Google’s New Payment App Uses Sound To Transfer Money Securely

Google’s New Payment App Uses Sound To Transfer Money Securely
Banks, Insurance & Financial Services

Tez, Google's new payment app for India, uses audio QR to let users easily move money and pay bills

Matt Vitone
  • 19 september 2017

Google announced a new mobile payment service in India this week called Tez, and it comes with several interesting features to address the country’s 300 million (and growing) smartphone users who want to transfer money securely from their phones.

Tez makes use of a technology called audio QR that uses paired sounds on different phones to ensure the identity of each user so that secure payments can be made. Google says audio QR is similar to previous visual QR technologies but is faster and more secure. The sounds, however, will be inaudible to human ears, as they make use of ultrasonic frequencies.

Cash Mode is another innovative feature that lets two Tez users pay each other without having to share sensitive personal details like bank account or phone numbers. Users instead just need to bring their phones close together, hit pay or request, and enter a UPI PIN. The payment then goes instantly from one bank account to another.

Tez was made specifically with India in mind, where the government officially banned high-value cash notes last year. This has lead digital transactions to soar, meaning more Indians than ever before need mobile payment solutions. Tez works with the Unified Payments Interface (UPI) standard and all 55 of India’s banks that use it.

“To make digital payments truly work for India, we need a product that can compete with cash. It needs to be simple, affordable, and work everywhere and for everyone,” Google wrote in a blog post.

The app’s interface is organized much like an IM chatroom, with a records of transactions grouped together like a conversation. The app links with your phone number to add beneficiaries automatically, meaning there’s no need to enter complicated bank numbers to exchange money.

Tez has also launched a business channel called Tez for Business, where merchants will be able to engage customers directly by sending smart reminders for recurring payments, sharing tailored offers and more.

Tez is currently available on Android and iOS in India, and Google says it plans to launch the service in other countries including Vietnam, Indonesia and Thailand.

Tez

Google announced a new mobile payment service in India this week called Tez, and it comes with several interesting features to address the country’s 300 million (and growing) smartphone users who want to transfer money securely from their phones.

+Apple
+Asia
+financial services
+Frictionless Transaction
+Google
+india
+mobile
+Mobile
+retail
+technology
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