Google, Facebook, and Amazon are looking to tie up with domestic companies to apply for a New Umbrella Entity license for retail payments with the Reserve Bank of India, the Economic Times reported. While each of these global tech giants have a payments service, on the Unified Payments Interface, a NUE license will give them the opportunity to develop new payments platforms. In August this year the RBI released its NUE framework, which will allow the NUE to be a profit-making entity. The NUE will be a competitor to the National Payments Corporation of India (NPCI) setting up and operating new payment systems for ATM networks, point-of-sale device, Aadhaar-based payments and remittances. Between April to September this year, the NPCI’s 10 platforms processed over 1,525 crore transactions worth nearly ₹66.86 lakh crore. While Google has a standalone UPI app called…
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- Centre may replace DPA with a grievance redressal mechanism in new privacy Bill August 19, 2022
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