Google Tez relies on Unified Payments Interface (UPI) payment system developed by the Indian government that makes it convenient to carry out money transfer on a smartphone between two bank account holders. Other networks such as Dominos, RedBus, JetAirways.

In line with all the reports and rumours, Google has officially unveiled its latest application- Tez (meaning- "Fast" in Hindi) for the Indian market. Also, besides English, the app supports languages like Hindi, Bengali, Gujarati, Kannada, Marathi, Tamil, and Telugu.

The app has limits of its transactions. Money transfers are limited to ₹1,00,000 (yes, it's actually written like that) per day through UPI apps and 20 transfers per day.

Google has trademarked the "Tez" name in other Asian countries as well, specifically, Indonesia and the Philippines. Soon, the app will dominate the entire Asian countries. And this has made Google choose India as the first place to launch their mobile payment app Tez. It's available right now for both Android and iOS platforms.

And unlike NFC - Near Field Communication, a feature that not all smartphones have - AQR will on nearly any smartphone in India, whether Android or iOS, Google said. Although Google has already set a launch event for later today, the website of the application tez.google.com already went live and the application is up for download from Google Play Store.

Speaking about the bank, yes you need a bank account as you link it with the app when you register, and you also need a UPI pin as well. Tez will then search for the bank account linked to their number and ask them to verify it.