mobile payments service by Google, Tez was launched in India on September 18 and before completing 2 months it has been downloaded five million times from Google Play. Within 24 hours of launch, Google saw roughly 1.8 crores gross merchandise volume done with over four lakh active users. The developer of the app is expecting this response but not in just two months, it’s remarkable.
The application is built on the Indian government developed Unified Payments Interface which allows users to make small or big payments straight from their bank accounts without any cost.
According to the National Payment Corporation of India, the number of transactions on Unified Payments Interface has crossed three crores by the end of September. The number of transactions on Unified Payments Interface platform increased the download to 3.07 crores in September from 1.66 crores in August, an increase of 85.32 percent.
In this 3.07 crores transactions, BHIM’s share was around 76.03 lakh and that brings a market share of nearly 24.7 percent. Tez app works in partnership with four major banks: Axis Bank, HDFC Bank, ICICI Bank and State Bank of India to facilitate the processing of payments across over 50 Unified Payments Interface enabled banks. The application was built only for people residing in India, working on the vast majority of the country’s smartphones and is available in English and seven Indian languages including Hindi, Bengali, Gujarati, Kannada, Marathi, Tamil, and Telugu.