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    Google Enters India’ Soon to Be $1 Trillion Digital Payment Space

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    The Audio QR technology offers Google’s Tez an edge over its competitors in India’s digital payment space that is projected to reach $1 trillion in the next few years.

    New Delhi (Sputnik) — Google has forayed into India’s fast-growing digital payment space by launching Tez – an application that enables quick money-transfer and bill payments. Integrated with the Indian government’s Unified Payment Interface (UPI), the platform is available on android as well as iPhone operating system (IOS) in almost all major Indian languages including English. The app was launched by India’s Finance Minister Arun Jaitley in New Delhi on Monday.

    "Using NPCI's Unified Payment Interface, money transfers are simple and secure with Tez," Google says in its app description.

    Google has partnered with four banks — Axis Bank, HDFC Bank, ICICI Bank and State Bank of India (SBI). While Google says it is completely safe for users to link their bank accounts with the app, it has also given users the option to send and receive money in digital wallets without linking it with their bank accounts. The technology called audio QR Code which uses ultrasound waves to connect two phones through the phone's microphone and speaker.

    India’s digital payment space is already crowded with large players like Amazon, Flipkart, Uber along with numerous smaller ones with Paytm commanding the largest market share. Apple is also said to be working on its own version of payment application it intends to launch in India.

    Digital payment –enabling services have become a lucrative business in India with the Narendra Modi-led government pushing for a “less-cash economy” in a bid to tackle black money and corruption. Some estimates project India’s digital economy to reach up to $1 trillion in the next few years.

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    digital payments, Google, State Bank of India, New Delhi, India
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