NFC TIMES Exclusive – Google has signed up 640,000 small merchants in India to use its mobile payments service, Tez, a Google spokesman told NFC Times.
That is progress from the just over 500,000 merchants the company said supported Tez last December, but is still less than 2% of the estimated 40 million to 50 million small merchants in India and is well behind mobile payments market leader Paytm. Paytm claims to have seven million offline merchants accepting its QR code-based mobile payments service. And despite its goal to increase transactions with merchants, Google’s Tez service is believed to overwhelmingly be a peer-to-peer funds transfer service between individuals, fueled by cash-back and other incentives offered by the search giant. Google said Tez can be supported by all major banks in India.