Tata Digital is set to launch the super app for all consumers on April 7.
ET first
reported on March 16 that the company was working with ICICI Bank and had sought clearance from the National Payments Corporation of India (NPCI) to make its UPI debut. Tata Neu is now listed as a third-party UPI app on NPCI’s website.
“They (Tata Neu) have begun testing in a (closed group). This is part of the process before opening it to all users,” a person aware of the matter said.
On UPI payments, it faces competition from the likes of PhonePe, Google Pay, Amazon Pay, Paytm and WhatsApp Pay.
Joining the UPI network is a natural extension of the Tata Group’s ambitious digital commerce play as it can help improve the experience of shopping online. Amazon India also has its own UPI service through which it offers cash back and other incentives.
Discover the stories of your interest
An email sent to Tata Digital didn’t immediately elicit a response.
In March 2022 there were 5.4 billion UPI transactions in total, according to data from NPCI, up nearly 20% month-on-month. In the financial year 2021-22, payments worth $1.09 trillion were processed through UPI.
UPI apps dealing with large transaction volumes usually work with multiple banks to share the load. For instance, GooglePay offers UPI through the State Bank of India, HDFC Bank and ICICI Bank.
ET reported on April 6 that Tata Digital, led by its president Mukesh Bansal,
had roped in several top ecommerce executives since he came on board. Bansal previously started Myntra and also runs Curefit, now rebranded as Cultfit.
