{"id":35087,"date":"2018-10-31T15:10:56","date_gmt":"2018-10-31T09:40:56","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=35087"},"modified":"2018-10-31T15:10:56","modified_gmt":"2018-10-31T09:40:56","slug":"how-tez-works","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/how-tez-works\/","title":{"rendered":"How Tez works:\u00a0"},"content":{"rendered":"<p><a href=\"http:\/\/www.thehindu.com\/todays-paper\/tp-business\/how-tez-works\/article19712045.ece\"><span style=\"font-weight: 400;\">How Tez works<\/span><\/a><span style=\"font-weight: 400;\">:\u00a0<\/span><\/p>\n<p><b>Context:<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Google\u2019s entry into India\u2019s payment wallet app market<\/span><\/li>\n<\/ul>\n<p><b>What is Google Tez?<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Google Tez is a mobile wallet based on the Unified Payments Interface (UPI) platform built by the National Payments Corporation of India (NPCI).<\/span><\/li>\n<\/ul>\n<p><b>How does it work?<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">It permits users to transfer money without the recipient&#8217;s bank account details. <\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The UPI ID of the recipient is used as a proxy for the account number and IFSC code, thereby simplifying the money transfer.<\/span><\/li>\n<\/ul>\n<p><b>How is it different from digital wallets?<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Tez does not require money to be stored in the app to make digital payments.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\"> It works as an extension of one\u2019s bank account; so, unused money remains in the bank, earning interest. <\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Each transaction is initiated by the sender entering his UPI pin with the additional security of existing phone locks.<\/span><\/li>\n<\/ul>\n<p><b>How can you transfer money using Tez?<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Can be used on an Android or an iOS device<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Users have to sync their wallets with their Google account, and the mobile number linked to it. <\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Access to the wallet from the app drawer is protected by a Google PIN and by security settings on the device, such as passcodes, fingerprints and pattern locks.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Integration of one\u2019s bank account with the wallet is done via SMS<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Integration will not be completed if the phone number associated with the account does not match<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Non-Resident Indian (NRI) account is not supported for this feature.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Users without a UPI id will have to create one and enter a secure UPI pin.<\/span><\/li>\n<\/ul>\n<p><b>What are the other features included? <\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Users also have the option of making transfers to bank accounts by entering the account number of the recipient and the related IFSC code.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Payments can be made by using the camera to scan a QR code, or entering the phone number of the recipient. <\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The app automatically identifies contacts who have successfully registered with the Tez database. <\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">A fourth alternative is the \u2018Cash Mode\u2019 that allows quick transfers with nearby Tez users without sharing phone numbers. <\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Cash Mode can be used to pay as well as receive money from devices within its range.<\/span><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>How Tez works:\u00a0 Context: Google\u2019s entry into India\u2019s payment wallet app market What is Google Tez? Google Tez is a mobile wallet based on the Unified Payments Interface (UPI) platform built by the National Payments Corporation of India (NPCI). How does it work? It permits users to transfer money without the recipient&#8217;s bank account details.&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/how-tez-works\/\">Continue reading <span class=\"screen-reader-text\">How Tez works:\u00a0<\/span><\/a><\/p>\n","protected":false},"author":61,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[555],"tags":[],"class_list":["post-35087","post","type-post","status-publish","format-standard","hentry","category-test-1","entry"],"jetpack_featured_media_url":"","views":{"total":0,"cached_at":"","cached_date":1704793771},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/35087","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/61"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=35087"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/35087\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=35087"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=35087"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=35087"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}