Google Pay
Online money transfer is now a common practice in India due to digital wallets that have improved their offerings with unique features and clear user interfaces. After Tez joined the league of digital wallets and started handling all payments in India, Google rebranded the app as Google Pay because of the growth.
What are the workings of Google Pay?
You can use the Google Pay app to send and receive money, but the funds can be deposited directly into your bank account compared to other digital wallets. With this solution, there is no more need to receive money in wallets and then transfer it to a bank account.
The user must follow these steps:
- Set up Google Pay with your bank account.
- Activate the UPI pin.
Special Features
Many unique features make Google Pay stand out from the rest of the market. These include:
- Instantaneous transactions
- Money can be transferred to and received from bank accounts directly With its multilayered security and 24×7 fraud protection, Tez Shield enables highly secure transactions
- All transactions, small or big, can be carried out through the app because funds are transferred from bank accounts
- The app is accessible in eight Indian languages, allowing it to be more available to Indians
In what way does Google Pay make money?
The Google Pay app makes money from commissions, which it receives from transaction fees paid to service providers and bill payments. So for every transaction a Google Pay customer makes, Google Pay Business gets a small percentage.
What is the purpose of the Google Pay card?
Google Pay Card is a virtual Visa debit card that can be used to make purchases with an NFC terminal so that now spending cash from a friend is as easy (and probably as quick) as setting your Google Pay balance as an NFC card and tapping the terminal at a store.