With over 13.5 million active users, the new feature is rolling out in batches to all.
To take on Paytm and WhatsApp in India, Google Tez has now integrated a chat option which will allow users to send and receive messages. This will prove useful for users who can communicate regarding payment-related transactions. With over 13.5 million active users, the new feature is rolling out in batches to all.
In conversation with Economic Times, a Google spokesperson said, “We’ve added a feature to Tez that allows you to send simple messages back and forth to your contacts about the payments you make.”
The new chat feature will only be available if both parties have the updated app. The button is present next to the ‘Pay’ and ‘Request’ buttons and will also allow users to block certain contacts or disable particular chats. The report added that the new chat option will eventually help consumers track their transaction history like a conversation and improve the customer experience.
Tez, since its launch in September 2017, has processed over 250 million transactions and has over 13.5 million monthly active users, across India, from the major cities to Kashmir and Kanyakumari.
The platform is built on the Indian government-supported UPI, allowing users, free of charge, to make small or big payments straight from their bank accounts to the accounts of others from over 70 UPI enabled banks.
Google Tez’s biggest rivals in India are WhatsApp and Paytm. WhatsApp recently launched its UPI-based Payments service in India. To try the new feature, users will need to go to their friend’s profile on WhatsApp. Once there, they simply need to tap the attachment (paper clip-shaped) button. This will prompt them to see the payment option. They need to tap the payment option. This will give them an error, saying that their friend doesn’t have WhatsApp UPI feature just yet.
But in reality, they have just enabled the WhatsApp UPI feature for their friend. Now, you can go to the settings section within the app where you will see the payment option yourself. You can now invite your friends in a similar fashion.
On the other hand, Vijay Sharma Shekhar's Paytm has is now valued at $10 billion. The development came after Paytm's 200 employees sold off their shares worth $50 million. The latest valuation has now made Paytm, second biggest internet firms in the country after Flipkart, which has a valuation of $12 billion.
This month, Paytm announced that it has registered 68 million Unified Payments Interface (UPI) transactions in February, 2018, thus emerging as the largest contributor to the overall volume of UPI transactions. In December last year, Paytm had contributed 33 million to the overall transaction volume for UPI, which rose to 51 million in January 2018 and 68 million in February.
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