Tech giant Google will launch its payment app ‘Tez’ on Monday as it seeks to cash in on the growing digital payment segment in the country.
Finance minister Arun Jaitley will launch the payment app on 18 September in Delhi, according to an official communication sent by the finance ministry.
In July, the National Payments Corporation of India (NPCI) had said Google had completed the testing of its Unified Payment Interface (UPI) payment service and was awaiting Reserve Bank of India’s (RBI) approval to launch its service in the country.
Google has also sent out invites for the event to “share details on the launch of a new product developed grounds up for India.”
Tech majors like WhatsApp and Facebook are also engaged in dialogue with the NPCI, a body set up to promote UPI-enabled payment, on their platforms. UPI allows money transfers from one bank to another using a virtual address.