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Google introduces mobile payment service for India

Search giant joins WhatsApp, Amazon in race for India digital payment business

The popularity of smartphones in India has spurred growth of digital payments industry (Photo by Ken Kobayashi)

MUMBAI (NewsRise) -- Alphabet Inc.'s Google has launched an India-specific mobile payments service called Tez, as the technology giant seeks to tap into the swelling base of internet users in one of the fastest-growing smartphone markets in the world.

Google joins Facebook's WhatsApp messaging service and Amazon.com in the race to enter the digital payments business in India that is set to grow at an exponential pace. According to a Boston Consultancy Group report, India's digital payments industry will be worth about $500 billion by 2020.

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