Union Finance Minister Arun Jaitley will launch Google’s UPI based digital payment service called “Tez” on Monday. Google entering India’s fast growing digital payment ecosystem appeared in the media on Thursday.
“Tez” (meaning fast in Hindi) may work like Android Pay.
The other big player to join India’s growing digital payment market is Facebook-owned “WhatsApp”.
WhatsApp has been in the news for working towards a UPI-based interface on its platform who is already in talks with the NPCI and a few banks to facilitate financial transactions via UPI.
Other mobile messaging platforms like WeChat and Hike Messenger already support UPI-based payment services.
About UPI
- UPI is a payment system launched by the National Payments Corporation of India (NPCI) and regulated by the Reserve Bank of India which facilitates the instant fund transfer between two bank accounts on the mobile platform.
Source:- The Economic Times
