Google Tez is a new mobile payments service that is reportedly coming to India.
The new service from Alphabet Inc (NASDAQ:GOOG,GOOGL) is reportedly going to be separate from the company’s other payment apps, such as Google Wallet and Android Pay. This likely has to do with the nature of Google Tez being different than previous efforts.
The main difference between Google Tez and other apps are the support it will include. A recent report suggests that the app will be able to handle Unified Payments Interface. This is a system that has backing from India’s government.
Tez translates to “fast” and Alphabet may have plans to expand the service to other countries in Southeast Asia. However, launching in India first is a smart idea. The country is the second largest market for smartphones and Android is the leading operating system for mobile devices there, reports TechCrunch.
The decision to put out a more refined mobile payment service also comes as Alphabet prepares for more users to adopt the technology. A report from Google claims that the market will reach $500 billion a year by 2020.
“As we continue to make strides in ensuring that our products continue to serve the needs of everyone, we invite you to a press conference to share details on the launch of a new product developed grounds up for India,” Google said in a press invite obtained by The Indian Express.
The press conference will be taking place on Swept. 18, 2017, which is likely when the company will launch Google Tez.