Facebook and Google are teaming up with Indian firms, Infibeam and Reliance Industries on an application to set up a national digital payment network in the South Asian country, according to the Economic Times.
The Reserve Bank of India has invited companies to create new umbrella entities (NUEs) that build payments networks that offer an alternative to the bank-owned not-for-profit National Payments Council of India.
Citing sources, the Economic Times says that Google, Facebook, conglomerate Reliance and fintech firm Infibeam are at an advanced stage in submitting their plan to the central bank.
Google and Facebook (through WhatsApp) are already significant players in the fast-growing Indian digital payments market.
Another American giant, Amazon, is rumoured to have teamed up with ICICI Bank to explore its own NUE play. The Reserve Bank is expected to award two licences.