Alphabet Inc (NASDAQ:GOOGL) announced recently that it has added a messaging service to its Tez Payment App in India to allow its users to send and receive money instantly to their bank accounts, according to the Economic Times. The new feature will be made available to its 13.5 million users of the App.
According to Google, the new feature intends to simplify the transaction processes for customers as they can now send or receive money anywhere and anytime at their convenience. With people’s world growing smaller each day, many users’ demands for services that can be facilitated through their small mobile phones. The initiative is also part of the company’s strategy to compete directly with its rivals including Paytm.
The company’s move comes after its recent launch of peer-to-peer payments in WhatsApp in the country in January 2018. More than 200 million users are already subscribed to the service. Google Tez will enable users to communicate with its contacts directly via the App.
Tez App was launched last year and it currently has over 15 million subscribers. In addition, the App has also added a feature to allow payment of utility bills for services such as electricity, gas, and water, and TV/internet services.
The App could also allow business companies to carry out their transactional messages within the app. Since the grand demonetization exercise in late 2016, the demand for digital wallets and Apps has increased drastically since most customers prefer a flexible and widely acceptable mode of payments.
Last year, Paytm also introduced a direct message and payment App and plans are underway to launch other new features that will include games and videos. While Google is a giant tech firm, it’s still striving to dominate messaging space by developing various products to suit the needs of the market. For instance, the company launched Hangouts but its users have not reached or matched the users of WhatsApp.