The soon-to-be-launched Tata Pay, a digital payments app under Tata Digital has secured a payment aggregator (PA) license from RBI – expected to empower e-commerce transactions and compete with the major players in the market including GPay, Paytm, Razorpay, Cashfree, and PhonePe among others.
In 2022, Tata Group partnered with ICICI Bank to launch its digital payments solutions backed with UPI (Unified Payments Interface).
This is not the first time that Tata Group has ventured into the digital payments business. In the past, Tata Group launched its mobile wallet business but surrendered the license in 2018.
Besides Tata Pay, RBI has also granted the PA license to DigiO, and opened up new merchant onboarding to several digital payment businesses including Razorpay and Cashfree.
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