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02-Nov-2017 22:54

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Google has unveiled a new payment app that uses sound to transfer money, though it can't be heard by the human ear.The new system - called Tez - uses a feature called 'Audio QR' that allows two users to pair their devices for a money transfer using a mic, speaker, and ultrasonic sounds.You can also safeguard your account with a passcode, fingerprint, or Google PIN code.Tez - which works with all of the 55 banks on UPI - will also uses your phone's contact list and allows you to easily send payments to people not immediately around you.You can also safeguard your account with a passcode, fingerprint, or Google PIN code One of the biggest opportunities for Tez is for local businesses.'Small businesses can also use Tez to accept payments directly into their savings or individual current accounts,' Google said.

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The service will be billed to you by your telecoms provider and will appear on your normal bill as a simple call to a 09 number.

On the channels, businesses can send tailored offers, send reminders for reoccurring payments, and more.