Tech honcho Google has something new to share this time. Recently, it announced that its payments app Tez has acquired 12 million active users within a span of just 10 weeks since its launch in India and it would also initiate bill payments.
Caesar Sengupta, Vice President of product management at Google, regarded at the third edition of the Google for India event that this app has processed more than 140 million transactions since it was launched in September.
Tez operates on to the Unified Payments Interface, developed by the National Payments Corporation of India. Further, it can be also used where UPI payments are accepted. To this Sengupta also added that Tez was the most used platform for the last two months for almost all the UPI transactions. He said that “Tez contributed to 53% of all UPI transactions in October and 73% in November. In addition, Tez has brought 5.25 lakh merchants on its platform”.
According to Sengupta, this time the striking feature is that the app would be getting a new feature in the form of ‘Bill Pay’. Also, he added that “Tez will remind users when a bill is due, and users will never pay the same bill twice as the status will be automatically updated. More than 70 billers will be supported, including utilities and direct-to-home service providers… The feature will start rolling out gradually over the next month”.
With this, users would be able to pay bills for electricity, water, gas, broadband and entertainment services of companies such as Bharti Airtel, DishTV, and Tata Power.
Now, the speed at which Tez has started acquiring the customers without being enhanced by any third party, for instance, demonetization, is definitely an issue of concern for rivals like Paytm and MobiKwik. Now, while Mobikwik has 60 million active users, industry estimates indicate that Paytm has over 147 million active users.
Sengupta concluded that bill payments are a key use case and that the company would keep rolling out improvements on this front every few weeks. Alongside, he also announced a new feature internally called ‘Sparks’. This was described as “little moments of delight” that would be triggered when a specific word or phrase was included in a message along with the payment.