This app will give customers a common reward point called NeuCoins. These reward points can be earned online or by making purchases in physical locations. Tata’s Website As per the details available, the platform will also list offers from various Tata platforms including AirAsia India, BigBasket, Croma, Tata Cliq and Westside.
Apart from shopping, Tata Neu users will also be able to pay their utility bills and online and in-store purchases with the help of Tata Pay. It will also support Unified Payments Interface (UPI) payments and offer EMI options to the customers. Using the Tata Neu app, customers will also be able to send money to UPI or bank account.
A screen shot of the listing of the App Store shows that apart from providing purchase and payment facilities, Tata Neu will also help provide financial services to its users.
People with knowledge of Tata Neu told Gadgets 360 that Tata has been working on this app for the past several months. It is internally tested and showcased to various industry experts for their feedback.
By bringing in Tata Neu, the company is going to make competition difficult for Indian fintech companies including Paytm and MobiKwik. Tata has a strong base of its own offline retail channels. It is present in all segments, so that it can initially attract users. The company is said to be working with investment firms including Japan’s SoftBank to raise capital for Tata Neu and its operations.