Google to Launch Mobile Payment Service in India

Tech giant Google has announced to unveil a digital payment service in India that has been developed for the local market. In July, National Payments Corporation of India (NPCI) had stated that Google had completed the testing of its UPI payment service and was awaiting Reserve Bank of India’s approval to launch its service in the country.

Google is looking at launching a payment service ‘Google Tez’, which will include support for Unified Payments Interface (UPI) as well as mobile wallets like Paytm and MobiKwik. 
Important Takeaways from Above News-
  • UPI allows consumers to transfer money from one bank to another using a virtual address.
  • There is no need of account number, IFSC code or MMID to carry out the transfer.
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