Monday, September 20, 2021
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RIL looks to ride NUE to foray into global digital payment biz

Planning new strides in the digital payment segment, Reliance Industries’ proposed New Umbrella Entity (NUE) for payments services, in a consortium with Infibeam Avenue, Google and Facebook has set its eyes on global launch.

The parent company of Jio Payments Bank plans to offer payment services overseas as a global competitor to digital payment giants including Visa and Mastercard. According to top sources, NUE will be jointly promoted by a RIL unit and Infibeam Avenue subsidiary So Hum Bharat along with two global giants – Facebook and Google.

While RIL will hold 40% in the new entity, the other three players are expected to own about 20% each. Also, the NUE licence will help the company gain greater autonomy in processing digital payments in India.

India’s digital economy is pegged at $200 billion, or 8% of GDP, in 2018 and is expected to swell to 18-23% of GDP by 2025, ET reported on February 27 citing a study by the Ministry of Electronics and Information Technology (MeitY).

Meanwhile, six consortiums, including one led by Tata Group and Axis-ICICI Bank, have submitted applications to the RBI to set up a national payments infrastructure rivalling the National Payments Corp of India (NPCI) platform.

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