With Tez, one can send money instantly to another user nearby without needing to share private details like their bank account or phone number

Google unveils payments app Tez in India

Technology giant Google has launched its new payments app Tez in India. With the app, users can send money to their friends who have downloaded the app, or pay to the retail store directly from their bank account. There’s no need to open a separate account or worry about reloading wallets.

One can use ‘Cash Mode’ to send money instantly to another Tez user nearby without needing to share private details like their bank account or phone number.

Tez works with the vast majority of smartphones. Besides English, the app supports multiple languages, including Hindi, Bengali, Gujarati, Kannada, Marathi, Tamil, and Telugu.

Tez uses UPI (Unified Payments Interface) and works with all major banks, including our partners: Axis, HDFC Bank, ICICI and State Bank of India.

Village Capital joins hands with PayPal to support fintech startups in India

Village Capital, a venture development organisation, has launched applications for its FinTech: India 2017 programme, that will find, train and invest in early-stage fintech companies across India.

The programme is being supported by PayPal, the leading digital payments company and FMO.

Despite a surge in the use of mobile payments following demonetisation last year, 80 per cent of transactions in India today are still carried out in cash. Approximately 70 million bank accounts across the country are inactive and 19 per cent of the Indian population is unbanked. A credit gap of US$334 billion exists for small and medium sized enterprises across the country, as business owners struggle to find flexible, affordable financial products to help them to manage and grow their businesses.

Also Read: PayPal is launching a fintech scholarship in Singapore

To address these challenges, Village Capital, in collaboration with PayPal and FMO, is looking to support early-stage fintech ventures building India-specific solutions to the country’s unique challenges in financial inclusion. After an extensive application and selection process, Village Capital will select 12-15 companies to undergo a highly personalized, three-month non-residential programme focused on investment-readiness.

The selected companies will participate in three four-day workshops where they will work with Village Capital’s investment-readiness curriculum and engage with potential customers, strategic partners, investors, and sector experts. At the end of the programme, the top two companies in the cohort, as selected by their peers, will receive an investment offer of US$50,000 each.

iauro Systems raises funding

Scalable technology solutions provider iauro Systems has raised an undisclosed amount in investment from micro venture capital firm Speciale Invest. The funding will be used to fuel iauro’s next phase of growth and also to build and widen its partnerships to enable digital transformation.

Founded in 2009 by Anupam Kulkarni and Nilesh Ratnaparkhi, iauro focusses on delivering scalable mobile, cloud and big data solutions. Iauro’s solutions use IoT in integrating machine-generated data with traditional and cloud databases and the firm works with clients across geographies.

The post Captain’s Log, Sept. 21: Google launches payments app Tez in India, Village Capital joins hands with PayPal appeared first on e27.