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Google to launch UPI enabled Digital Payment App ‘Tez’ in India

Joining the digital payment revolution bandwagon in India and obscuring WhatsApp’s future plans, Google is propelling a Unified Payments Interface (UPI) called “Tez” on September 18.

As per the reports, on September 18, “Google, Alphabet Inc’s backup, will make an entry into India’s fast growing and super-competitive digital payment ecosystem”.

After the story showed up in the media, Google India conveyed a welcome for an occasion in New Delhi on a September 18.

“As we keep on making strides in guaranteeing that our items keep on serving the requirements of everybody, we invite you to a press conference to share details on the launch of a new product developed grounds up for India,” the invite read.

This affirms a Make in India item will be divulged at the occasion tended to by Caesar Sengupta, Vice President, Next Billion Users, Google.

“Tez” (which means quick in Hindi) may work like Android Pay.

UPI is an installment framework propelled by the National Payments Corporation of India (NPCI) and controlled by the Reserve Bank of India which encourages the moment finance exchange between two financial balances on the versatile stage.

The other enormous player to join India’s developing advanced installment showcase is Facebook-claimed WhatsApp.

WhatsApp has been in the news for working towards an UPI-construct interface with respect to its stage.

As indicated by media reports, the main informing stage is now in converses with the NPCI and a couple of banks to encourage financial transactions by means of UPI.

As indicated by the reports, WhatsApp is offering shape to its designs towards bank-to-bank exchange utilizing the UPI framework.

Some versatile social media messaging service like WeChat and Hike Messenger as of now bolster UPI-based installment administrations.

The infrastructure of digital payments in India is expected to rapidly grow three-fold by the end of 2017 with almost five million electronic point of sale (PoS) machines, the Ministry of Electronics and IT (MeitY) has said.

“We expect that by December, the number will actually go up to five million PoS, which means that the infrastructure for digital payments is rquired to grow three times in the short time period of one year,” MeitY Secretary Aruna Sundararajan said.

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