Tez – A new payments app by Google

Pros

• Allows you to instantly send or receive money.
• Cash Mode allows you to send money without revealing your personal information.
• This app is safe and secure as all transactions are encrypted.

Cons

• This app is only available in India and only connects with Indian bank accounts.
• Customer service can be difficult to reach.

Tez is a money transferring app that allows you to send money with minimal personal information. This app is currently only available in India, so it has a limited audience. The interface is simple and you'll have no problems sending or receiving money.

Main Features

Tez is an app designed to help you send and receive money. This is done in a variety of ways. You can transfer money to others based on their email address, phone number, account name in the app and various other options. This makes it much easier to find the right person as there are multiple ways to find them.

Both sending and receiving money is easy. Users just have to locate each other on the app, the sending person then just enters how much money they are transferring and then the receiving person gets it.

You will have to enter your bank details and some other personal information when you first sign up. This is what allows Tez to connect to your bank account, which is essential for sending and receiving money. Most users will have their bank details verified rapidly, though it might take 24 to 48 hours for some people.

That being said, the sending and receiving features are rapid. The money will instantly be sent from one account and available to the other user.

Limited Audience

Perhaps the weakest part of this app is that it is only available in one nation. Tez can only be downloaded and used if you are in India. This also only works with Indian bank accounts.

The good news is that there are many apps with similar features, but Tez does have some unique tools and features that aren't commonly found in other financial apps. At the moment it doesn't seem like this app will expand outside of India, but there is always a chance that it will.

Cash Mode

One of the best features of Tez is Cash Mode. This is something that allows you to very quickly send money to others without sharing any details. Unlike regular money transferring where you have to locate the other user's account, Cash Mode allows you to send money as long as the person is near you.

This means that very few details are shared between both parties. This is good when using Tez at small businesses or local stores. You can pay your bill without worrying about these businesses or people finding you online. The app will locate nearby users and it will send the appropriate amount of money.

While there will be a record of you paying your bill, which is helpful in case the other party disputes it, they won't have as much access to your information when paid with Cash Mode.

Safe and Secure

Tez was developed directly by Google. Some financial apps are built by unknown companies with dubious backgrounds, which may not inspire confidence in the app's safety. Google is a massive corporation that knows how to develop safe and stable apps.

Tez is encrypted and all details are kept secure from other parties and hackers. This means that you can share your information with confidence. While no app is 100 percent safe, Tez is known for guarding details and keeping users safe against attacks.

This is also why Tez has Cash Mode. The developers want you to be as anonymous as possible so that you don't have to share too many details with others.

Simple Interface

Tez is a very easy app to use. The initial setup takes a few minutes, but this is the hardest part of the app and even this is very easy. You will have to enter your bank account information and personal information to verify your identity. This is an essential step as Tez doesn't want people fraudulently using other bank accounts.

Once that is done, you'll find that Tez is one of the simplest apps ever. Just open it, find the other user based on their phone number, email address or other identifying information and send the money. It couldn't be easier.

You can also look through your history to see people you've sent or receiving money from, how much you've used on the app and you can easily switch to Cash Mode. You're also able to change your bank account if needed.

No Rewards

Some financial apps give you rewards for using their service. For example, you might get points or cashback depending on how often you use the app. Tez doesn't offer any rewards at the moment. This means you won't get anything special even if you primarily use Tez for your shopping needs.

For those who love getting rewards, this might be a big problem. For those who only occasionally transfer money through their phone, this may not be that significant an issue. If rewards are important to you, then you may want to consider another money transferring app.

Poor Customer Service

Chances are that the app will run smoothly and you'll never have to contact customer service. That being said, problems can sometimes occur that will force you to contact them. The most common issue would be a failed transaction. This often results in money being deducted from your bank account, but the other person doesn't receive the money. It may also be technical problems with the app itself.

While some people have said that customer service is able to quickly fix the issue, most people say that it can be difficult to reach them and problems take days or weeks to fix.

The good news though is that there are several ways to contact customer service. You can call them, message them through the app or email them. This allows you to contact them in the most convenient way for you.

Pros

• Allows you to instantly send or receive money.
• Cash Mode allows you to send money without revealing your personal information.
• This app is safe and secure as all transactions are encrypted.

Cons

• This app is only available in India and only connects with Indian bank accounts.
• Customer service can be difficult to reach.