Alphabet Inc's (GOOGL) - Get Report Google will launch a localized digital payment system called "Tez" in India next week in a push to grow its payments services outside the U.S., TechCrunch reported.

Tez, which means "fast" in India, will run a comprehensive payments system that expands on Google Wallet and Android Pay, and includes support for Indian government-backed Unified Payments Interface, or UPI.

Google has a strong consumer base in India, but the country hasn't made a significant mark on Google's revenue. India has a fast-growing internet market and is the second-largest consumer base for smartphones in the world. In a joint report with BCG, Google estimated India's digital payments market would soar to $500 billion by 2020.

Government registration paperwork filed in Inida shows Google could plan to expand Tez to other markets, as the company has registered for Tez trademarks in Indonesia and the Philippines as well.

Alphabet stock traded slightly down 0.33% to $947.33 premarket Thursday.

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