Key Highlights
- India’s largest conglomerate, Tata Group, is reportedly planning to launch its own unified payments interface (UPI) -based app next month.
- It will offer customers a range of features such as peer-to-peer payments, bill payments, and merchant payments.
- This is a big move for the Tata Group, and it could potentially shake up the digital payments landscape in India.
All UPI-based payments are going to face tough competition as Tata Group is planning to launch a UPI-based app in India soon. Notably, Phonepe, Google Pay, WhatsApp Pay, Paytm, and Amazon Pay, are the popular UPI payment apps in the country.
As per the Economic Times report, the Tata Group is looking for clearance from the National Payments Corporation of India to start Unified Payments Interface services in India. The report also claims that the company has applied for third-party application providers and is expected to start service in April.
Also Read:Want To Set Up UPI Lite In BHIM App? Here’s How To Do It
Tata Group Partnership With ICICI Bank
The report suggested that the digital commerce wing of the Tata Group is also discussing with ICICI Bank for its UPI-based digital payments platform in the country. In addition, the company is in discussion with a private bank for the upcoming services.
As per norms, non-banking firms have to join hands with banks to start their UPI-based payments in the country. In fact, companies prefer to join hands with multiple firms so that customers do not face any issue or disruption while using UPI services.
The development comes at that time when the company has shared its plans to bring a super app known as Tata Neu and plans to launch during IPL season.
“They (Tata group) want to have this ready by the time Tata Neu is launched so more UPI payments can be enabled across the super app with ease,” ET reported.
Also Read: Want To Make Paytm UPI Payments To Non-Paytm Users? Here’s The Trick
Tata Neu Application
Tata Neu app will allow users to use all apps that are designed by Tata Digital’s app, including Croma, Tata Cliq, 1mg, and Bigbasket. It also provides flight booking services within a single application. Furthermore, the company is expected to make an official announcement on April 7.