By now you might have heard of Tez – a payment app developed by Google for India. Even If you haven’t heard of it, don’t worry keep-on reading further to understand what it is and how it’s underlying piece of tech is different from other payment leader apps in India.
|Image Source: Google|
Majority of the payment app in India operate using mobile number, punch in the 10 digit cell number in the payment app and you can pay the required amount to seller/user.Lets consider the nation wide popular payment app – Paytm, to make a payment to any seller you just have to either scan the QR code of seller or use his mobile number and payment can be made instantly. Privacy is taking a hit in these kind of payment solution as one has to share his/her number with third person to receive payment without any choice.
Keeping this in mind, Google came up with their own technology to transfer money without feeding any required information and it’s called as ‘Audio QR’.
Best part of this tech is, any phone which has a microphone & speaker (can’t recollect any phone without these 😉) can run this app for payment.
To make payment at tea stall or grocery store, all you have to do is tap on the ‘Cash Mode’ option and slide the button to ‘Pay’ and seller near you having cash mode option set to ‘Receive’ will be visible on your phone. Select the seller and punch-in the amount to be paid, this will transfer money immediately to seller’s bank account using UPI.