FinTech: Indian Conglomerate Reliance Teams With Google, Facebook For National Payments Network

March 1, 2021 | FinTech, News

Fintech Infibeam will also play a role.

In a deep-pocketed bid to grab a share of India’s digital payments market, Indian behemoth Reliance (NSE: RELIANCE), fintech Infibeam Avenues (NSE: INFIBEAM), Facebook (NASDAQ: FB), and Google (NASDAQ: GOOGL) have come together to form a “New Umbrella Entity” (NUE). The NUE will bid to set up a payments network to compete with the UPI payments system operated by the National Payments Council of India (NPCI). (Economic Times)

Indian central bank, the Reserve Bank of India (RBI) last year invited new NUE’s to set up a payments network to diversify risks in the sector.

The UPI, operated by the not-for-profit NPCI, is one of the fastest-growing, real-time payment networks in the world. It clocked a record 2.3 billion transactions worth Rs 4.3 lakh crore in January.


A Reliance unit and Infibeam Avenues’ So Hum Bharat will jointly promote the new umbrella entity (NUE). However, Facebook and Google will hold smaller stakes of less than 20% each.

Quoting sources, the Economic Times said the bid by the partners was in an advanced stage.

With only two NUE licenses expected to be granted by the RBI, competition could be tough. Other consortiums that are in the fray are ICICI Bank + Amazon, PayTM + IndusInd Bank, and Tata+HDFC Bank+Kotak Mahindra Bank.

Meanwhile, the RBI extended the bid deadline to March 31 on Friday. It may take up to six months to evaluate all the bids.

“This is the perfect dynamics working out—Reliance Jio wants to expand its partnership further with Google and Facebook (WhatsApp Pay) and the foreign partners would like to get a larger share of India’s burgeoning retail payments market,” said an executive involved in the deal.

Related Story:  Facebook’s WhatsApp Cleared To Roll Out UPI Payments In India

Free Industry News

Subscribe to our free newsletter for updates and news about alternatives investments.

  • This field is for validation purposes and should be left unchanged.


Latest Alternative Investment News
Digital Assets: MicroStrategy To Pay Directors In Bitcoin
April 12, 2021     Digital Assets, News

In a unique plug for bitcoin’s adoption, MicroStrategy (NASDAQ: MSTR), the business information firm, has decided to pay its non-employee directors in bitcoin. The company has been a trendsetter, setting…
Alternative Investments/Digital: Yet Another Bitcoin ETF Application; Galaxy Digital Is The Latest Hopeful

Galaxy Digital, the cryptocurrency investment firm led by Mike Novogratz, has filed an application with the SEC to launch a bitcoin ETF that will trade on the NYSE Arca. The…
Artificial Intelligence: Microsoft Eyeing Acquisition of Nuance Communications (Bloomberg)

Microsoft (NASDAQ: MSFT) may buy Nuance Communication (NASDAQ: NUAN) at a valuation of $56 per share, according to Bloomberg, which cited unnamed people who were familiar with the matter. The…
Venture Capital: Supervest, A Platform That Matches Loan-Seeking Merchants With Investors, Is Seeking Funds
April 12, 2021     FinTech, News, Venture Capital

Supervest calls it a new asset class. Merchant cash advances (MCA) are a form of short-term financing for merchants in the form of a sales agreement in which capital is…