The technology giant Google will announce a digital payment service in India next week that has been developed for the local market, according to industry sources.
In July, India’s National Payments Corporation (NPCI) had said that Google had completed testing its UPI payment service and was awaiting approval from the Reserve Bank of India to launch its service in the country.
Google on Thursday sent invitations to an event to be held on September 18 to “share details about the launch of a new product developed grounds for India.”
VP of Google (Next Millions of Users) Caeser Sengupta will also be present at the event.
When contacted, Google responded with a gift – a cat typing very fast on an Apple laptop with the caption “Because fast is better than slow. See you on Monday.”
Google is reportedly looking to launch a ‘Google Tez’ payment service, which will include support for the Unified Payments Interface (UPI), as well as mobile wallets such as Paytm and MobiKwik.
Technology majors like WhatsApp and Facebook are also engaged in a dialogue with NPCI to provide UPI-enabled payment on their platforms.
UPI allows consumers to transfer money from one bank to another using a virtual address. There is no need for an account number, IFSC code or MMID to perform the transfer.
