Digital payment bound to pick up with new technology
Finance Minister Arun Jaitley Monday expressed hope that digital payment is going to pick up momentum with more advanced technology coming into the market.
A lot of people went in for digitisation in terms of mode of payment more out of compulsion rather than finding it a more convenient method to transact, but that compulsion created a habit for many, he said after the launch of a mobile app for digital payments developed by Google for India.
“We reached a peak figure (after the demonetisation), then it marginally slipped and is now bound to pick up again,” he said. Built on the government-supported Unified Payments Interface (UPI), Tez allows users, free of charge, to make small or big payments straight from their bank accounts, Google said.
The app was built for India, working on the vast majority of the country’s smartphones, and is available in English and seven Indian languages (Hindi, Bengali, Gujarati, Kannada, Marathi, Tamil and Telugu). Tez, a Hindi word which means fast, works in partnership with four Banks — Axis Bank, HDFC Bank, ICICI Bank, and State Bank of India (SBI) to facilitate the processing of payments across over 50 UPI-enabled banks.
The app allows users to make the payments through 3 modes. One is the through UPI ID, which is part of the government of India UPI interface. If you know the iD of a receiver you can simply input that and make the payment. The second way to pay is through a QR code, which a user will be able to scan and make the relevant payment. This will probably work similar to how the Paytm QR code scanning payment works. Finally, there is option to pay by using the phone number. This again probably works similar to how the Paytm phone number payment works.
In addition to the three modes, Google has built another mode, which is especial to Tez. This is called “cash” mode and it uses proximity. The way Google describes it, the Cash mode will allow two users to exchange money if they have the phones in close proximity. Just tap the “Cash” button in the Tez app and then follow the instructions. The phone uses proximity sensor and microphone to enable payment and it, in a way, works similar to how users share Bluetooth files.
While for the end-users, the app is called Tez, Google has also built a special version for businesses. This is called Tez for Business.
“Now, the time has come with application as simple as this that what started as compulsion becomes a matter of convenience and eventually a matter of spending habit as far as Indian people are concerned,” the finance minister noted. The app is available now for download on Google Play (Android) and the App Store (iOS).
