The idea of Tez is to fully substitute conventional cash transactions with digital payments. It also comes with the added advantage of not needing NFC but instead, works using Google's own AudioQR technology. Tez, which means 'swift' in Hindi, lets users use their bank accounts for payments directly without the need to add the recipient as a beneficiary or fill up additional online wallets. Google has forayed into the highly contested digital payments space in India with the launch of its new service, Tez.
