Internet major Google’s payment arm Tez, having generated very strong volume growth in peer-to-peer payments, plans to diversify into merchant payments strongly. Having already partnered with multiple billers and telecom companies, Tez is targeting small merchants and street corner stores to popularise the app for merchant payments.
“We are currently targeting the smaller merchants to get them to use Tez, we are currently also working on integrating our systems with larger merchants,” said Diana Layfield, vice-president, product management at Google. “Even NPCI is making some improvements on its integration with the merchants. Once that is done we will build our merchant integrations aggressively as well.”
Without having built any specific merchant features, Tez is being used by more than 5,00,000 self-declared merchants for their small value payments, said Layfield.
Tez, which had initially picked up strongly through peer-to-peer transactions is now slowly getting adopted for various other use cases as well.
“There has been a 400% rise in the average ticket size of transactions on Tez and it is getting used now for rent payments, splitting of restaurant bills among others,” she said.
To promote such usage Google has tied up with more than 70 billers including various state electricity providers, gas suppliers and many others.
On the various cashback schemes and lucky draws that Google is running on the Tez platform, Layfield said that these incentives promote the product, help create habit and also increase stickiness among users.
Source by:- telecomShare: