Google Tez – Why is it renamed to Google Pay?

The digital world is all abuzz with the latest news that Google has now decided to re brand Google Tez as Google Pay. But not many know the history of Google tez and why it is now called Google Pay. The term ‘Tez’ is derived from the hindi word ‘tez’, meaning ‘fast’. It was named as such to specifically launch in India. For those who don’t know, Google Tez is a mobile payment service developed by Google on September 19th 2017 specifically targeting Mobile users in India and it was rebranded to Google Pay on the 28th of August this year.

Here we present to you a brief history of Google Tez – from its inception to its current change in name.

  • Originally launched as Android Pay in 2015, it was built on the basis of the previously released Google Wallet in 2011. Currently, it is available in the United States, Canada, Brazil, UK, Ireland, Spain, Poland, Czech Republic, Japan, Australia and New Zealand.

  • Android Pay was launched in Singapore on June 28th 2016, it was launched in Australia on July 14th, 2016 and on the 7th of December, 2016 Android Pay was launched in the Republic of Ireland.

  • In 2016, A public trial was initiated by Google in the Silicon Valley area of California. The trial was on a mobile app called Hands-free.  Through this app, all the customer has to do is say they wish to “Pay with Google” and present their initials to the cashier, whom verifies their identity with previously updated proof of identity with photo. The customer’s phone will only authorize the payment if its location shows that it is near the store.

  • On September 18, 2017 Google launched Android Pay in India, called Google Tez – a mobile wallet app based on the UPI (Unified Payments Interface) platform which was built by the NPCI (National Payments Corporation of India). This ensures users to transfer money without requiring the bank account details, hence simplifying the process of money transfer.

  • On January 8th 2018, Google announced that Android Pay will be merged with Google Wallet, with the entire service as a whole re-Branded as Google Pay. This merger extends the platform as a web based payments which were later integrated into other third party services along with Google.

  • On February 20th 2018, the re brand was introduced in the form of an update to the Android Pay app with an updated design; it displays a personalized list of stores that support Google Pay

  • On August 28th, 2018, Google rebranded Tez to Google Pay and will be introducing interesting features that makes banking all the more convenient for its Indian users. Soon, loans can now get pre approved instantly from some banks.

  • Currently though, the only change introduced is just the name. There is not much of a change in terms of user experience.

  • Google is currently working on tying up with a few top Banks in India – Kotak Mahindra Bank, ICICI Bank, Federal Bank and HDFC Bank – To offer pre approved loans instantaneously from within Google Pay. This new feature will roll out in the next few weeks.

  • After its launch last year, over 55 million people have downloaded the app with more than 22 million actively using the app for their business transactions every month.

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