India’s move to diversify its digital payment system presents a massive opportunity for technology giants such as Amazon, Facebook and Google, who are keen to tap the country's rapidly expanding market.
The Reserve Bank of India (RBI), the country’s central bank, invited companies last year to apply to establish alternatives to the retail digital payment network run by the government-operated National Payments Corporation of India (NPCI).
The move is expected to reduce the country's dependence on one network and mitigate risks. It can also help companies looking to gain a foothold in India’s burgeoning digital payments industry, analysts say.
“It's a welcome move, as it opens up the possibility of additional standards that could potentially deepen digital payments penetration,” says Utkarsh Sinha, the managing director of Bexley Advisors, an investment advisory firm based in Mumbai.
Digital has become an all-pervasive mega-trend, dramatically changing the lives of individuals, business models of enterprises, and the economy of India
India's digital payments market has been expanding rapidly in recent years and is projected to more than triple to 7,092 trillion rupees ($97.5tn) by 2025 from the 2020 financial year, according to RedSeer Consulting. It attributes this trend to the country's young population and rapidly rising smartphone ownership. Government policies have a role to play too, as Prime Minister Narendra Modi pushes for a digital economy.
The Covid-19 pandemic has helped accelerate digital payments in India, particularly after Asia’s third-largest economy was placed into lockdown last year to stem the spread of the pandemic, according to a PwC report.
"Digital has become an all-pervasive mega-trend, dramatically changing the lives of individuals, business models of enterprises, and the economy of India," says Nitin Seth, the author of Winning in the Digital Age.
Currently, digital payments are processed by the NPCI that was established in 2008 by the RBI as a not for profit company to operate the retail payments and settlement systems in the country. It is backed by dozens of retail banks.
The NPCI runs the Unified Payments Interface (UPI), launched five years ago. Users link their mobile phone numbers to their bank accounts through this system and they can easily transact online on retail platforms such as Amazon and through apps such as Paytm to pay online.
In total, 31.7tn rupees of transactions were processed on NPCI's payments interface between April 2020 and January 2021, and it handled about half of India's 41 billion online retail transactions, according to data from Bloomberg. Currently, there is no alternative to the UPI system, but that is set to change with the government’s move.
As digital payment volumes boom, authorities and businesses are concerned that dependence on one system could make it more challenging to manage risks such as cyber fraud. That prompted the RBI to open up the market to other firms to set up for-profit retail payment systems, under what it refers to as “new umbrella entities”.
“There should be more than one faster payments platform in a large country like India,” says Ajay Adiseshann, the founder and chief executive of PayMate, an Indian payments solutions firm. “NPCI has had a monopoly with UPI and that is not healthy.”
“A sole institution like NPCI can be a systematic risk to the payment system of the country,” says Suresh Rajagopalan, the chief executive of Wibmo, a digital payments company based in the US and Bangalore, India.
Mr Adiseshann says new payment systems could also help “foster innovation beyond certain types of payments”, which can be achieved by allowing companies to operate commercially in this space, as the RBI is planning to do.
Under the central bank's rules, foreign companies can only own up to 25 per cent of a new umbrella entity.
At least six groups have been formed to try for the licences, according to Bloomberg. These include a consortium of companies including Amazon, Visa, and Indian banks ICICI and Axis. Mastercard is also planning to apply for a licence along with Indian conglomerate Tata, according to Bloomberg.
India's richest man Mukesh Ambani's Reliance Industries has teamed up with Facebook and Google – which last year both invested billions of dollars into Reliance's digital services company Jio Platforms. Meanwhile, home grown electronic payments giant Paytm and ride-hailing app Ola are understood to have joined forces to apply for a licence.
Google Pay, Amazon Pay, and Facebook-owned WhatsApp Payments are all available in India, but they all currently depend on the UPI system for their transactions to be processed.
Google and Amazon did not respond to requests for comment. A Facebook spokesperson said the company would not comment on the matter.
