Skip to main content

Alphabet's (GOOGL) - Get Free Report Google on Monday announced its new mobile payment app called Tez, aimed at allowing consumers in India to execute digital payments.

Tez is "a simple and secure way to pay for things, big and small, online and offline, in India" and the first commerce app designed specifically for India implementing the Unified Payments Interface (UPI) standard.

One of the features of Tez is the Cash Mode, which allows consumers to pay a fellow, nearby Tez user without having to exchange personal information including your bank account or phone number.

Tez also boasts a chat feature which allows users to execute payments via their contact list, negating the need to add people as beneficiaries or need to remember bank numbers. The feature makes sending payments to family members, friends or your landlord straightforward and fast.

Tez allows small and larger businesses to accept transactions right into their savings or individual current accounts. The app is secured via Google's "expertise in security and machine learning," the company said.

"This is just one step in a long and important journey towards enabling a cashless India - a crucial component of a Digital India," Google stated.

Shares of Alphabet were sinking in afternoon trading on Monday. 

Alphabet is a holding in Jim Cramer'sAction Alerts PLUS Charitable Trust Portfolio.Want to be alerted before Cramer buys or sells GOOGL? Learn more now.

More of What's Trending on TheStreet: