Google forayed into the burgeoning mobile payments sector in India on Monday with its mobile wallet app, Google Tez. Google Tez is a mobile wallet based on the Unified Payments Interface (UPI) platform built by the National Payments Corporation of India (NPCI). Tez does not require money to be stored in the app to make digital payments. It works as an extension of one’s bank account, So, unused money remains in the bank, earning interest. A fourth alternative is the ‘Cash Mode’ that allows quick transfers with nearby Tez users without sharing phone numbers.

Source: The Hindu September 19, 2017 01:41 UTC