Internet giant Google has integrated its mobile payments app, Tez, with State Bank of India (SBI) that will enable Tez users to create a SBI UPI Id.
Tez, which was rolled out in September 2017, claims to have processed more than 250 million transactions so far. The digital payment app also serves more than 13.5 million active users across the country.
The two companies have also committed to work together to drive adoption of digital payments and develop unique offers for users and merchants.
State Bank of India chairman Rajnish Kumar said: “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 plus customer base.
“Our shared commitment to excellence in customer service and bringing simple and secure payments for all will boost adoption of UPI and is a significant step forward in the digitisation of cash.”
Google’s Next Billion Users vice president and head of finance and commerce products Diana Layfield said, “We are very excited about the growth of Tez and our partnership with State Bank of India. We are still in very early stages of building a vibrant digital payments ecosystem – that brings together millions of smartphone users, small merchants, large businesses, and financial institutions. This is an important step forward in that journey.”
Built on the Unified Payments Interface (UPI) supported by the government of India, Tez enables users to make payments from their bank accounts to the over 70 UPI enabled banks. Tez does not charge fees for these transactions.
Next Billion Users operates as a division of Google.
SBI is the largest bank in the country with a network of 22,584 branches and nearly 59,000 ATMs.