Reliance Aims To Launch Its Own Version Of UPI-Like Payments Network With Google And Facebook!

Must Read

How To Leverage On Cold Calling to Help You Win Big In 2021

Cold calling is an old-fashioned sales strategy that involves sales representatives reaching out to prospective customers who have not...

Are You A Gaming Geek: ‘Five Commandments’ Before You Buy Video Games Online !

Does your day start with joysticks instead of coffee mugs? Or as a kid your best friends were the...

Apple Inc. (AAPL) 5.5 Inch Screen iPhone 6 Could Be A Game Changer: Rumors Claims 5.7-Inch iPhone 6C

Apple Inc. (NASDAQ:AAPL) looks set to release iPhone 6 with a 4.7 inch screen in September this year. Mass production for...

The mammoth tech-petroleum conglomerate Reliance aims to create its own version of UPI!

According to the latest news, the Mukesh Ambani led RIL has partnered up with internet giants Google and Facebook to set up a “New Umbrella Entity” aka NUE – a move that will enable them to create a UPI-like payments network and gain a more firm footing in India’s booming digital payments space.

Three people in the know revealed that the NUE will be promoted jointly by a Reliance unit and an Infibeam Avenue subsidiary called – ‘So Hum Bharat’ while both Facebook and Google will also be part of the initiative by holding minority stakes. 


Representatives from all four companies have been in talks with the Reserve Bank of India over the past few months and now they are in the advanced stages of submitting their proposal to the central bank. The RBI will take another six months to evaluate the submitted proposals along with all other bids.

According to senior industry executives who are aware of the developments, two NUE licences are up for grabs. Apart from Reliance- led consortium, others that have also applied for the same are – ICICI Bank and Amazon, PayTM in partnership with Indusland Bank and Tata Group along with HDFC Bank and Kotak Mahindra Bank.

NUE License: More Autonomy In India’s Digital Payments’ Ecosystem

Now, as mentioned earlier, the reason so many consortiums are bidding for an NUE license is due to the fact that it will help gain an entity more autonomy in the processing of digital payments in the country.

As of now, payment services’ platforms such as GPay and WhatsApp Pay which live on the Unified Payments Interface are classified as intermediaries or third-party entities by the Indian laws. With an NUE license, they will upgrade to becoming a licensed payment system operation.

For U.S-based giant specifically, having stakes in a licensed NUE holds more important because it will guarantee them a seat at the table with regulators and policymakers of India who are responsible for overseeing the digital payments’ landscape of the country. Furthermore, it could also help them escape unnecessary probes and bottlenecks from the GOI.


All in all, the RBI expects the existence of more NUE payments networks to further bolster the growth and adoption of digital payments. According to a study conducted by MeitY aka the Ministry of Electronics and Information Technology, in 2018, the country’s digital economy was valued at a whopping $200 billion – a space that is expected to swell up to 18-23% of 2025 GDP.

Currently, Reliance, Google and Facebook have not yet commented on this development. However, a spokesperson from Infibeam Avenues said that the company is bound by the confidentiality of the process and thus cannot remark on the same. We will keep you updated on all future developments. Until then, stay tuned.


Please enter your comment!
Please enter your name here

Latest News

Happy Birthday Bill Gates: The Multiple Shades Of The Co-Founder of Microsoft

From “Tic-tac-toe” to “Microsoft”; the path to triumph he foresaw to become a successful entrepreneur transformed him to a...

In-Depth: Dprime

Will ‘TikTok By Microsoft’ Be A Winner?

For the last two years, TikTok has been in the public eye for all sorts of reasons. First, it was the exploded and unparalleled...

Facebook Subscription Model: Looking Beyond Ad Dollars?

Seldom do job listings create a stir this gripping. However, when the job listing in question is a stealth post from Twitter, with a...

Will The Online Food Delivery Market in India End Up Becoming A Two-Horse Race?

It's pretty much evident that the food delivery space in India is all set to get riled up soon enough as one of the...

More Articles Like This