Competition will be stiff as the RBI is only expected to award one or two licences. The deadline to apply is the end of this month and industry insiders say the initiative has the potential to transform the sector.
Mr Rajagopalan says the new umbrella entities could bring many deep-pocketed players who can “accelerate the Digital India mission in tier two and three centres [smaller towns and cities] where digital payments are burgeoning post-Covid”.
A sole institution like NPCI can be a systematic risk to the payment system of the country
The RBI, when it first invited companies last year, said that the scope of activities of an umbrella entity – alongside operating new payment systems in the retail space in India - would include “identifying and managing relevant risks such as settlement, credit, liquidity and operational and preserve the integrity of the system” and “monitoring retail payment system developments and related issues in the country and internationally to avoid shocks, frauds and contagions that may adversely affect the system or the economy in general”.
The new licensees would also be expected to work on areas such as enhancing awareness about the payment systems, the RBI said.
With the creation of new entities, “payment industry players can leverage their existing payment platforms and infrastructure to set up new payment methods, partner with payment aggregators, and expand their footprint among competitors”, according to the PwC report.
But analysts point out that implementation will be a challenge and it remains to be seen how things pan out for those that win a licence.
“One must celebrate with caution,” Mr Sinha says. “The existing standards are working well and UPI is perhaps one of the best systems available globally. We have seen in the past how companies rush to adopt newer RBI licences, but little adoption happens on ground causing the licences to languish.”
However, there could be significant rewards for those companies that do action this effectively once they win a licence.
“What gives this particular licence more teeth” is the fact that it also allows the new licensees to set up and operate ATMs, point-of-sale systems and remittance services, alongside a digital payments interface, Mr Sinha says.
While companies will be able to make money from transaction fees, it is the data from electronic transactions that “represents the real value”, he adds.
Customers could also stand to benefit from having more choice and the platforms may offer incentives to vendors as they compete to grab their share of the market. But they will have to wait a while for the new systems to get up and running.
The RBI said that it is aiming to complete the processing of the applications it receives within six months.
The central bank is likely to assess “the pedigree of the entities, track record of management, usual financial metrics, and in this case payments experience and track record” before awarding the licences, Mr Adiseshann says. That would mean stalwarts such as Amazon, Google or Facebook indeed stand a chance to tap into India’s digital payment sector.
Other acts on the Jazz Garden bill
Sharrie Williams
The American singer is hugely respected in blues circles due to her passionate vocals and songwriting. Born and raised in Michigan, Williams began recording and touring as a teenage gospel singer. Her career took off with the blues band The Wiseguys. Such was the acclaim of their live shows that they toured throughout Europe and in Africa. As a solo artist, Williams has also collaborated with the likes of the late Dizzy Gillespie, Van Morrison and Mavis Staples.
Lin Rountree
An accomplished smooth jazz artist who blends his chilled approach with R‘n’B. Trained at the Duke Ellington School of the Arts in Washington, DC, Rountree formed his own band in 2004. He has also recorded with the likes of Kem, Dwele and Conya Doss. He comes to Dubai on the back of his new single Pass The Groove, from his forthcoming 2018 album Stronger Still, which may follow his five previous solo albums in cracking the top 10 of the US jazz charts.
Anita Williams
Dubai-based singer Anita Williams will open the night with a set of covers and swing, jazz and blues standards that made her an in-demand singer across the emirate. The Irish singer has been performing in Dubai since 2008 at venues such as MusicHall and Voda Bar. Her Jazz Garden appearance is career highlight as she will use the event to perform the original song Big Blue Eyes, the single from her debut solo album, due for release soon.
UAE currency: the story behind the money in your pockets
More from Neighbourhood Watch:
RESULTS
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2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, Leon.
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
How to avoid crypto fraud
- Use unique usernames and passwords while enabling multi-factor authentication.
- Use an offline private key, a physical device that requires manual activation, whenever you access your wallet.
- Avoid suspicious social media ads promoting fraudulent schemes.
- Only invest in crypto projects that you fully understand.
- Critically assess whether a project’s promises or returns seem too good to be true.
