Google Tez is an online payment platform just launched last month in India. And Google CEO, Sundar Pichai, just announced that the app has now amassed over 7.5 million downloads in just 5 weeks since its launch in September. Tez is based on UPI developed by govt entity NCPI and is much like BHIM app. It links directly to bank accounts and makes payments blazing fast.
The Alphabet CEO speaking at the earnings call also explained Google’s plans for Asia regarding their products. Pichai also said that the app has recorded over 30 million transactions since launch.
Pichai was also asked the reason for such high demand for Google products in Asia. And he replied that the company has strengthened its roots and has worked from the ground up to build a user base. He also pointed that the explosive growth of mobile has aided their cause.
He also said that Asian markets are different compared to the US. As they use smartphones more heavily to access the Internet and this influences Google’s adoption. Also, E-commerce models widely differ to that from the West, according to him.
“So I think we see a way to look at these markets with a lot more thought and address them for the opportunity that they have, not just apply our global products there. So I think that’s what led us to do Google Tez in India. And we’ll thoughtfully look at the opportunities in that region and invest a lot in the years ahead.”
We hope, Google similarly keep announcing these similar kind of products in the coming future for developing markets.