Google has been working with State Bank of India for some time now and on Tuesday they announced additional integrations and improvements with their mobile payment app Tez. Users of the Tez app can now integrate with SBI, create SBI UPI IDs and receive new and interesting offers.
Together, they are working toward pushing the Indian economy to take another giant step toward digital payments thereby moving toward a digital economy. They are working on schemes to get more users and merchants to move digital since this would reduce the cash floating around in the economy.
Each day SBI works with about 2 mil UPI transactions with their daily credit and debit amounts being about Rs. 400 crore. Tez, on the other hand, has about 13.5 mil active monthly users who have worked about 250 mil transactions.
Tez has been built atop the Unified Payment Interface, which is looked after by the Indian Government. It allows users to make payments from their personal bank accounts to the bank accounts of others. The platform is free of charge and has some basic rules but works with small and large payments as well.
“We are committed to creating an enabling environment to promote digital payments for Indians,” said the Chairman of SBI, Rajnish Kumar. “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 crores plus customer base.”