- Only use reputable platforms that have a track record of strong regulatory compliance.
- Store funds in hardware wallets as opposed to online exchanges.
Tips for newlyweds to better manage finances
All couples are unique and have to create a financial blueprint that is most suitable for their relationship, says Vijay Valecha, chief investment officer at Century Financial. He offers his top five tips for couples to better manage their finances.
Discuss your assets and debts: When married, it’s important to understand each other’s personal financial situation. It’s necessary to know upfront what each party brings to the table, as debts and assets affect spending habits and joint loan qualifications. Discussing all aspects of their finances as a couple prevents anyone from being blindsided later.
Decide on the financial/saving goals: Spouses should independently list their top goals and share their lists with one another to shape a joint plan. Writing down clear goals will help them determine how much to save each month, how much to put aside for short-term goals, and how they will reach their long-term financial goals.
Set a budget: A budget can keep the couple be mindful of their income and expenses. With a monthly budget, couples will know exactly how much they can spend in a category each month, how much they have to work with and what spending areas need to be evaluated.
Decide who manages what: When it comes to handling finances, it’s a good idea to decide who manages what. For example, one person might take on the day-to-day bills, while the other tackles long-term investments and retirement plans.
Money date nights: Talking about money should be a healthy, ongoing conversation and couples should not wait for something to go wrong. They should set time aside every month to talk about future financial decisions and see the progress they’ve made together towards accomplishing their goals.
Gran Gala del Calcio 2019 winners
Best Player: Cristiano Ronaldo (Juventus)
Best Coach: Gian Piero Gasperini (Atalanta)
Best Referee: Gianluca Rocchi
Best Goal: Fabio Quagliarella (Sampdoria vs Napoli)
Best Team: Atalanta
Best XI: Samir Handanovic (Inter); Aleksandar Kolarov (Roma), Giorgio Chiellini (Juventus), Kalidou Koulibaly (Napoli), Joao Cancelo (Juventus*); Miralem Pjanic (Juventus), Josip Ilicic (Atalanta), Nicolo Barella (Cagliari*); Fabio Quagliarella (Sampdoria), Cristiano Ronaldo (Juventus), Duvan Zapata (Atalanta)
Serie B Best Young Player: Sandro Tonali (Brescia)
Best Women’s Goal: Thaisa (Milan vs Juventus)
Best Women’s Player: Manuela Giugliano (Milan)
Best Women’s XI: Laura Giuliani (Milan); Alia Guagni (Fiorentina), Sara Gama (Juventus), Cecilia Salvai (Juventus), Elisa Bartoli (Roma); Aurora Galli (Juventus), Manuela Giugliano (Roma), Valentina Cernoia (Juventus); Valentina Giacinti (Milan), Ilaria Mauro (Fiorentina), Barbara Bonansea (Juventus)
RIDE%20ON
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UAE currency: the story behind the money in your pockets
How to help
Call the hotline on 0502955999 or send "thenational" to the following numbers:
2289 - Dh10
2252 - Dh50
6025 - Dh20
6027 - Dh100
6026 - Dh200
Developer: Ubisoft Montreal / Ubisoft Toronto
Publisher: Ubisoft
Platforms: Playstation 4, Xbox One, Windows
Release Date: April 10
Result
Crystal Palace 0 Manchester City 2
Man City: Jesus (39), David Silva (41)
MATCH INFO
Uefa Champions League semi-finals, first leg
Liverpool v Roma
When: April 24, 10.45pm kick-off (UAE)
Where: Anfield, Liverpool
Live: BeIN Sports HD
Second leg: May 2, Stadio Olimpico, Rome
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The bio
Job: Coder, website designer and chief executive, Trinet solutions
School: Year 8 pupil at Elite English School in Abu Hail, Deira
Role Models: Mark Zuckerberg and Elon Musk
Dream City: San Francisco
Hometown: Dubai
City of birth: Thiruvilla, Kerala
Some of Darwish's last words
"They see their tomorrows slipping out of their reach. And though it seems to them that everything outside this reality is heaven, yet they do not want to go to that heaven. They stay, because they are afflicted with hope." - Mahmoud Darwish, to attendees of the Palestine Festival of Literature, 2008
His life in brief: Born in a village near Galilee, he lived in exile for most of his life and started writing poetry after high school. He was arrested several times by Israel for what were deemed to be inciteful poems. Most of his work focused on the love and yearning for his homeland, and he was regarded the Palestinian poet of resistance. Over the course of his life, he published more than 30 poetry collections and books of prose, with his work translated into more than 20 languages. Many of his poems were set to music by Arab composers, most significantly Marcel Khalife. Darwish died on August 9, 2008 after undergoing heart surgery in the United States. He was later buried in Ramallah where a shrine was erected in his honour.
