Union Finance Minister Arun Jaitley on Monday launched Google’s Unified Payments Interface (UPI)-based digital payment service called “Tez” and said that it will help in promoting growth and creating jobs in the nation.
“Google Digital Payment Aap ‘Tez’ is the first product for India, first to promote growth, create jobs and make lives better,” Jaitley tweeted adding that the app lets users transact directly from bank account and is “super secure”.
“Google team saw a great potential in remonetisation after demonetization,” added Jaitley as he made the first transaction on the app.
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 other big player to join India’s growing digital payment market is Facebook-owned WhatsApp. WhatsApp has been in the news for working towards a UPI-based interface on its platform.
According to media reports, the leading messaging platform is already in talks with the NPCI and a few banks to facilitate financial transactions via UPI.
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.