Google Tez, one of the top three UPI payment players in India, is soon likely to get a new name. Top sources have hinted a leading business publication that Google Inc. has decided to merge Google Tez with its global payment services Google Pay. Google Pay was created earlier this year after unifying together old Android Pay and Google Wallet.
If Google Tez is indeed rebranded into Google Pay then it is likely to pave way for UPI to be used as a mode of payment for app purchases on Google Play Store. Experts say that this will only give further push to UPI usage across the country.
Google Tez’s re-branding into Google Pay makes sense, considering that Google is going all out to promote its payment services across the world under the umbrella name Google Pay. Hence re-branding will help to quall down any confusion for Indian users.
The integration of UPI payment into Google Play Store may also help the search giant in increasing its app revenue. Google has always faced problems in generating revenue from app sale in India. The Asian country ranks lowly 29th in Google’s list of countries generating revenue through sale of mobile apps.
Google Tez is among India’s top three UPI payment players
Following a high profile launch by Finance Minister Arun Jaitley last year, Google Tez has managed to gain significant market share in very short span of time. It is already among the top three UPI players, the other two being Paytm and PhonePe.
As per industry estimates, Google’s Tez clocks 50 million transactions every month. The search giant expects that these numbers will go up significantly in coming months. It has tied up with several well-known banks including HDFC and Axis Banks to facilitate easier adoption and payment.
Most UPI players are upbeat about the future prospects, since UPI payment offers lot of convenience than mobile wallets. In fact, today most analysts claim that the unprecedented rise of UPI payment has caused huge identity crisis for mobile wallets.