Tez-Money Made Simple
Tez is a mobile wallet application based on the Unified Payments Interface (UPI) platform. It has been devoloped by the National Payments Corporation of India (NPCI).
The UPI-enabled wallets permit users to transfer money without requiring the bank account details of the receiver. The UPI ID of the recipient is used as a proxy for the account number and IFSC code, thereby it simple for money transfer.
Unlike most other wallets apps, it does not require money to stored in the app to make digital payments. Tez works as an extension of one’s bank account, which means that unused money remains in the bank earning interest. Each transaction initiation by the sender entering his UPI pin with the additional security of existing phone locks. The app is available for download on both Android and iOS devices. This is functionally similar to the BHIM app.
Tez app features
After installing the app, users have to sync their wallets with their Google account. The mobile number linked to it. Access to the wallet from the app drawer gets protection by two-level security. A 4-digit Google PIN, and the security settings on the device, such as passcodes, fingerprints, or pattern locks.
Other means of making payments using the Tez app is by using the camera to scan a QR code, or by entering the phone number of the intended recipient. The app automatically identifies contacts who have successfully registered with the Tez database, making digital transactions easy to execute.
The Google Tez interface offers language support in English, Hindi, Bengali, Kannada, Tamil, Gujarati, Marathi, and Telugu. To gain greater traction among digital natives, Google has brought out an introductory offer on referrals which allows users to pocket 51 whenever the new user makes a transaction. A maximum of 9,000rs can be redeem every year. The offer is valid till April 1, 2018.