Today, smartphones are available in everyone’s hands. Cheap internet makes it possible to buy anything with a single click through a smartphone. Also, you can easily make online payments. The government is also promoting digital transactions. Online payments in India have grown exponentially in the last few years. After the ban, many digital payment apps have become available in India, through which transactions can be done easily with a single click. The special thing is that you can easily transact only if you link a bank account with this digital wallet. The Indian market is currently dominated by Amazon Pay, PhonePe, Google Pay and Paytm apps. However, Tata Group is expected to launch a new UPI based app soon to compete with these apps. Let us know in detail about this new app of Tata Group.
The app will be called Tata Niue
According to reports, Tata Group is expected to launch a UPI-based payment app soon. The Unified Payments Interface (UPI) based digital payment app will be part of the company’s digital commerce. The company is expected to launch the app under the name Tata Niue. The app is expected to be available during the IPL. Also, it will make many of the company’s services available in one place. All Tata Digital apps like BigBasket, 1MG, Croma, Tata Click will be available in one app.
Approved by NPCI
Permission from NPCI is required to launch UPI based digital payment service in India. The Tata Group has also sought permission from the National Payments Corporation of India (NPCI) to launch its own UPI-based digital payment service. According to reports, Tata Group has applied to NPCI to act as a third party application provider. Also, the company is preparing to launch its service as soon as possible.
Will partner with the bank
Tata Group is also in talks with various banks to launch a payment app. Non-banking platforms need to partner with banks for UPI facility functionality. Amazon Pay, WhatsApp Pay and Google Pay need to partner with banks for their platform. According to reports, Tata Digital, the digital commerce wing of Tata Group, is in discussions with ICICI Bank for the app. The company is also in talks with other major private sector banking partners to strengthen the digital platform.
This will give a bump to the UPI app
There are many UPI based payment apps available in the Indian market. This mainly includes apps like Amazon Pay, PhonePe, Google Pay and Paytm. Google Pay and PhonePe have a monopoly on the market in particular. Other digital payment apps like Paytm, Amazon Pay and WhatsApp pay have low market share. Therefore, with Tata Group launching its own payment app, the service is likely to be hit hard. Also, customers will definitely benefit from the fact that many services will be available in one place in Tata Group’s Payment App.
Huge increase in UPI payments
The number of online payment app users in India has grown exponentially in the last few years. This is an important achievement in the ‘Digital India’ initiative. In 2021, 3.94 lakh crore transactions were made through PhonePe alone. 3.03 lakh crore has been transacted through Google Pay. So now that the Tata Group has entered the field, it will definitely benefit. Also, other apps are likely to be hit hard.