India’s Reliance partners with Google, Facebook for digital payment network bid: ET
NEW DELHI (Reuters) – India’s conglomerate Reliance Industries has partnered with Facebook Inc, Google and fintech participant Infibeam to rearrange a nationwide digital payment network, Economic Times newspaper reported on Saturday, citing unnamed sources.
Last yr, India’s central monetary establishment invited firms to forge new umbrella entities (NUEs) to create a funds network that may rival the system operated by the National Payments Council of India (NPCI), as a result of it seeks to chop again focus risks throughout the space.
Set up in 2008, NPCI is a not-for-profit agency, which as of March 2019 counted dozens of banks as its shareholders, collectively with the State Bank of India, Citibank and HSBC. It processes billions of {{dollars}} in funds every day via firms that embody inter-bank fund transfers, ATM transactions and digital funds.
Citing three unnamed sources, India’s primary enterprise every day Economic Times said that the …