Tata Pay: Today, many online payment apps have come up in the country and the world, including Google Pay, PhonePe, Paytm etc. But now the Tata Group is also going to join the world of online payment. Apart from this, Tata Pay has also received an aggregator license from the Reserve Bank of India on January 1. This means that now this company can do e-commerce transactions. Tata Pay is a part of the company digital arm Tata Digital. Through this, the company does digital business.
Also, two years ago today, in 2022, Tata Group launched its payment application for the first time. Till now, the company was making UPI payments in partnership with ICICI Bank. But now this company is not even strategizing on the tech sector because it has not had any traction with customers so far. This is the second payment business of the Tata Group that will be used by the company. The company also has a license to operate ‘White Label ATMs’ in rural India. The name of this company is Indicash.
License from RBI
According to the RBI report, earlier the Tata Group has also tried its hand in the prepaid payment business (mobile wallet). But it didn’t get a good response. “With payment aggregator Lite, Tata can do all e-commerce transactions with subsidiary entities and it will help in managing funds,” the founder of the digital payments app said.’
Google Pay, Razor Pay have also been licensed.
Let us tell you that now Tata Pay has got a license after a long time like Google Pay, Cashfree and Razor Pay and other companies. With the help of PA license, the company gets approval for online transactions. Along with this, the company also allows to handle the funds. Apart from Tata Pay, Bengaluru-based DigiO has also got a license from January 1, 2024.