#5 Key Features of Tez App That Will Attract all Entrepreneurs The cash-mode feature enables payment to another Tez user without having to share bank account details or phone number
By Nidhi Singh
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With Unified Payments Interface (UPI) becoming a popular medium of digital payments, there is a perceptible rush among start-ups and fintech companies to add this feature to their apps.
Soon you will be able to send and receive money using Google Tez App, which works with all major banks. With this app, Google has made its entry into India's digital payment industry official. Union Finance Minister Arun Jaitley launched Tez at event yesterday while expressing hope that digital payment was bound to pick up speed with the new technology.
The competition in the sector is getting hotter with fintech players launching new features almost every year.
Entrepreneur India lists five new features you should know about Google Tez:
Money Transfer Made Easy
One of the most powerful aspects of the app is that it helps users pay others without exchanging sensitive personal information. The cash mode enables payment to another Tez user without having to share personal details like bank account or phone numbers.
No Need to Add Beneficiary
The app uses your phone's contact list so there's no need to add people as beneficiaries or remember complicated bank details. Further, the transaction history with each person or business is grouped together like a conversation — just like any other chat app that groups your messages together.
Tez for Small Businesses
Small businesses can use Tez to accept payments directly into their savings or individual current accounts (subject to regulatory limits).Under the new Tez for Business programme, businesses will be able to interact with their customers in innovative ways, including securely accepting UPI payments on their mobile websites. These business men will get their own business channels in the app itself. So users can interact and transact easily with them without needing to install multiple apps. From their customized business channel, entrepreneurs will be able to engage customers directly by sending smart reminders for recurring payments, sharing tailored offers, and more.
No Hidden Cost
The app can also be used to transact with other UPI apps like BHIM. It doesn't cost you anything to use this app. Another important feature is that Tez works directly with your bank account so, unlike Paytm, there's no need to top-up an e-wallet or pay fees to get the money out.
24/7 Fraud Protection
The Tez Shield feature works 24/7 and uses multiple signals to help detect spam, fraud, prevent hacking, and to verify and protect the identity of every user. The user account is also safeguarded with security options like passcode or fingerprint or a Google PIN code.
The app currently works on many Indian smartphones (with apps for both Android and iOS) supporting English, Hindi, Bengali, Gujarati, Kannada, Marathi, Tamil, and Telugu languages.
