Within 24 hours of Google digital payment app Tez being launched in India[1], Google has seen nearly 1.8 crore gross merchandise volume (GMV) done with over four lakh active users.
"In the past 24 hours, 1.8 Crore GMV done on Tez already with 410,000 active users," a Google[2] spokesperson told IANS on Tuesday.
Gross merchandise value or GMV is the total value of merchandise sold over a given period of time.
Finance Minister Arun Jaitley launched the app in the Capital on Monday afternoon, saying the idea of Tez[3] was discussed by Google's India-born CEO Pichai in January, just after demonetisation.
"Google saw a great potential in Indian economy and businesses," Jaitley said, adding that Google's new digital payments app over the next few months was likely to make major advances in digital transaction volumes.
Replying to this, Pichai on Tuesday tweeted: "We hope that the launch of @TezByGoogle will help take India one step closer to your vision of @_DigitalIndia".
Google Tez App: 8 Things You Should Know About the New Digital Payments App[4]
Built on the Indian government-supported Unified Payments Interface (UPI)[5], Tez allows users, free of charge, to make small or big payments straight from their bank accounts.
The app was built for India, working on the vast majority of the country's smartphones and is available in English and seven Indian languages (Hindi, Bengali, Gujarati, Kannada, Marathi, Tamil and Telugu).
The app works in partnership with four Banks - Axis Bank, HDFC Bank, ICICI Bank and State Bank of India - to facilitate the processing of payments across over 50 UPI-enabled banks.
According to D.D. Mishra, Research Director, Gartner, Tez provides promising features which...