Google entered the banking and wallet market in India last month and made a large stride in competing with the other UPI apps with its own app called ‘Tez’. Tez is the Internet giant’s fi₹ t UPI-enable app for digital payments. Currently the options available to use₹ were Paytm, PhonePe and the BHIM app along with UPI apps from different banks. With Tez, Google has tried to remove the inconvenience associated with the other UPI apps.
Tez acts as a new medium to facilitate the transactions between two accounts through the help of a phone. The most important aspect of this app is that it’s a UPI app like BHIM and not a wallet like Paytm. This means that you can transfer money directly to your bank account without incurring any processing fees unlike Paytm. It comes with two important features of QR code scanner and Cash mode which allow the use₹ to transfer funds from one account to another without the Bank account number and IFSC code. As the account linked with the mobile number is used by Tez, the money transferred is sent directly to the account. The option to transfer money through IFSC code and Account number is also available and so is the option to transfer through UPI code. 
The first look of this app will give you the feel of a very basic app with the opening screen having limited functionalities. It does not provide the option to pay the utility bills which is available in PhonePe, but the process of making payments is simplified with this app. It gives the list of other Tez users from your phonebook making the task of requesting and sending money easy.
The added incentive which Tez provides to new users is referral money of ₹51 and if you transfer an amount of ₹50 and above, you get a scratch card which gives you a chance to earn up to ₹1000. We received ₹80 on transferring ₹50 and the amount was transferred to bank account directly. A maximum of 10 rewards can be earned through this app and total of ₹9000 in a financial year.
There were some issues while trying to link the bank account with the app and setting a PIN for the app but after some trials, we were able to accomplish the task and everything worked smoothly thereafter. Tez is a welcome addition to the already available options of transferring money digitally and Google’s brand name will go a long way in placing it amongst the established ones.
