Tech giant Google will launch its payment app 'TEZ' on Monday as it seeks to cash in on the growing digital payment segment in the country.

Finance Minister Arun Jaitley will launch this payment app on September 18 in Delhi, according to an official communication sent by the finance ministry.

In July, the National Payments Corporation of India (NPCI) had said Google had completed the testing of its UPI payment service and was awaiting Reserve Bank of India's approval to launch its service in the country.

Google has also sent out invites for the event to "share details on the launch of a new product developed grounds up for India".

Tech majors like WhatsApp and Facebook are also engaged in dialogue with the NPCI, a body set up to promote retail payment, UPI-enabled payment on their platforms.

UPI allows consumers to transfer money from one bank to another using a virtual address. There is no need of account number, IFSC code or MMID to carry out the transfer.