Tez: Google’s UPI-based digital payment service launched

Current Affairs

Tech Giant Google’s Unified Payments Interface (UPI) based digital payment service Tez (meaning fast in Hindi) was launched by Union Finance Minister Arun Jaitley in New Delhi. With this, Google become latest international giant to enter into India’s fast growing digital payment ecosystem. 

UPI is a payments protocol built by government-backed National Payments Corporation of India (NPCI) and regulated by the Reserve Bank of India (RBI) It facilitates the instant fund transfer between two bank accounts on the mobile platform using unique virtual address without putting details of card details, net banking, IFSC code, wallet password etc.

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