Indian conglomerate Reliance Industries has joined with Facebook Inc., Google, and fintech player Infibeam to build a nationwide digital payments network, the Economic Times reported, citing unnamed sources. This is very exciting to know that Reliance Become Partner of Google and Facebook for Digital Payment system
Last year the Central Bank of India urged companies to create a new “umbrella” (NUE) to create a payment network that competes with a system administered by India’s National Payment Council (NPCI) to reduce concentration in outer space.
Founded in 2008, NPCI is a non-profit company that had dozens of banks among its shareholders as of March 2019, including Bank Negara India, Citibank, and HSBC. It processes billions of dollars in payments every day through services that include money transfers between banks, ATM transactions, and digital payments.
Digital Payment Benefits for India
Facebook and Google already partnered with Reliance and own stakes in Jio Platforms. The unit houses Reliance’s music, movie apps, and telecoms journey.
According to the report, the RBI expected to take another six months to review all submitted proposals. They expected to award no more than two NUE winning licenses.
Previous media reports said other countries’ struggles include a group led by Amazon and ICICI Bank.
Another combination led by domestic salt and software combination Tata Group and private lender HDFC; and India’s largest mobile payment platform, Paytm, local travel sharing company Ola and IndusInd Bank.