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Tata Digital starts testing UPI payments
April 07, 2022
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Tata Digital has started testing online payments through the Unified Payments Interface (UPI) on its ‘super application’ Tata Neu. The test is being conducted with a closed user group in association with ICICI Bank, sources briefed on the matter said.
Tata Digital is set to launch the super application for all customers on April 7. ET originally covered March 16 that the organization 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 presently recorded as a third-party UPI application on NPCI’s website.
“They (Tata Neu) have started testing in a (closed group). This is part of the process before opening it to all clients,” an individual 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 expansion of the Tata Group’s ambitious digital commerce play as it can help improve the experience of shopping online. Amazon India likewise has its own UPI service through which it offers cash back and other incentives.
In March 2022 there were 5.4 billion UPI transactions altogether, as per information from NPCI, up almost 20% month-on-month. In the financial year 2021-22, payments worth $1.09 trillion were processed through UPI.
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