Update on October 5, 2017: Flipkart is making an investment of $38.7 million in PhonePe, its digital payments unit. PhonePE is an online payment system headquartered in Bangalore, India. This comes at a time when Google has entered the Indian mobile payment arena and competition has become fierce as the existing platforms battle to remain relevant in the face of new technology.
Google Tez was unveiled as a mobile payments app specifically for the Asian market in mid-September. This free mobile wallet uses Audio QR (ultrasonic sounds) to allow users to link their phones to their bank accounts to pay for goods and services. Tez, meaning "fast," is connected to several major banks in India via the Unified Payments Interface, which is the payment system standard in India. According to Tech Crunch, this peer-to-peer money transfer system negates the use of NFC in a country where NFC-enabled phones never really penetrated the market.
How does Google Tez undermine Visa and Mastercard?
Eliminates The Need For Visa or Mastercard & POS Terminal When Paying
Beats The Competition By Streamlining The Process & Protecting Privacy
Therefore, Google Tez is more private than Paytm, since one doesn't need to share their phone number for a transfer to be made. The app is already immensely popular, with more than 1,000,000 downloads, according to the Google Play Store.
[Featured Image by Tez by Google/Facebook]