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Global search engine giant Google on Tuesday integrated its mobile payment app Tez with the nation's largest lender State Bank of India (SBI). With this, Tez users will be able to create an SBI UPI identity — @oksbi and make payments and gain access to exclusive SBI offers.
"We already have a multitude of services including e-commerce and m-commerce, and this partnership with Google Tez will drive innovation and deliver exciting new opportunities for our 40 crore (400 million) plus customer base," SBI chairman Rajnish Kumar said, adding SBI has about 2 million transactions through its UPI app every day.
Here is how Google Tez works:
- You can download Tez app on either an Android or an iPhone device.
- After installation, you will be asked to sign into the application using your 10-digit mobile number that is registered with your bank account.
- You will then receive a one-time password (OTP) via message.
- The registration will be completed after you provide your email ID.
- For instance, you use your SBI card to link it to the app. You will then be asked to add a UPI PIN — @oksbi, after which you can start making payments.
- The app uses QR scan code to let users make payments to another user who may or not be registered with Tez.
- From paying to bills to sending money to receiving payments, you can perform almost all money-transfer features through this one-stop app.
- Further, you can also send text messages from your registered mobile number via this app.
In case you do not wish to share your bank account or mobile number, you can use the ‘Cash Mode’ feature of the bank that lets you send or receive money without sharing such details.
Tez, since its launch in September 2017 has processed over 250 million transactions and has over 13.5 million monthly active users across India