Late in July, the Mint reported that Google, Facebook Inc, and WhatsApp Inc were in talks with the National Payments Corporation of India (NPCI) to provide UPI-enabled payment on their platforms, and here is the latest results.
Google is now planning to introduce a localised digital payment service in India as early as next week. The payment service will be called as ‘Tez’, which means Fast in Hindi. Tez will offer payment options beyond the existing ones like Google Wallet or Android Pay.
Tez, will include support for the government-backed Unified Payments Interface (UPI) and other consumer payment services including Paytm and MobiKwik.
UPI, launched by NPCI, is a mobile app that helps quick transfer of money through a mobile device round the clock. The customers can access multiple bank accounts through a single mobile application.
As of now, there are 50 banks who are members of UPI and out of them, 37 have developed their own UPI applications.