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. | 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.
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).
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
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.