Amazon, Facebook, and Google, call for fragmentation of India’s digital payments, market

Amazon, Facebook, and Google, call for fragmentation of India’s digital payments, market

According to a report and details Technology companies Facebook, Amazon, Google, and credit card providers Visa and MasterCard are one of the companies seeking unprecedented access to the growing Indian digital retail payments market.

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Those familiar with the matter said the two companies are part of a four-member consortium preparing to apply for a license to operate the country’s retail payments and resettlement system. .. More companies can unite by the application deadline of March 31st.

In a market where cash remains the king, digital payments are accelerating as India’s 1.3 billion people are beginning to embrace services such as online shopping, online games and streaming. India’s smartphone user base has reached 1 billion, Credit Suisse Group AG predicts that online payments in India will reach Rs 1 trillion (about Rs 72 72,94,500) in 2023, making tradeable companies profitable We are in a position to reduce high fees.

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“The epidemic is growing worldwide following mobile digital payments in India,” said Vijay Shekhar Sharma, founder and chief executive officer of PTM, a payment provider based in New Delhi. “It’s a good opportunity to open up a variety of payment solutions and keep pace.”

The consortium includes Amazon, Visa, Indian retail banks ICICI Bank and Access Bank, as well as great startups Pine Labs and Bill Desk. Another group is headed by billionaire Mukesh Ambani’s Reliance Industries and its partners Facebook and Alphabet Google. They raised 10 billion rupees (about 72,900 rupees) in Reliance’s digital services sector last year.

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Sharma’s PTM leads a group that includes ride-haling startup Ola and at least five other companies. The fourth consortium consists of Tata Group, MasterCard, carrier Bharti Airtel, retail banks Kotak Mahindra Bank and HDFC Bank.

A Tata Group spokesman and Google spokesperson Sharma declined to comment on potential bidders. Amazon and Facebook did not answer the question sent by email.

The competition is fierce, as Indian regulators are expected to issue only one or two licenses, as invited in the notice. The decision-making process for winners can take at least six months, and it can take years or more before the system and solution are used.

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Winners will compete with the National Settlement Authority of India, the only subsidiary with the support of more than 50 retail banks. The Unified Payments Interface (UPI) protocol was launched in 2016, paving the way for digital payments by allowing users to link their phone numbers to their bank accounts. Sending and receiving money through the app is as easy as sending a text message, so you can make large transactions at minimal cost.

“Regulators probably don’t want concentration risk because the UPI backbone is important to the economy,” said Nandan Nerkani, who uses the system to create biometric databases to identify users. Stated. IT service company Infosys Ltd. “With more licenses, these systems could work together seamlessly to revive innovation,” said Nelkani, co-founder and chairman of the company. Nelkani, co-founder and chairman of IT services company Infosys Limited, said. ..

Fees for digital payments will be lower, but the amount can be much higher as India seeks to reduce its reliance on cash. According to S & P Global Market Intelligence estimates, card and mobile payments for retail in-store purchases in 2019 represent 21% of $ 781 billion

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Newly licensed businesses can make money by charging transaction fees. You can also break new ground by creating and operating ATMs, point-of-sale systems, money transfer services, and new payment methods.

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Anisusman, general partner and chief executive officer of Silicon Valley-based Pegasus Tech Ventures and an investor in Robin Hood and other fintech startups, said: “A new generation of business people are taking this opportunity.”

Amazon, Facebook, and Google, call for fragmentation of India’s digital payments, market
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