Google Tez is Google's mobile payments platform for India, and it's integrated with the Unified Payments Interface (UPI). It was released in September, and Google announced recently that it's gained 12 million users in the country and 7.5 million in the past five weeks alone.
Earlier this month, Tez gained the ability to keep track of utility bills including mobile data recharges, gas, electricity, and broadband payments. Now, Xiaomi has jumped aboard the Google Tez bandwagon. The China-based company announced on Wednesday that its customers can make payments on Mi.com and the Mi Store app through Google Tez.
How does checkout with Google Tez work? The answer is simple: it is presented as another payment source on Mi.com and Xiaomi's Mi Store app.
Tez's rapid adoption will likely only accelerate with its addition as a payment source on Xiaomi's e-commerce platforms. Google revealed earlier this month that the app has processed over 140 million transactions, a quadruple growth rate in average transaction size.
In a press statement, Xiaomi said that Mi.com gets over 21 million unique visitors in one month on average and over a million daily active users, and that the Mi Store app on Google Play has over 20 million app installs with more than six million organic downloads to date.
This is good news for Google's e-commerce efforts in India. It's a win-win situation for Xiaomi as well. Its customers will have a reason to use its e-commerce platforms instead of third-party platforms such as Flipkart and Amazon, because Xiaomi's platforms will allow them to pay directly using their Tez UPI IDs.
"Xiaomi is currently the number one smartphone brand with a dominant online smartphone market share of 50.8 percent, of which a significant portion is attributed to Mi.com. With this new payment option, we hope to provide an even better purchasing experience that is truly cashless," Raghu Reddy, Head of Online Sales at Xiaomi India, said.
It's clear that Tez has a bright future—with hundreds of thousands of entrepreneurs using the platform, the transaction volume is certain to increase. It seems that Google has success on its hands in the flourishing mobile payments space in India.
Via: NDTV Gadgets
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