HIGHLIGHTS
- Tata Neu has been under development for some years.
- Users will be able to shop and redeem reward points with the new app.
- Tata Neu will also be utilised to make payments at physical stores.
Tata Neu, Tata Digital's one-stop mobile app for shopping and payments under one roof, will be available to the general public on April 7. The software is presently exclusively accessible for testing to Tata Group employees. The launch date of the Tata Neu app has been revealed by the Indian behemoth's digital-focused subsidiary through its listings on Google Play and Apple's App Store. The new product would function as a'super app,' catering to clients' daily shopping, electronics, financial, airline, and vacation needs.
Tata Neu is developed as an unifying platform to link a variety of companies by the salt-to-software conglomerate, in an attempt to compete with Amazon, Google, and Jio.
The software will provide clients with common reward points known as NeuCoins, which they would earn by purchasing things both online and in physical stores. According to the Tata website, it will also showcase offers from multiple Tata organisations such as AirAsia India, BigBasket, Croma, Tata CLiQ, and Westside, among others.
In addition to shopping, Tata Neu will let customers to use Tata Pay to pay for utility bills and both online and in-store transactions. It will also support the government's Unified Payments Interface (UPI) and provide clients with EMI choices. The Tata Neu app will also allow users to send money via UPI or to a bank account, according to its revised Google Play listing.
Following its launch this week, the Tata Neu app will be available for both Android and iOS users.
According to the screenshots on the app's App Store listing, Tata Neu would aid customers with financial services in addition to facilitating purchases and payments.
Tata Neu appears to make the competition for Indian fintech businesses such as Paytm and MobiKwik more difficult, since it has the size to build the app through its physical retail outlets. The firm also has a solid basis across categories, which might aid in attracting people in the early stages.
According to TechCrunch, one of Tata's primary priority areas that it may operate through Tata Neu to establish a "connective layer" for its services is incentives. If it is effective, the corporation may be able to create the largest loyalty programme in the country. Tata is rumoured to be collaborating with investment firms such as Japan's SoftBank to obtain funds for Tata Neu and its associated activities.
