Google launches Tez mobile payments app in India; enables transactions directly from bank accounts

Key highlights:

• Google on Monday finally launched the mobile payments app Tez in India
• Tez allows people to pay directly from their bank
• Tez had partnered with Axis, HDFC Bank, ICICI and State Bank of India

Google on Monday finally launched the mobile payments app Tez in India. The tech giant made its foray into the mobile payments space first in India and is essentially a peer-to-peer money transfer app which lets users link their phones to their bank accounts to pay for things online and offline stores.

The one difference about Tez from other mobile payment apps is that users do not need to transfer money separately to its mobile wallet and then make the payment. Tez allows people to pay directly from their bank. Which means that the user will continue to earn interest with the money lying in the bank account.

“With Tez, you can pay directly from your bank account, which means your money is safe with your bank and you’ll continue to earn interest. There’s no need to open a separate account or worry about reloading wallets,” the company said in a blog post.

Google to launch TEZ mobile payment service in India on Monday