Google has become the latest entrant in the already crowded payments app market in the country, with the launch of UPI-based Google Tez.
The new Google Tez app can be used to pay for movie tickets, utility bills, and make other transactions online.
The company will hold a launch event for the app on Monday in New Delhi, but has made it official ahead of that.
Tez means fast in Hindi, which the company said was one of the selling points of its new app.
Google’s rivals such as Amazon and Facebook are also making efforts to tap the country’s digital payments market.
Tez will be launched on iOS and Android in the country and will see Google linking up with several major banks in the country by way of UPI (Unified Payments Interface) — a payment standard and system backed by the government in its push to bring more integrated banking services into a very fragmented market.
Google’s payment app differs from other wallets, as it links up your phone with your bank accounts to let you use your phone as a way to deduct payments from those accounts.
Supported banks include Axis, HDFC Bank, ICICI and State Bank of India and others that support UPI.
Online payment partners include large food chains like Dominos, transport services like RedBus, and Jet Airways.
And tellingly, to help address one of the many ways that the Indian market is fragmented, the app has support for English, Hindi, Bengali, Gujarati, Kannada, Marathi, Tamil, and Telugu.
For money transfers, there is a limit of ₹1,00,000 in one day across all UPI apps, and 20 transfers in one day.