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Why Facebook, Google and Amazon want to build online payments platforms for India

Why Facebook, Google and Amazon want to build online payments platforms for India
The success that UPI has tasted since its inception in April 2016 has caught the attention of tech giants.
Representational image.
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Sajjad Hussain / AFP
Some of the largest companies in the world are teaming up with local conglomerates to get a share of India’s fast-growing online payments ecosystem.
Four consortiums have submitted applications for the National Umbrella Entity licenses, which will allow firms to build a real-time payment platform for India. These consortiums include companies such as Silicon Valley giants Facebook and Google, and India’s largest businesses like Reliance Industries, Tata Group, HDFC Bank and ICICI Bank. ....

Shivani Gupta , Sajjad Hussain , Arushi Chawla , Narendra Modi , Facebook Whatsapp , National Umbrella Entity , National Payment Corporation Of India , Tata Group , Counterpoint Research , Reliance Industries , Silicon Valley , Reserve Bank , United Payments , Google Pay , National Payment Corporation , Usiness And Economy , Google Pay , Reliance Jio , சிவானி குப்தா , சஜ்ஜாத் ஹுசைன் , அருஷி சாவ்லா , நரேந்திர மோடி , முகநூல் பகிரி , தேசிய குடை நிறுவனம் , தேசிய கட்டணம் நிறுவனம் ஆஃப் இந்தியா , டாடா குழு ,

Google, Facebook, and Reliance want to build UPI-like platforms — Quartz India

May 24, 2021
Some of the largest companies in the world are teaming up with local conglomerates to get a share of India’s fast-growing online payments ecosystem.
Four consortiums have submitted applications for the National Umbrella Entity (NUE) licenses, which will allow firms to build a real-time payment platform for India. These consortiums include companies such as Silicon Valley giants Facebook and Google, and India’s largest businesses like Reliance Industries, Tata Group, HDFC Bank, and ICICI Bank.
The Reserve Bank of India had invited applications for NUE licenses in August 2020. The new platforms will work as alternatives to the country’s only instant digital retail payment network, the United Payments Interface (UPI). ....

Shivani Gupta , Arushi Chawla , Narendra Modi , Facebook Whatsapp , National Payment Corporation Of India , National Umbrella Entity , Tata Group , Counterpoint Research , Reliance Industries , Silicon Valley , Reserve Bank , United Payments Interface , Google Pay , National Payment Corporation , Covid 19 , Reserve Bank Of India , Edited By Itika Sharma Punit , Mukesh Ambani , India Coronavirus , Icici Bank , Axis Bank , சிவானி குப்தா , அருஷி சாவ்லா , நரேந்திர மோடி , முகநூல் பகிரி , தேசிய கட்டணம் நிறுவனம் ஆஃப் இந்தியா ,

Banks need to adopt digitisation or else they will perish: Ex-finance Secretary SC Garg

Banks need to adopt digitisation or else they will perish: Ex-finance Secretary SC Garg
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Last Updated: Apr 29, 2021, 09:02 PM IST
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Synopsis
He said once the limit of digital wallets increases and if the currency gets digitalised with a much more direct relationship between the currency issuer the Reserve Bank of India (RBI) and the people, the banks will formally get squeezed out of the payments space.
Agencies
He believes India, as a country, has matured in terms of the adoption of digital payment systems and now it is a time for digitisation in the lending space.
With the surge in digital transactions, there is a need for banks to adopt the model of ....

Sunil Mehta , National Umbrella Entity , Indian Bank Association , Reserve Bank , Reserve Bank Of India , Indian Banks Association , சுனில் மேத்தா , தேசிய குடை நிறுவனம் , இந்தியன் வங்கி சங்கம் , இருப்பு வங்கி , இருப்பு வங்கி ஆஃப் இந்தியா , இந்தியன் வங்கிகள் சங்கம் ,

RIL, Google, Facebook to be pitted against Visa, Mastercard; here's how

RIL, Google, Facebook to be pitted against Visa, Mastercard; here s how
The consortium comprising Google, Facebook and Infibeam Avenue will likely offer its payment services overseas. The NUE, if granted an operating licence, is going to be positioned against global payments giants such as Mastercard and Visa in some markets
BusinessToday.In | April 5, 2021 | Updated 12:18 IST
The RIL-led consortium had applied for the NUE licence last week
Reliance Industries Ltd (RIL)-led consortium is planning to take its proposed New Umbrella Entity (NUE) global. The consortium comprising Google, Facebook and Infibeam Avenue will likely offer its payment services overseas.
The NUE, if granted an operating licence, is going to be positioned against global payments giants such as Mastercard and Visa in some markets. ....

Ministry Of Electronics , Reliance Industries Ltd , Tata Group , Information Technology Meit , Reliance Industries , New Umbrella Entity , Infibeam Avenue , India Post , Information Technology , Retail Payments , National Umbrella Entity , Payments Services , Ril Consortium , Digital Payments , Digital Payments Services , Nue Licence , அமைச்சகம் ஆஃப் மின்னணுவியல் , நம்பகத்தன்மை தொழில்கள் லிமிடெட் , டாடா குழு , நம்பகத்தன்மை தொழில்கள் , புதியது குடை நிறுவனம் , இந்தியா போஸ்ட் , தகவல் தொழில்நுட்பம் , சில்லறை கொடுப்பனவுகள் , தேசிய குடை நிறுவனம் , கொடுப்பனவுகள் சேவைகள் ,