Google has introduced an innovative new smartphone money transfer app, dubbed 'Tez', that is designed to make it easier than ever for Indian smartphone users to transfer money, by using futuristic audio-pairing technology.
Named for the Hindi word for 'fast,' the 'Tez' money transfer app uses a special technology dubbed audio QR that uses ultrasonic sounds to identify phones. What's great about the technology is that the sounds are totally inaudible to the human ear, but are highly precise, ensuring no mistakes or unsavoury transfers. What's more, the app also makes it possible to carry out inter-bank payments, and makes use of Google's proprietary security platform to prevent fraud and protect users' identities.
Given that India is fast moving towards a cashless economy, the Tez money transfer app is a timely introduction to the rapidly growing Indian smartphone banking sector.
Key Themes Behind This Trend
- Auditory Money Transfer
- Using audio recognition and ultrasonic sounds to enable seamless money transfers.
- Audio QR Technology
- Using ultrasonic sounds for secure identification and transfers.
- Inter-bank Payments
- Enabling seamless money transfers between different banks.
Where This Applies
- Mobile Payment
- Opportunity for mobile payment providers to integrate audio recognition technology for secure and hassle-free money transfers.
- Banking
- Potential for banks to implement audio QR technology to enhance security and streamline inter-bank payments.
- Fintech
- Fintech companies can leverage audio recognition technology to develop innovative solutions for seamless money transfers and fraud prevention.
