Modeled on Android Pay, the new service called Tez ('fast') will be launched on September 18. It will support UPI as well as other payment services like Paytm and MobiKwik.
However, Google hasn't yet commented on the reports.
Google to soon launch UPI-integrated platform in India
What is UPI?
Unified Payment Interface (UPI) is a digital payment system that allows people to send and receive money through mobile phones.
It's one of the most ambitious projects of National Payment Corporation of India (NPCI) and aims to bring a significant change in the way mobile banking transactions are done.
UPI will be inter-operable across 29 banks and will enable instant payment transactions.
Global players joining the UPI race in India
Last month, Uber integrated UPI on its app for payments in India. Rival Ola integrated the interface as early as April.
Amazon has refused to officially comment, but reports say it is talking to banks. Flipkart integrated UPI but payments are on halt amid pressure from banks and NPCI.
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How will the entry of global players change things?
Till now, private players have tied up with single banks for UPI integration. With the entry of global players, the NPCI is exploring multi-bank utility for the first time.
According to NPCI CEO AP Hota, single-bank processing isn't preferable for these giants as "such large volumes going through one bank will not be good".
"Multi-bank will drive competition between banks as well," he adds.
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