Google Pay™ launched its service worldwide on January 8, 2018, while in India, it was introduced as Tez on September 18, 2017, through the Unified Payments Interface (UPI). Google Pay lets users easily send and receive money by entering just their mobile number or email ID. Unlike the traditional method, which requires entering full bank details such as IFSC or SWIFT Code, Account Number, Transit Number, and waiting for the beneficiary to be added, Google Pay removes this hurdle and allows for instant and seamless transfers.
Google Pay allows users to verify their identity before performing a transaction; this can be verified by entering the receiver’s contact number or e-mail ID that has been associated with Google Pay.
Google Pay was primarily developed to transfer money, but with further enhancements, the application introduced utilities and payment options. The following are some of the payment functions, including but not limited to:
Google Pay ensures that transactions are safe and secure. It has multiple layers of protection to guard against external hackers. Google Pay's privacy policy guarantees that no customer's personal information is stored or shared publicly. Additionally, the Google Pay app authenticates users with a 4-digit PIN or Face ID (depending on the device) before opening the app and during transactions.
Google Pay’s referral policy guarantees benefits for both the referrer and the referee when a referral results in an account creation. The program can be started by sharing the link with the participating customer; once the application is installed on the referral mobile device and a minimum amount has been transferred, the referral bonus is credited to both accounts.
Google Pay enables customers to track their transactions. The application's intuitive design and settings allow customers to retrieve their transaction history at any time.
One-touch payment (commonly called Tap & Pay) offers a quick and convenient way to complete transactions. Customers can pay at any Near Field Communication (NFC)–enabled device by simply tapping their phone near the Point-of-Sale (POS) terminal.
