The digital payments space is growing at a great pace these days and Google Tez has been a predominant player along with many other companies. Google is now planning to rename Tez to Pay and integrate it under the global payment umbrella of Google Pay.
Being Google’s payments app, Tez gained a lot of attraction and also has hit various targets in less time as compared to others. The app has crossed more than 50 million downloads.
This move is expected to open the Unified Payments Interface (UPI) as a mode of payment for app purchases on Google Play Store. And as stated by the experts, it is a huge use case waiting to be tapped.
“We have always maintained that we will bring payments across different platforms,” Google spokesperson said.
It has also been mentioned that till now Tez has been providing service only across Asia, and the company probably wants to use a global name to avoid confusion.
On the anticipation of opening UPI as a payment mode for app purchases on Play Store, the other person stated, “Also on UPI, Play Store will be an invoke flow as that is the easiest way to integrate.”
Talking about the process of invoke flow, once UPI was selected as a payment mode, the consumer would be prompted by his UPI app for a payment request which he would have to open on the app and authorise.
As per the reports, Tez claims to clock more than 50 million transactions every month.
The Google Wallet and Android Pay apps are expected to be rolled out in January under the Google Pay umbrella for easier, simpler and safer usage.