Paytm, Ola join forces to apply for NUE licence
Paytm founder and Chief Executive Officer Vijay Shekhar Sharma said the company sees the NUE system to play out as a great opportunity for payments in the country
PTI | March 9, 2021 | Updated 23:38 IST
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Paytm on Tuesday said it is applying for NUE (New Umbrella Entity) in a consortium with players including ride hailing platform Ola, as part of its efforts to develop more innovative and inclusive digital payments solutions for the Indian population.
Speaking to PTI, Paytm founder and Chief Executive Officer Vijay Shekhar Sharma said the company sees the NUE system to play out as a great opportunity for payments in the country.
Paytm to apply for New Umbrella Entity india.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from india.com Daily Mail and Mail on Sunday newspapers.
March 5, 2021
Flipkart, Mastercard and PayU will join the Tata Group-led consortium to create a digital payments New Umbrella Entity (NUE), the Economic Times reported. The three entities will buy a 30% stake together in Ferbine Pvt. Ltd, an entity set up by the Tatas that will operate the NUE under the Reserve Bank of India’s authorisation.
If granted a license the consortium will set up and operate new payments platforms that will compete with the National Payment Corporation of India (NPCI), while also building payments platforms that complement the NPCI’s own. While HDFC Bank and Kotak Mahindra Bank each have a 9.9% stake in the entity, Mastercard and Airtel Digital have bought a 10% stake each, Flipkart’s FlipPay, and Naspers-backed PayU will each acquire a 5% stake in the Tata led NUE, the report said. It added that Tata’s have retained 40% of the company.
RIL partners with Google, Facebook to apply for NUE to launch payments network origin-businesstoday.intoday.in - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from origin-businesstoday.intoday.in Daily Mail and Mail on Sunday newspapers.