Google Tez gets 410,000 active users with transactions worth Rs 1.8 cr

Google says its new payments app for India, Tez, garnered 410,000 active users who made transactions worth Rs 1.8 crore in the first 20 hours of the app being launched.

Tez was one of the most anticipated apps of the year, marking the entry of Google in India's fast-growing digital payments space. The unprecedented traffic the service encountered led to a temporary delay in allowing new users to sign up.

"We are really happy with the numbers. I wish we hadn't had some of the ups and downs we had yesterday, but still, we're very happy with the first few hours of engagement. We're working on a number of different user experience features in the coming months," said Caesar Sengupta, Vice President of Product Management at Google.

Sengupta said that while the digital payments space in India seemed crowded, considering the extremely small size of the market, there was enough room for everyone to grow. Moreover, he said that the digital payments space would be disrupted over the next one decade and that Google was invested in Tez for the long run.