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Reliance partners tech giants for digital payment network bid
March 01, 2021
Reliance Industries has cooperated with Facebook Inc, Google and fintech player Infibeam to set up a public digital payment network, Economic Times paper wrote about Saturday, referring to anonymous sources.
A year ago, India’s national bank welcomed organizations to produce new umbrella entities (NUEs) to make a payments network that would match the framework worked by the National Payments Council of India (NPCI), as it tries to reduce concentration risks in the space.
Set up in 2008, NPCI is a not-for profit organization, which as of March 2019 considered many banks its investors, including the State Bank of India, Citibank and HSBC. It measures billions of dollars in payments day to day through administrations that incorporate between bank store moves, ATM exchanges and digital payments.
Refiring to three anonymous sources, India’s driving business day by day Economic Times said that the gathering drove by Reliance and Infibeam was in the high-level phases of presenting their proposition to the Reserve Bank of India.
A representative for Infibeam declined remark on the report, saying the organization was limited by the classification of cycle, while Reliance, Google and Facebook didn’t quickly respond to a request for comment.
