Reliance to partner with Google, Facebook for seeking NUE licence
Reliance Industries Ltd. has partnered with Facebook and Google to set up a New Umbrella Entity (NUE) that will allow them to create to set up a national digital payment network similar to the Unified Payments Interface (UPI) to gain a share of India’s burgeoning digital payments market.
The Reserve Bank of India has invited companies to create new umbrella entities (NUEs) that build payments networks that offer an alternative to the bank-owned not-for-profit National Payments Council of India.
The NUE will be jointly promoted by a Reliance unit and Infibeam Avenues Ltd.'s subsidiary So Hum Bharat. Facebook and Google will hold smaller stakes. The companies are in advanced stages of submitting their proposal to the RBI.
Sources said, Amazon, is rumoured to have teamed up with ICICI Bank to explore its own NUE play. The Reserve Bank is expected to award two licences. Like this Tata Group along with HDFC Bank, Kotak Mahindra Bank, Mastercard, PayU and Bharati have formed the consortium. At the same time and PayTM have also formed the consortium along with Indusind Bank, Ola Financial,Centrum Finance, ZetaPay and EPS to bid the league.
A proposal will be presented to the Reserve Bank of India on detailing the consortium’s plan to strengthen India’s digital economy .
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