Google on September 18 is going to launch a Unified Payments Interface (UPI) based app called Tez. The app will be launched in New Delhi by India’s Finance Minister Mr. Arun Jaitley. A report surfaced online on Thursday stating that the company will be soon entering the fast-growing digital payment ecosystem in India. After the report had come out the company sent out media invites for an event it will be hosting in India. Today Financial Minister Arun Jaitley confirmed this in a tweet stating, “FM Shri @arunjaitley to launch the Google Digital Payment app ‘TEZ’ on Monday, 18th September, 2017 in the national capital”.
“As we continue to make strides in ensuring that our products continue to serve the needs of everyone, we invite you to a press conference to share details on the launch of a new product developed grounds up for India,”
stated the company in the media invite
The subject of the invite was “Tez” which might be the name of the new app. Various tech publications are claiming that the app will work like Android Pay which is the company’s digital payments app in the United States. However, the app will be utilising India’s own UPI system to carry out the transactions.
UPI is a system regulated by the Reserve Bank of India, it lets users transfer funds between two banks instantaneously over the mobile platform. There have also been reports stating that soon WhatsApp the popular messenger app will also be implementing UPI to help its users to transfer funds directly through the app.