Within 24 hours of 'Tez' being launched, Google saw nearly 1.8 crore gross merchandise volume (GMV) done with over four lakh active users.
Built on the Indian government-supported Unified Payments Interface (UPI), Tez allows users, free of charge, to make small or big payments straight from their bank accounts.
According to the National Payment Corporation of India (NPCI), the number of transactions on UPI has crossed three crore in September.
The number of transactions on UPI platform increased to 3.07 crore in September as against 1.66 crore in August -- an increase of 85.32 per cent.
Of the 3.07 crore transactions, BHIM's share was 76.03 lakh -- a market share of nearly 24.7 per cent.
"Tez" 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.
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.
(This story has not been edited by Social News XYZ staff and is auto-generated from a syndicated feed.)
About VDC
Doraiah Chowdary Vundavally is a Software engineer at VTech . He is the news editor of SocialNews.XYZ and Freelance writer-contributes Telugu and English Columns on Films, Politics, and Gossips. He is the primary contributor for South Cinema Section of SocialNews.XYZ. His mission is to help to develop SocialNews.XYZ into a News website that has no bias or judgement towards any.