The popularity of mobile payments is just one sign of our connectivity dependence. Countries like India have adopted them for everything from public transit to brick-and-mortar point-of-sale, and now Google wants to throw its hat in the ring. Just a few months ago, the search giant launched Tez, a payments app for developing markets, and within five weeks managed to amass 7.5 million users and process 140 milllion transactions. This week, Google announced a new version of the app that'll manage utility company, mobile service provider, and broadband customer accounts.
Right now, Tez can send and receive money between bank accounts, but thanks to a partnership with 70 major service providers in India, it'll soon be able to facilitate bill payments. Once the integrations go live, Tez users will be able to connect their accounts to third-parties and pay for things like gas, electricity, broadband internet, and mobile data. They'll also be able to retrieve their billing history, settle pending charges, and set notifications for future bills.
Source: Google
Google's launched a number of mobile payment services over the years (see: Google Wallet), but it's consolidated most of its recent efforts in Android Pay, a unified wallet for gift cards, loyalty cards, credit cards, and debit cards. In developing markets, though, card-based payments don't tend to be as popular as cash and bank payments — hence the motivation behind Tez.
Tez's growth shows no signs of slowing down. At a press event in New Delhi today, Google said that it'll soon have more than 12 million active users, and that more than 525,000 entrepreneurs were using Tez for various kinds of transactions.
Source: The Next Web
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