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Google Pay, Phonepe’s monopoly to break, Tata Group likely to launch digital payment app

New Delhi: With the advent of smartphones and the internet today, online payments are also on the rise. For online payments in your smartphone Google Pay, Phonepe And there are many apps like Paytm. Now all these digital payment apps are ready to compete Tata Group Is. Tata Group Is already a market leader in many areas. Now Unified Payments Interface (UPI) The company is also expected to enter this field by launching a based digital payment app. The company is awaiting permission from the National Payment Corporation of India (NPCI).

According to reports, the UPI app is part of the Tata Group’s digital commerce. Tata Group for UPI system ICICI It is also in talks with the bank, the report said. Non-banking platforms need to partner with banks for UPI facility functionality. Also, if the transaction volume is high, the company distributes the transaction in partnership with different banks. According to reports, Google Pay has partnered with SBI, HDFC and ICICI Bank for this. So that a higher transaction load can be shared. Most UPI transactions in India are through Google Pay and PhonePe.

Other digital payment apps like Paytm, Amazon Pay and WhatsApp pay have low market share. Now that the Tata Group has launched its app, the monopoly of others in the sector is likely to be broken. Tata Digital was founded in the year 2019. It comes under Tata Sons. In January this year, Tata Group also set up a financial marketplace for financial products. The company is also doing well in the digital sector through Bigbasket, 1MG Technologies Private Limited.

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