In this era of Digital era Google has introduced a new payment apps. Please do not confused with wallet. This is not at all wallet . This is UP based Payment method. This apps  pay directly from your bank account, that means your money is safe with your bank and you’ll not going to lose intrest. Here user no need to open a separate account or worry about reloading wallets.
It uses your Google account to get registered. It provide two leyer security one for Google account PIN and another for UPI PIN. This Google PIN do not reside on your mobile apps. This Google PIN reside at Server end.
Tez uses UPI (Unified Payments Interface) and works with all major banks, including our partners: Axis, HDFC Bank, ICICI and State Bank of India. Tez makes it faster and more secure to pay on apps and websites – anywhere that UPI is accepted. When you check out, look for the Tez logo or use your Tez UPI ID.

Currently Tez supports all major Indian banks and  smartphones with KITKAT or Above .
It language support for English, Hindi, Bengali, Gujarati, Kannada, Marathi, Tamil, and Telugu, sending money is easy to understand.

This apps also suits the Business need . Shop Owner can use the Tez app with their individual bank account to start accepting digital payments today. Payment goes directly to your bank account . There is no fees for such transaction .

The most intresting feature of this apps is its CASH mode . This mode enables you to send money without sharing your phone number/email id or any bank detial or any UPI detail. In this mode user need to enable cash mode in apps. As soon as user enable it the mobile phone generate a Utrasonic Audio QR code which is to be recived by reciver end. Here Reciver also need to enable cah mode to recive the fund. Once the reciver reciver get the audio QR code then sender and send the money.

Please note this not based on NFC technology and neither you require any specific feature enabled smartphone. All you need a smartphone with mic and speaker.

Please do visit Google Tez youtube channel to understand better.