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How India is becoming the land of rising Super Apps
India is on the path of becoming home to some of the future success stories. It can aptly be called The Land of Rising Super Apps, given the increasing interest of leading business houses in India in offering a Super App platform.
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Graphics by - Kirti Saboo Bagaria
Though the term ‘Super App’ was first coined by BlackBerry founder Mike Lazaridis back in 2010, the first Super Apps to emerge were not from developed economies like the USA, Europe, the UK, etc.
While China was a pioneer with the likes of WeChat, Baidu, Alipay, Meituan, etc., South-East Asia (SEA) has caught up with super apps such as Grab, GoJek, MoMo, ZaloPay, TrueID, and Fave, originating from different countries in SEA. Other economies have seen rise of few super apps, such as Japan (LINE), Middle East (Careem), South Korea (KakaoTalk), Bangladesh (Shohoz, Pathao), Russia (Yandex Go), Latin America (Rappi), and Africa (Tingg).
03 March 2021
The Tata Group is reported to have taken over State Bank of India and Bank of Baroda’s bid for a Reserve Bank of India (RBI) licence to set up a New Umbrella Entity (NUE) for retail payments in the country, the Economic Times reported.
The move to apply for a NUE licence is part of a concerted effort by the group to develop and roll-out its Super App, for a big entry in the online retail space and set up competition with Reliance and Amazon.
RBI is reported to have rejected the bids of state-run SBI and BoB for setting up the NUE, which has since been lapped up by Tata Group along with HDFC Bank and Kotak Mahindra Bank.
Exclusive: Tata Group takes over SBI bid for NUE licence from RBI
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Synopsis
Tata Group will promote its digital payments entity through its subsidiary Ferbine Pvt. Ltd., in which Bharti Airtel, HDFC Bank and Kotak Mahindra Bank are also stakeholders. Mastercard and PayU are also part of the consortium.
Reuters
An NUE licence will go a long way in helping Tata Group lay the groundwork for its Super App against Reliance Group and Amazon, which are also in the fray to set up a new umbrella entity for digital payments under RBI guidelines.
Related
Mumbai: The Tata Group has taken over State Bank of India s bid for a New Umbrella Entity (NUE) payments licence, after the state-run lender s bid