Is it possible that can any UPI app replace Google Pay or PhonePe? Well till the end of the year 2023, the answer was Big No. But as we have entered the year 2024 everything has changed as simple as we have changed our Calendar Page for the new year.
It is a matter of pride for Indians that among the UPI apps being used for digital transactions, the most used UPI app in India is none other than Phone Pe which is Swadeshi. After which comes Google Pay, Paytm, Bhim Upi etc…
About 52% of people in India use UPI for payments. According to a survey report released in June 2023, approximately 10 billion payments have been made by UPI in the first 6 months of the year 2023.
But now one more Swadeshi UPI App is going to be added to this race of UPI. You might be thinking that many such UPI apps already exist, but the one that can compete with PhonePe, Google Pay and Paytm in India has not yet launched into this world, so now it has arrived?
Yes. The well-known and Top Indian Brand Tata has not Launched their UPI app yet but it’s still in top trending news as on the 1st January 2024 Tata got an aggregator licence From the Reserve Bank Of India.
Tata Group is a famous company in India at present, which is not only leading in any sector like cars, steel, fashion and jewellery but ruling with the power of success. Tata Pay is a product of Tata Digital, a part of the Tata Group.
However, the UPI app has not been launched yet. Tata Pay was approved by the Reserve Bank of India at the beginning of the new year for an aggregator licence. Since it is indigenous, all Indians are curious about when this UPI app will be launched and used.
The launch of UPI is not new in India, so many questions arise as to how the Tata Group can be so far behind in this race. But the reality is that in 2018, Tata had tried its hand in the mobile wallet category but without any success, Tata returned the license to the Reserve Bank of India.
Then in 2022, Tata Group launched an app called Tata Neu whose digital payments were done by Tata Group co-partnered with ICICI Bank. Tata Pay app would be the second payment method used by Tata Group. Before that Tata Communications Payments Solution was Licensed for using White Label ATMs in Rural areas Of India.
Along with Tata Pay, another 9 companies have received their Aggregator License including Razor Pay, Google Pay, Cash Free etc.
Being Swadeshi Brand Tata has already won millions of Indian hearts. Now every Indian is excited to hear when the app will be launched. There are rumours that Tata Pay could be a reinvented Version of Tata Neu.
In India, we already have Swadeshi Phone PE, and Paytm UPI Apps in the top position competing with Google Pay. Now Indians have another question Can Google Pay be replaced by Tata Pay?
Stay Tuned with us For the answer.
