DIGITAL PAYMENT

Google to launch mobile payment service in India

google-payments-file-reuters [File photo] The payment service will offer payment options beyond the existing ones like Google Wallet or Android Pay | Reuters

Joining the digital payment bandwagon in India and eclipsing WhatsApp's plans, Google is launching a Unified Payments Interface (UPI)-based digital payment service called "Tez" on September 18.

The payment service will offer payment options beyond the existing ones like Google Wallet or Android Pay, the report said.

Tez, meaning fast in Hindi, will include support for the government-backed Unified Payments Interface (UPI) and other consumer payment services including Paytm and MobiKwik, according to the report.

Google India sent out an invite for an event in New Delhi after news stories appeared in the media. "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," the invite read.

Google launched its payment app Android Pay in the United States two years ago.

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, the Mint daily had reported in July. 

UPI is a payment system launched by the National Payments Corporation of India (NPCI) and regulated by the Reserve Bank of India which facilitates the instant fund transfer between two bank accounts on the mobile platform.

The infrastructure of digital payments in India is expected to increase three-fold by the end of 2017 with almost five million electronic point of sale (PoS) machines, the ministry of electronics and IT (MeitY) has said.

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