|Meet Tez - Google new technology rollout in India that uses Sound to transfer and make Payments.|
Recently, many were left astonished by the integration of the Finger Vein Verification System mostly which allows transactions to be carried out with just a thumbprint. We might yet be in for more inventions as Google has taken online transactions to a whole new level - especially in India.
Google with yet another release of a new payment app in India called Tez (Hindi word for “fast”). Tez features a technology called audio QR that allows users to transfer and make monetary transactions using sounds to pair two devices.
Dubbed the “cash mode option,” phones negotiate a connection using audio to identify the payer and payee. (The sounds should be inaudible to human ears though because they’re sent using ultrasonic frequencies, according to the Financial Times.)
The feature is therefore similar to cash transactions which don’t require the exchange of personal details like bank accounts and phone numbers. Cash Mode works arguably with any phone with a mic and speaker and Tez app installed and doesn’t require an NFC chip (which sends data encoded in ultrasonic audio).
Tez Top Features
- Easily perform Transfer actions directly to your bank account by linking your account to Tez over UPI and instantly transfer money from bank to bank.
- Know your money is secure. With Google’s multi-layered security and 24/7 protection by Tez Shield, you can make payments and transfer amounts both big and small, with confidence.
- Instantly send or receive payments to anyone nearby without sharing personal details like your phone number or bank account with Tez’s Cash Mode.
|Tez App For Mac|
No doubt Google decided to try the App first in India. With up to 300 million smartphone users in India, and phones with NFC still relatively rare and expensive, with many users instead favouring entry-level and mid-tier devices.
Tez is a step beyond Android Pay because it allows users to link payment apps from Indian banks — supporting over 55 banks on India’s Unified Payments Interface (UPI). UPI is a system that allows numerous bank accounts to be linked into one mobile app and enables secure peer-to-peer payment.
Cover Image: ProphetHacker