Palestine and Israel - live updates
Neymar's bio
Total club appearances 411
Total goals scored 241
Appearances for Barca 186
Goals scored for Barca 105
'Champions'
Director: Manuel Calvo
Stars: Yassir Al Saggaf and Fatima Al Banawi
Rating: 2/5
ACC 2019: The winners in full
Best Actress Maha Alemi, Sofia
Best Actor Mohamed Dhrif, Weldi
Best Screenplay Meryem Benm’Barek, Sofia
Best Documentary Of Fathers and Sons by Talal Derki
Best Film Yomeddine by Abu Bakr Shawky
Best Director Nadine Labaki, Capernaum
Abdul Jabar Qahraman was meeting supporters in his campaign office in the southern Afghan province of Helmand when a bomb hidden under a sofa exploded on Wednesday.
The blast in the provincial capital Lashkar Gah killed the Afghan election candidate and at least another three people, Interior Minister Wais Ahmad Barmak told reporters. Another three were wounded, while three suspects were detained, he said.
The Taliban – which controls much of Helmand and has vowed to disrupt the October 20 parliamentary elections – claimed responsibility for the attack.
Mr Qahraman was at least the 10th candidate killed so far during the campaign season, and the second from Lashkar Gah this month. Another candidate, Saleh Mohammad Asikzai, was among eight people killed in a suicide attack last week. Most of the slain candidates were murdered in targeted assassinations, including Avtar Singh Khalsa, the first Afghan Sikh to run for the lower house of the parliament.
The same week the Taliban warned candidates to withdraw from the elections. On Wednesday the group issued fresh warnings, calling on educational workers to stop schools from being used as polling centres.
New schools in Dubai
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
GIANT REVIEW
Starring: Amir El-Masry, Pierce Brosnan
Director: Athale
Rating: 4/5
More coverage from the Future Forum
Killing of Qassem Suleimani
KILLING OF QASSEM SULEIMANI
White hydrogen: Naturally occurring hydrogen
Chromite: Hard, metallic mineral containing iron oxide and chromium oxide
Ultramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica content
Ophiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on land
Olivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour
If you go
The flights
There are various ways of getting to the southern Serengeti in Tanzania from the UAE. The exact route and airstrip depends on your overall trip itinerary and which camp you’re staying at.
Flydubai flies direct from Dubai to Kilimanjaro International Airport from Dh1,350 return, including taxes; this can be followed by a short flight from Kilimanjaro to the Serengeti with Coastal Aviation from about US$700 (Dh2,500) return, including taxes. Kenya Airways, Emirates and Etihad offer flights via Nairobi or Dar es Salaam.
