Top digital payment applications, like Google Pay, PhonePe, Amazon Pay, and Paytm, may before long have a brand-new rival in a century-old conglomerate that virtually chronicled India’s excursion into industrial adulthood – the Tatas.
The storied salt-to-steel conglomerate is seeking clearance from National Payments Corporation of India (NPCI) to start operating on the Unified Payments Interface (UPI) as a third-party payments service provider offering digital payment services, people briefed on the matter told ET.
This is essential for Tata Group’s wider plans to have a meaningful presence in the internet economy. The Tata Group, through its digital commerce unit Tata Digital, is in talks with private lender ICICI Bank to influence its UPI infrastructure, sources aware of the matter said. It has likewise had talks with one more driving private sector lender as an additional financial partner, sources aware of the matter told ET.
Non-banking platforms, for example, PhonePe and Google Pay need to partner together with banks to gain access to UPI railroads. Attributable to the technology-focused way to deal with serve buyers better, non-banking applications have fared better on UPI, cornering most of the market share.
For example, PhonePe and GooglePay have the lion’s share of UPI transactions every month while Amazon Pay, Paytm, and Facebook-owned WhatsApp Pay are the other prominent applications.