Google is increasing its focus on India with plans to introduce a localized digital payment service as soon as next week, according to a report from India-based news site The Ken.
Google declined to comment.
This is a big deal because Google hasn’t made a big push into payments outside of the U.S. and, while it has a strong consumer presence in India, revenue from the country is nothing to write home about. Yet. There’s plenty to be bullish on. Beyond India’s fast growing internet user base and phone sales, which have already made it the world’s second largest smartphone market, the digital payments space is tipped to rocket to $500 billion per year by 2020
That potential has already attracted tech companies like Flipkart, WhatsApp and Truecaller which are moving into, or have already entered the space. But a more thorough product, combined with its reach through consumer services and Android — India’s dominant operating system for smartphones — could give Google an upper hand. Beyond information provided by sources, The Ken dug up government filings that show Google is indeed planning to release a product named Tez in India. In addition, and rather interestingly, it looks there could be international expansion plans, too, since the search giant has registered trademarks for Tez in at least Indonesia and the Philippines.