PhonePe, Google Pay, WhatsApp Pay, Amazon Pay and Paytm are some of the biggest and most popular UPI-based service providers in India right now, but soon, they may face stiff competition from the Tata Group’s UPI-based apps.
According to a report in The Economic Times, the Tata Group is seeking approval from the National Payments Corporation of India (NPCI) to offer its own United Payments Interface (UPI) based digital payment service in the country.
Citing sources, the report said that Tata Group has applied to NPCI to act as Third Party Application Providers (TPAP) and it plans to start the service as early as next month. Is.
The rules stipulate that non-banking payment platforms such as Amazon Pay, Whatsapp Pay and Google Pay will have to partner with banks to offer their own UPI-based payment platform in India.
Ongoing talks with ICICI Bank
Companies usually prefer to have multiple partners, so that when the pressure on their network increases, payments can be distributed across partner companies. It also ensures that the end-users do not face any interference while using the service.
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For this, Tata Digital, the digital commerce wing of the Tata Group, is in talks with ICICI Bank to power its own UPI-based digital payments platform in India.
The company is also in talks with other leading private sector banking partners to strengthen its digital payments platform.
What is TATA Neu?
Interestingly, the move comes at a time when the Tata Group has finalized its plans to launch its super app called ‘Tata Neu’ during the IPL season next month.
“They (Tata Group) want to have it ready by the time Tata Neu is launched, so that more UPI payments can be easily enabled in SuperApp,” the source said.
Tata Neu app will give users easy access to all Tata Digital apps like Bigbasket, 1mg, Croma, Tata Cliq and its flight booking service within a single app. Tata Digital is expected to make an official announcement in this regard on April 7.
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