Updated Feb 27, 2021 | 16:29 IST
Reliance, Google, and Facebook will team up with So Hum Bharat Digital Payments Pvt Ltd to submit their proposal to the Reserve Bank of India Reliance teams up with Google, Facebook in seeking NUE licence for retail payments | Photo Credit: BCCL
New Delhi: Reliance Industries Ltd has partnered with Google and Facebook to seek a license to set up a New Umbrella Entity (NUE) for retail payments in the country. The umbrella entity will allow them to create a payments network similar to the Unified Payments Interface (UPI) to gain a share of India’s burgeoning digital payments market.
Reliance chief Mukesh Ambani.
Mukesh Ambani led Reliance Industries Limited (RIL) has partnered with technology behemoths Google and Facebook to seek license from the Reserve Bank of India (RBI) for setting up a New Umbrella Entity (NUE), reports
Economic Times.
Google and Facebook will hold a small stake in the proposed NUE which will be jointly promoted by a RIL unit and Infibeam Avenues Limited s subsidiary So Hum Bharat . Also, payments industry veteran Navin Surya, who had founded Itzcash, is said to have been appointed as the managing director and chief executive of the entity.
Setting up the NUE will enable the Reliance-led consortium to create a national payments network to rival the Unified Payment Interface (UPI) of the National Payments Corporation of India (NPCI), which presently dominates the digital payments ecosystem in the nation.
February 27, 2021
Reliance Industries Ltd has partnered with Google and Facebook to seek a license to set up a New Umbrella Entity (NUE) for retail payments in the country, the Economic Times reported. Reliance, Google and Facebook will team up with So Hum Bharat Digital Payments Pvt Ltd to submit their proposal to the Reserve Bank of India (RBI), the report said citing unnamed sources.
So far, apart from the So Hum and Reliance joint application for a NUE license, a consortium led by the Tata Group and another led by Amazon-ICICI-Bank-Axis Bank are reportedly in the running to apply for an NUE license, in addition to a consortium led by Paytm, Ola and IndusInd Bank.