Google's Tez payments app clocks 7.5 million installs in a month

A little over a month after entering into the digital payment ecosystem in India, Google’s Unified Payments Interface (UPI) app Tez has racked up 7.5 million users who have made over 30 million transactions.

In a call with investors on Friday, Google CEO Sundar Pichai said that he was “really excited about the potential this (Tez) brings for India's mostly cash-based economy” while also revealing the growth figures for the app.

While Google has not been able to demolish rival BHIM’s record of getting 10 million installs in just 10 days thanks to Prime Minister Narendra Modi backing, but it’s a commendable feat considering that Tez has lacked several features at launch.

But coming into the UPI payments space a little more than a year late, Google has demonstrated that there still is space for growth in India’s digital payments ecosystem. Tez also sets the precedent for Google to invest in more region specific products, which it has rarely done before.

“We see a way to look at these markets with a lot more thought and address them for the opportunity that they have, not just apply our global products there. So I think that's what led us to do Google Tez in India. And we'll thoughtfully look at the opportunities in that region and invest a lot in the years ahead,” added Pichai.

Analysts say that despite the digital payments space in India being somewhat crowded, the massive opportunity that India offers ensures there’s still enough room for growth of new players. Also, changes in regulations have helped UPI become the preferred mode for P2P and P2M payments, since unlike other modes transactions remain free.