Union Finance Minister Arun Jaitely will dispatch Google’s Unified Payments Interface (UPI)- based computerized or digital payment service called “Tez” on Monday.
“FM Shri @arunjaitley to dispatch the Google Digital Payment application (Google’s Unified Payments Interface) “TEZ” on Monday, eighteenth September, 2017 in the national capital,” the Finance Ministry affirmed in a tweet on Saturday.
The report of Google entering India’s quickly developing Unified Payments Interface system showed up in the media on Thursday, following which Google India conveyed a welcome for an occasion in New Delhi on a September 18.
“As we keep on making strides in guaranteeing that our items keep on serving the requirements of everybody, we welcome you to a question and answer session to share subtle elements on the dispatch of another item created grounds up for India,” the welcome read.
“Tez” (which means quick in Hindi) may work like Android Pay
UPI is an installment framework propelled by the National Payments Corporation of India (NPCI) and controlled by the Reserve Bank of India which encourages the moment subsidize exchange between two ledgers on the versatile stage.
The other enormous player to join India’s developing advanced payment system showcase is Facebook-claimed WhatsApp.
WhatsApp has been in the news for working towards an UPI-construct interface with respect to its stage.
As indicated by media reports, the main informing stage is as of now in converses with the NPCI and a couple of banks to encourage budgetary exchanges through UPI.
The framework of advanced payments in India is relied upon to build three-crease before the finish of 2017 with right around five million electronic (PoS) machines, the Ministry of Electronics and IT.
“We expect that by December, the number will really go up to five million PoS, which implies that the framework for advanced payment will grow three times in the limited ability to focus one year,” MeitY Secretary Aruna Sundararajan of MeitY.