Insta
Paytm, Ola Financial And IndusInd Bank To Set Up New Entity To Rival UPI Payment System: Report
Swarajya Staff
Feb 26, 2021, 09:11 AM | Updated 09:11 AM IST
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
In a major development, Vijay Shekhar Sharma led Paytm and Bhavish Agarwal led Ola Financial are said to have joined hands with the private sector lender IndusInd Bank to establish a New Umbrella Entity (NUE) which will allow them to establish a national payments network rivalling Unified Payment Interface (UPI) of the National Payments Corporation of India (NPCI), reports Economic Times.
The group which also includes non-bank lender Centrum Finance and fintech companies Zeta Pay and Electronic Payment and Services (EPS) is likely to submit its proposal to the Reserve Bank of India (RBI) before the deadline ends today (26 February). If the proposal is accepted, the combine will receive the license to establish an NUE.
The development gains significance as it comes just days after it had been reported that e-commerce major Amazon, along with ICICI Bank and Axis Bank, are also in the fray for the NUE license.
Other than these, consortiums led by Reliance Jio, Tata Group and Infibeam Avenues are also said to be in the race to get the NUE license from the RBI.
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
Support Swarajya's 50 Ground Reports Project & Sponsor A Story
Every general election Swarajya does a 50 ground reports project.
Aimed only at serious readers and those who appreciate the nuances of political undercurrents, the project provides a sense of India's electoral landscape. As you know, these reports are produced after considerable investment of travel, time and effort on the ground.
This time too we've kicked off the project in style and have covered over 30 constituencies already. If you're someone who appreciates such work and have enjoyed our coverage please consider sponsoring a ground report for just Rs 2999 to Rs 19,999 - it goes a long way in helping us produce more quality reportage.
You can also back this project by becoming a subscriber for as little as Rs 999 - so do click on this links and choose a plan that suits you and back us.
Click below to contribute.