Google is expected to launch its widely anticipated mobile payment service for India – thought to be called Tez – at a press event next week, according to a number of media reports in the country.
News broke in July the company had tested a payments service specifically designed for the country and was awaiting approval from the Reserve Bank of India.
The Tez service is expected to be based on United Payment Interface protocols approved by the National Payments Corporation of India. By adopting these standards, users will be able to transfer funds to subscribers of alternative services, many of which are already in operation.
Given the different brand name and use of India-specific protocols, the service looks set to be operated completely independently to Google’s Android Pay app offered across other markets.
India’s mobile payments market is becoming increasingly competitive with WhatsApp reportedly preparing to add payments to its existing app, while rival chat app Hike already launched a similar feature. This is in addition to comparible products from existing mobile payment providers, traditional financial service companies and mobile operators.
Discussing the vast opportunity for digital transaction services in the country at an investor meeting in July, Visa CEO Alfred Kelly pointed to the strong competitive environment and unique propositions offered by India.