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Digital payments in India will likely get a new player soon to up the competition with PhonePe, Google Pay, Paytm, and others. In the latest news, Tata Group will likely enter the UPI-based payments segment with a new app. Apparently, Tata Group has asked permission from the National Payments Corporation of India (NCPI) for a new digital payments service.
Tata Group UPI App Coming Soon?
A report from The Economic Times states that Tata Group is looking for clearance from NCPI for a new UPI-based app in India. The report states Tata Group has sought permission to operate as a Third-Party Application Providers (TPAP) and could launch the service as soon as next month. From the looks of it, Tata Group’s Tata Digital is in talks with ICICI Bank for the new payment service.
In India, non-banking payment platforms require to partner with banks for their UPI-based payments. Generally, companies prefer to have multiple partners to distribute the strain of the network. The report further says Tata Digital is in talks with ICIC Bank for the new UPI-based payments app.
New Tata Apps Launch: What To Expect?
At the same time, Tata Group might also work with other private sector banking firms in a partnership. Additionally, the UPI-based payments app is only one part of what the conglomerate has in mind. The firm is gearing up to launch the Tata Neu app during the IPL cricket season next month.
“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,” an insider said to the publication. Tata Neu seems to be an app that brings all Tata Digital’s offerings under one roof. This includes BigBasket, 1mg, Croma, Tata Cliq, and its flight booking service.
Tata Digital is expected to make a formal announcement of the same on April 7. The new Tata payments app will surely alter the dynamics of the digital payments segment in India. Top players like PhonePe, Paytm, Google Pay, and others will soon have some stiff competition from the Tata payments app. We’ll know more soon.
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Story first published: Wednesday, March 16, 2022, 11:28 [IST]