Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

Reliance partners with Google, Facebook for digital payment network bid - ET

02/27/2021 | 06:22am EST
FILE PHOTO: Special Report AMAZON-INDIA/OPERATION

NEW DELHI (Reuters) - India's conglomerate Reliance Industries has partnered with Facebook Inc, Google and fintech player Infibeam to set up a national digital payment network, Economic Times newspaper reported on Saturday, citing unnamed sources.

Last year, India's central bank invited companies to forge new umbrella entities (NUEs) to create a payments network that would rival the system operated by the National Payments Council of India (NPCI), as it seeks to reduce concentration risks in the space.

Set up in 2008, NPCI is a not-for-profit company, which as of March 2019 counted dozens of banks as its shareholders, including the State Bank of India, Citibank and HSBC. It processes billions of dollars in payments daily via services that include inter-bank fund transfers, ATM transactions and digital payments.

Citing three unnamed sources, India's leading business daily Economic Times said that the group led by Reliance and Infibeam was in the advanced stages of submitting their proposal to the Reserve Bank of India.

A spokesperson for Infibeam declined comment on the report, saying the company was bound by the confidentiality of process, while Reliance, Google and Facebook did not immediately respond to a request for comment.

Digital payments in India could rise to $135.2 billion in 2023, according to an Assocham-PWC India study in 2019.

Facebook and Google are already partnered with Reliance and own stakes in Jio Platforms - the unit which houses Reliance's music, movie apps and telecoms venture.

The RBI this week extended the deadline for all parties to submit NUE applications until March 31 from February 26.

The report said RBI is expected to take another six months to study all the proposals being submitted and that it is not expected to give more than two new "for-profit" NUE licences.

The RBI did not respond to a request for comment.

Earlier media reports have said other parties in the fray include a group led by Amazon and ICICI Bank; another combination led by the country's salt-to-software conglomerate Tata Group and private lender HDFC Bank; and a venture involving India's largest mobile payment platform, Paytm, domestic ride-sharing company Ola and IndusInd Bank.

(Reporting by Manoj Kumar; Editing by Clelia Oziel)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
ALPHABET INC. -2.69% 2843.66 Delayed Quote.62.25%
AMAZON.COM, INC. -2.12% 3504.56 Delayed Quote.7.60%
AXIS BANK LIMITED -2.68% 661.8 End-of-day quote.6.68%
FACEBOOK INC -2.33% 333.12 Delayed Quote.21.95%
HDFC BANK LIMITED -2.36% 1489.9 Delayed Quote.3.73%
ICICI BANK LIMITED -3.84% 722.2 Delayed Quote.34.98%
INDUSIND BANK LIMITED -6.01% 901.45 End-of-day quote.0.73%
INFIBEAM AVENUES LIMITED -5.68% 41.5 End-of-day quote.-2.98%
RELIANCE INDUSTRIES LTD -3.22% 2412.6 Delayed Quote.21.52%
Latest news "Economy & Forex"
02:27pU.S. Black Friday shoppers tapered online splurge, as some returned to stores
RE
02:07pU.S. issues 'Do Not Travel' advisory for eight African countries
RE
01:55pDutch health authority says "a number" of likely omicron cases detected among passengers on flights from s.africa
RE
01:55pDutch believe they have found 'a number' of Omicron cases
RE
01:53pDutch health authority rivm says it "suspects" it has detected omicron variant in netherlands - statement
RE
01:46pSudan appoints new director of general intelligence - sources
RE
01:46pSudans's sovereign council appoints new director for general intelligence service - official sources
RE
01:14pOmicron coronavirus case found in italy - national health institute
RE
01:14pOmicron coronavirus case detected in Italy - health institute
RE
12:54pU.S. issues 'Do Not Travel' advisory for eight African countries
RE
Latest news "Economy & Forex"