Digital payment apps like Google Pay, Phonepe and Paytm may soon get a tough competition. According to a report, Tata Group may soon launch Unified Payments Interface (UPI) based app.
Tata Group is preparing to compete with digital payment apps like Google Pay, Phonepe and Paytm soon. Tata Group is already the market leader in many sectors, now it is also going to introduce Unified Payments Interface (UPI) based digital payment app.
Let us tell you that non-banking platforms need to partner with the bank for UPI facility functionality. If the volume of transactions is high, then companies distribute the transaction by tying up with many banks.
It has been told in the report that Google Pay has partnered with SBI, HDFC and ICICI Bank for this to share more transaction load. Most of the UPI transactions in India are done through Google Pay and PhonePe.
Other apps like Paytm, Amazon Pay and WhatsApp pay have less market share. There may be a dynamic change in this after the arrival of the Tata Group. Tata Digital was established in the year 2019. It comes under Tata Sons.
In January this year, the Tata Group also established a financial marketplace for financial products. The company is also doing well in the digital space with Bigbasket, 1MG Technologies Private Limited.