Google to launch a new payments product in India dubbed Tez

While Google is expanding its mobile payments service Android Pay slowly and steadily, India - world's second-largest smartphone market - is still not among the list of countries where the service is available. That, however, doesn't mean the company doesn't have any plans for the Asian country.

According to a new report, the search giant is readying to enter the Indian digital payments market. And no, we are not talking about Android Pay here. The report says the company will very soon launch a entirely new service dubbed Tez, which means fast in Hindi, one of the country's official languages.

In fact, one of the staff writers of the publication whose report we're citing also tweeted a screenshot of Google's application for Tez submitted back in June this year to Indian government's agency dealing with trademarks, design, and patents.

Nothing much is known about the service at the moment, except that it'll reportedly support the Indian government backed payments platform - dubbed Unified Payments Interface (UPI) - as well as other consumer services like Paytm and MobiKwik.

As you can see, the tweet says the service is set for launch in India coming Monday, which is September 18. Reports say the service will arrive as a dedicated app, and Google also has plans to launch 'Tez' in other Asian markets as well, including Indonesia and the Philippines.

Source | Via