Google Tez is among the top players in India’s growing digital payment space. But if a new report is to believed, the search giant is planning a rebranding process for the payment app.
Citing a couple of sources, ET claims that Google Tez will be renamed, and will be brought under the umbrella of Google Pay. Essentially to streamline its payment offerings, Google is said to be planning on renaming Tez to Pay. The company has already been on a rebranding track in different markets across Asia in order to avoid any confusion.
Back in January, Pali Bhat, vice-president of product management for payments at Google, had said that Google would eventually bring both Google Wallet and Android Pay under the Google Pay umbrella for easier, simpler and safer usage.
The ET report further claims that this renaming could also open up the possibility of a new payment option on the Google Play Store. Currently, Android users can pay for apps by choosing from options like credit and debit cards, net banking or carrier billing. But with the integration of Tez, Google could also add UPI as a payment option.
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Google could opt for an ‘invoke flow’ process once UPI payment option is added to the Play Store. In essence, once a user chooses the UPI option, they will be notified by the UPI app on their phone about a payment request. The user will have to open the app, and authorize the transaction.
Since its launch last year, Google Tez has steadily grown. It has garnered over 50 million downloads, and boasts over 13.5 million monthly active users who have conducted over 250 million transactions. The payment platform works with over 70 banks including SBI, HDFC Bank, ICICI, and Axis to name a few.