As of now there s no clarity on whether Visa and Mastercard s presence in a New Umbrella Entity (NUE) for digital payments will be seen as conflict of interest.
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Top Indian conglomerates and FinTech firms are eyeing a piece into India’s rapidly evolving digital payments industry. These players are applying to join the New Umbrella Entity (NUE) floated by the RBI that will see the rapid transformation in the digital payments space.
Reliance Industries, India’s telecom giant and the country’s largest conglomerate, has joined hands with FinTech firm Infibeam along with Facebook, Google, to set up a nationwide digital payment network. Led by Asia’s richest man Mukesh Ambani, Reliance is looking to get a slice of India’s fastly evolving digital payments market.
Reliance, Google and Facebook to build new payments network capacitymedia.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from capacitymedia.com Daily Mail and Mail on Sunday newspapers.
Exclusive: Tata Group takes over SBI bid for NUE licence from RBI
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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.
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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