Why Facebook, Google, and Amazon want to build online payments platforms for India ...Middle East

Quartz - Economy
Why Facebook, Google, and Amazon want to build online payments platforms for India
source : Quartz ( Middle East ) () 13
Some of the largest companies in the world are teaming up with local conglomerates to get a share of India’s fast-growing online payments ecosystem.Four consortiums have submitted applications for the National Umbrella Entity (NUE) licenses, which will allow firms to build a real-time payment platform for India. These consortiums include companies such as Silicon Valley giants Facebook and Google, and India’s largest businesses like Reliance Industries, Tata Group, HDFC Bank, and ICICI Bank.The Reserve Bank of India had invited applications for NUE licenses in August 2020. The new platforms will work as alternatives to the country’s only instant digital retail payment network, the United Pay

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