April 17, 2021 7:04 am

RIL looks to ride NUE to foray into global digital payment biz

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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 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 (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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