Arun Jaitley: Digital payment tech is the way forward
Finance minister speaks at launch of Google's new Tez app in New Delhi
Speaking at the launch of Tez, Google’s new digital payment app, on Monday, Indian Finance Minister Arun Jaitley expressed hope that such technology will gain traction in the market as it becomes more advanced, according to media reports.
“After the November 8 demonetization drive, many went in for digitisation out of compulsion rather than convenience, which eventually created a habit. We attained a peak growth figure, which, although has seen a marginal slip, will pick up again. In addition to Unified Payments Interface (UPI) and other measures, there will be a major advancement in the shift to a cashless economy, and will reflect upon the spending habit of people”, he said at the launch in New Delhi.
According to PTI, Tez works in partnership with four Banks – Axis Bank, HDFC Bank, ICICI Bank, and State Bank of India (SBI) – to facilitate the processing of payments across over 50 UPI-enabled banks.
The app, which is available on Google Play and the App Store, allows users to make payments straight from their bank accounts free of charge, ANI reported.
The app is available in English and seven Indian languages (Hindi, Bengali, Gujarati, Kannada, Marathi, Tamil and Telugu).