Tata digital have commenced tests on its new UPI Payments initiative. The test is taking place in a closed user group environment on its highly advertised “super app” Tata Neu, reports Economic Times
Tata digital are conducting these tests in collaboration with ICICI Bank. As of now, Tata Neu has obtained clearance from the National Payments Corporation of India (NPCI) to function as a UPI Payment platform and is listed on the NPCI website.
Alongside their campaign as the title sponsors for the Indian Premier League, Tata have been advertising their relatively mysterious “Tata Neu” app aggresively. With this new initiative into digital commerce, Tata digital will step into direct competition with Amazon (Amazon Pay), Google(Google Pay), Paytm and PhonePe.
While Tata has been rather Cryptic on what exactly the Tata Neu App has to offer, reports have speculated it to be a one-stop app for hotels, airlines, groceries and a lot more. Tata already has sizeable stake in some of India’s top ecommerce unicorns
The app’s play store description offers some insight. It reads “Consume cutting-edge digital content, make payments, manage your finances, plan your next holiday or perhaps just your next meal – there’s lots to explore and experience in the world of Tata Neu.” It is reported that the app will be offering cashback and incentives to users.
Tata’s desire to expand into digital commerce and UPI is very well warranted. NPCI Reports state that in the month of March 2022 alone, a total of 5.4 bn UPI transactions were made.
The Tata Neu app is slated to launch in the Public domain on April 7th.