Tata Group is taking the leap in the digital payments sector by launching its very own UPI payment app soon.
According to the latest data from NCPI, UPI subscribers made a total of 4.52 billion transactions in February 2022 alone. That amounts to a staggering Rs. 8.26 trillion! So, going by the trends, the numbers are only set to rise in the coming years.
Seeing the countrywide need for fast and secure digital payments, the century-old conglomerate has decided to expand its financial services to serve its customers better. They will be competing with the likes of Google Pay, Phonepe, Paytm, and others in the market.
However, one thing is clear: with the launch of the Tata Group new app, the UPI network in India will get a substantial boost.
Important details about the Tata UPI app
- Tata Group’s digital commerce subsidiary, Tata Digital, will be overlooking all the transactions surrounding the launch of the new digital payment application.
- Tata Digital had set up Tata Fintech, a new financial marketplace entity, in January this year to provide a wide variety of financial products to its customers. The UPI app launch can be seen as an extension of that plan.
- As of now, they have already applied to the NPCI to operate on the UPI as Third-Party Application Providers (TPAP). Once the app gets the clearance, it will go live soon after.
- Tata Group is already in talks with the private financial institution, ICICI Bank, to architect the infrastructure for its UPI app. They are also holding discussions to get another leading banking partner from the private lending sector.
- While the Tata app launch date is yet to be announced, they are aiming to launch the app as early as next month.
Additional Read: Tata Neu: A Super App of Tata Digital for All Your Online Payments
Before you go
As India gears for the digital economy, this technology-first approach by the salt-to-steel conglomerate couldn’t have come at a better time. If everything goes well for Tata Group’s UPI application, they’ll be adding another notch to its belt.
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