This is done through the use of Audio QR, which relies on ultrasonic sounds to make the transfer of money, which like we said does away with the need for phones to sport NFC technology. Users will be able to link their phones to their bank accounts, and use the platform to make purchases online, in physical st ores, and also perform person-to-person money exchanges.
According to Google, “With Tez, you can pay directly from your bank account, which means your money is safe with your bank and you’ll continue to earn interest. There’s no need to open a separate account or worry about reloading wallets. Tez uses UPI (Unified Payments Interface) and works with all major banks, including our partners: Axis, HDFC Bank, ICICI and State Bank of India.”
While the service seems to be initially planned for the Indian market, TechCrunch notes that the name has been trademarked in other countries in Asia, such as Indonesia and the Philippines, so there is a chance that it could eventually expand to those markets as well at a later date.
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