India's billion plus customers are in the sights of internet giant Google who are reportedly set to release a mobile payment service in the country.

Digital payment platforms can earn money in a number of ways as operators skim percentages from transactions costs, charge to advertise seller products or earn interest on cash held in escrow.

Indian news site 'The Ken' has said that "Google Tez" is set to be released as an app that supports other consumer payment services and will also link to a government backed payment system called UPI.

'Tez' which means fast in India could be in place as soon as next week, according to the report.

Various local media have reported a press conference invite sent out by Google India which said the tech giant would, on Monday September 18, announce, "the launch of a new product developed grounds-up for India."

Google has had limited success with its mobile payment systems. Two years ago the company launched Android Pay following the failure of its earlier product Google Wallet. Most mobile phone users in India favor the Android operating system.