A new player in digital payments in India is likely to emerge soon to compete with PhonePe, Google Pay, Paytm, and others. According to recent reports, Tata Group will most likely enter the UPI-based payments segment with a new app. Tata Group appears to have requested permission from the National Payments Corporation of India (NCPI) to launch a new digital payments service.
According to The Economic Times, Tata Group is seeking NCPI approval for a new UPI-based app in India. According to the report, Tata Group has applied for permission to operate as a Third-Party Application Provider (TPAP) and could launch the service as early as next month. According to reports, Tata Group’s Tata Digital is in discussions with ICICI Bank about the new payment service.
Non-banking payment platforms in India are required to collaborate with banks in order to accept UPI-based payments. In general, businesses prefer to have multiple partners to distribute network strain. According to the report, Tata Digital is in talks with ICIC Bank about the new UPI-based payments app.
At the same time, Tata Group may form a partnership with other private sector banking firms. Furthermore, the UPI-based payments app is just one component of what the corporation has in mind. The Tata Neu app will be released during the IPL cricket season next month.
According to an insider, the Tata group wants to have this ready by the time Tata Neu is released so that more UPI payments can be easily enabled across the super app. Tata Neu appears to be an app that consolidates all of Tata Digital’s offerings under one umbrella. BigBasket, 1mg, Croma, Tata Cliq, and its flight booking service are among them.
