Tata Neu to offer UPI payment service via Tata Pay

Tata Neu, the super app launched by Tata Digital on Thursday, has added Tata Pay, its own UPI service to strengthen its position in the digital payments industry. Tata Neu, by offering its own UPI service, will now be locking horns with the likes of Walmart-backed PhonePe and Google Pay in order to capture a pie of the aggressively growing payments market.

Interestingly, the Neucoins --- a points redemption programme on the app -- can only be availed while using the Tata Pay feature or by purchases at any Tata-owned store. The value of each Neucoin is Rs 1.  To create a new Tata Pay UPI account, one needs to follow a three-step registration process and avail all the services, which includes scanning balance check, account/ self-transfer etc.

Moreover, users can also use their card services (both debit and credit), net banking and UPI services, but above and beyond this, the user is also given the option of opting for Tata’s UPI service, which has been added as a payment option on the app.

Notably, the UPI transactions in India touched Rs 9.6 lakh crore in March 2022 compared to Rs 8.26 lakh crore (in value terms) in February, 2022. For FY22, the transactions have crossed the highest-ever at Rs 81 lakh crore mark, data from the National Payments Corporation of India (NPCI) had revealed. In terms of volume, UPI hit 5.42 billion transactions as against 4.52 billion transactions.