Tatas to join the UPI payment club with its own app
The company with its presence from Salt-to-Steel is set to keep its foot in the digital payment apps. Tata is all set to compete with online payment app such as Google Pay, PhonePe, Amazon Pay, and Paytm. The company is seeking clearance from the National Payments Corporation of India (NPCI) to start operating on the Unified Payments Interface (UPI) as a third-party payments service provider offering digital payments services.
UPI apps, especially when they are dealing with large transaction volumes, opt to work with multiple banks to share the load. For instance, Google Pay offers UPI through the State Bank of India, HDFC Bank, and ICICI Bank.
As per sources, “The Tatas have applied to the NPCI to operate as TPAP (Third Party Application Providers) and are hoping it can go live next month.”
As per rules, the non-banking payment platforms such as Amazon Pay, Whatsapp Pay, and Google Pay have to partner with banks to offer their own UPI-based payment platform in India.
For the payment app, the digital commerce wing of the Tata Group is in talks with ICICI Bank to power its own UPI-based digital payments platform in India. The company is also in talks with other leading private sector banking partners to strengthen its digital payments platform.
[With Inputs from IANS]
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