New York — Alphabet’s Google introduced a digital payments service specifically designed for India as competition heats up for the country’s billion-plus potential users. Tez, the Hindi word for fast, debuted on Monday for download on iPhones and Android devices and joins an increasingly crowded field. The service is compatible with the Indian government-backed Unified Payments Interface, which simplifies financial transactions and transfers of money between banks. Users pay directly from their accounts at major domestic banks including the State Bank of India, and transfer money to fellow Tez users without sharing personal details. While Tez is aimed squarely at India for now, the app may prove suitable for other countries in future, Google Vice-President Caesar Sengupta said on Monday. Digital transactions in the country surged after Prime Minister Narendra Modi’s government banned high-value bank notes in November, taking more than 85% of the country’s currency out of circulation...
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