Reliance, Google, Facebook Will Offer Global Digital Payment Platform; Should Visa, MasterCard Worry?

The Reliance Industries has big plans for the new and upcoming payment services, New Umbrella Entity (NUE). The oil to retail conglomerate is planning to make NUE a global payments player. 

Read on to find out all the details right here!

Reliance To Offer Global Payment Platform NUE; To Be Pitted Against Mastercard And Visa

The NUE has been proposed by Reliance Industries in collaboration with Google, Facebook, and Infibeam Avenue. Two people who are close to the development have confirmed this news.

We are all aware Reliance Industries also operates Jio payments bank which will be offering payment services overseas and competing against Visa and MasterCard in some markets in case an operating license is granted to them

One of these two people has said, “RIL has already started weaving a long-term plan with NUE, which should generate many leads for the future. RIL is now focusing on building the company roping in veteran experienced hands as the association of Google and Facebook could pave way for their global ambition.”

However, there has been no official confirmation from Reliance Industries Ltd. 

As per reports, other than Google and Facebook, the NUE will be jointly promoted by a unit of RIL and Infibeam Avenue subsidiary So Hum Bharat. Here in RIL will be owning 40% of the project and the other three players will reportedly own about 20 percent each.

There also are reports about the company approaches to officials who have formerly worked with the regulators as well and a consortium has applied for a licence last week. 

NUE To Increase Adoption of Digital Payments In India

If a licence is granted to them, this would give them a greater autonomy in decision digital payments in India which therefore adds credibility to the confusion with the help of value added products in lending and other insurance services. 

India is the second fastest growing country based on digital adoption in the recent past however the absolute ranking of the country is still low. NUE payment networks will potentially increase the adoption of  digital payments.

An NUE licence would enable the entity to gain greater autonomy in processing digital payments in India. This in turn, should add credence to the consortium through value-added products in lending and other insurance services. NUE is a platform for digital transactions.