The Tata Group will soon be competing with top digital payment apps like Google Pay, PhonePe and Paytm. Tata Group which is one of the largest conglomerates in India has been a market leader in several sectors from salt to steel, according to a report by Economic Times.
The ET report further said that they are currently waiting for clearance from the NPCI (National Payments Corporation of India) before launching their UPI app for the transactions.
The UPI App will be under Tata Group’s digital commerce unit ‘TATA DIGITAL’. It is also reported that Tata is in talks with ICICI Bank to power its UPI system. For people who don’t know how the UPI system works, any non-banking platforms are required to partner with a bank to make its UPI facility functional.
In India, the majority of UPI transactions are done through Google Pay or PhonePe will some use Paytm, Amazon Pay and WhatsApp Pay. The latter has a low audience base than the former ones. With Tata coming into the picture, the tables might turn for Google Pay and PhonePe or they might just get more popular.
Tata Digital was founded in 2019, it has several companies under it like Bigbasket and 1MG Technologies Private Limited.
For more breaking news, click here.