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Paytm, Ola join hands with IndusInd Bank to create NPCI rival: Report

Paytm, Ola Financial Services and IndusInd Bank will submit a joint proposal to set up a New Umbrella Entity (NUE) for retail payments in the country, the Economic Times reported. While Paytm's Vijay Shekhar Sharma will play a significant role in the consortium, Centrum Finance, Zeta Pay and Electronic Payment and Services are also expected to pick up minor stakes in the proposed NUE entity, the report said citing unnamed sources. While Paytm has an e-wallet which is integrated with multiple payments channels, including Unified Payments Interface, FASTag and Bharat Bill Payments, it also has a payments bank license for Paytm Payments Bank. Ola Financial services on the other hand has partnered with credit card companies and payment gateway providers to offer their customers all types of financial products for their ride-sharing service. According to data from the National Payments…

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