Mumbai, February 27: Reliance Industries has partnered with Facebook Inc and Google for setting up a national digital payment network, reported the Economic Times quoting unknown sources. The New Umbrella Entity (NUE) will also include Infibeam Avenues Ltd’s subsidiary So Hum Bharat. The NUE will aim to gain a share of India’s digital payment market.
According to the Economic Times report, the group will be jointly promoted by a Reliance unit and So Hum Bharat. Meanwhile, Facebook and Google will have only smaller shares. The NUE will be giving competition to the National Payments Council of India (NPCI), which is a not-for-profit company set up in 2008.
As per the report, reliance and Infibeam are in the advance stages to submit their proposal to the Reserve Bank of India (RBI). Earlier this week, a consortium led by ICICI Bank with Amazon, Paytm with IndusInd Bank also applied for NUE licences. Meanwhile, Tata Group has also reportedly partnered with HDC and Kotak Banks for getting an NUE licence.
In the budget 2021-22, the government proposed Rs 1,500 crore-scheme to boost digital transactions in India. Delivering her budget speech, Finance Minister Nirmala Sitharaman said there had been a manifold increase in digital payments in the recent past. Cheering the move, Payments Council of India Chairman and Infibeam Avenues Ltd Executive Director Vishwas Patel said the announcement would incentivise digital payments.
(The above story first appeared on LatestLY on Feb 27, 2021 09:40 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).