Gulf Under 19s
Pools
A – Dubai College, Deira International School, Al Ain Amblers, Warriors
B – Dubai English Speaking College, Repton Royals, Jumeirah College, Gems World Academy
C – British School Al Khubairat, Abu Dhabi Harlequins, Dubai Hurricanes, Al Yasmina Academy
D – Dubai Exiles, Jumeirah English Speaking School, English College, Bahrain Colts
Recent winners
2018 – Dubai College
2017 – British School Al Khubairat
2016 – Dubai English Speaking School
2015 – Al Ain Amblers
2014 – Dubai College
How England have scored their set-piece goals in Russia
Three Penalties
v Panama, Group Stage (Harry Kane)
v Panama, Group Stage (Kane)
v Colombia, Last 16 (Kane)
Four Corners
v Tunisia, Group Stage (Kane, via John Stones header, from Ashley Young corner)
v Tunisia, Group Stage (Kane, via Harry Maguire header, from Kieran Trippier corner)
v Panama, Group Stage (Stones, header, from Trippier corner)
v Sweden, Quarter-Final (Maguire, header, from Young corner)
One Free-Kick
v Panama, Group Stage (Stones, via Jordan Henderson, Kane header, and Raheem Sterling, from Tripper free-kick)
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MORE ON CORONAVIRUS & THE ECONOMY
Five famous companies founded by teens
There are numerous success stories of teen businesses that were created in college dorm rooms and other modest circumstances. Below are some of the most recognisable names in the industry:
- Facebook: Mark Zuckerberg and his friends started Facebook when he was a 19-year-old Harvard undergraduate.
- Dell: When Michael Dell was an undergraduate student at Texas University in 1984, he started upgrading computers for profit. He starting working full-time on his business when he was 19. Eventually, his company became the Dell Computer Corporation and then Dell Inc.
- Subway: Fred DeLuca opened the first Subway restaurant when he was 17. In 1965, Mr DeLuca needed extra money for college, so he decided to open his own business. Peter Buck, a family friend, lent him $1,000 and together, they opened Pete’s Super Submarines. A few years later, the company was rebranded and called Subway.
- Mashable: In 2005, Pete Cashmore created Mashable in Scotland when he was a teenager. The site was then a technology blog. Over the next few decades, Mr Cashmore has turned Mashable into a global media company.
- Oculus VR: Palmer Luckey founded Oculus VR in June 2012, when he was 19. In August that year, Oculus launched its Kickstarter campaign and raised more than $1 million in three days. Facebook bought Oculus for $2 billion two years later.
How much do leading UAE’s UK curriculum schools charge for Year 6?
- Nord Anglia International School (Dubai) – Dh85,032
- Kings School Al Barsha (Dubai) – Dh71,905
- Brighton College Abu Dhabi - Dh68,560
- Jumeirah English Speaking School (Dubai) – Dh59,728
- Gems Wellington International School – Dubai Branch – Dh58,488
- The British School Al Khubairat (Abu Dhabi) - Dh54,170
- Dubai English Speaking School – Dh51,269
*Annual tuition fees covering the 2024/2025 academic year
Company profile
Company name: Nestrom
Started: 2017
Co-founders: Yousef Wadi, Kanaan Manasrah and Shadi Shalabi
Based: Jordan
Sector: Technology
Initial investment: Close to $100,000
Investors: Propeller, 500 Startups, Wamda Capital, Agrimatico, Techstars and some angel investors
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Episode list:
Ep1: A recovery like no other- the unevenness of the economic recovery
Ep2: PCR and jobs - the future of work - new trends and challenges
Ep3: The recovery and global trade disruptions - globalisation post-pandemic
Ep4: Inflation- services and goods - debt risks
Ep5: Travel and tourism
The specs: 2018 Nissan 370Z Nismo
The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
Fuel consumption, combined: 10.5L / 100km
Tips for used car buyers
- Choose cars with GCC specifications
- Get a service history for cars less than five years old
- Don’t go cheap on the inspection
- Check for oil leaks
- Do a Google search on the standard problems for your car model
- Do your due diligence. Get a transfer of ownership done at an official RTA centre
- Check the vehicle’s condition. You don’t want to buy a car that’s a good deal but ends up costing you Dh10,000 in repairs every month
- Validate warranty and service contracts with the relevant agency and and make sure they are valid when ownership is transferred
- If you are planning to sell the car soon, buy one with a good resale value. The two most popular cars in the UAE are black or white in colour and other colours are harder to sell
Tarek Kabrit, chief executive of Seez, and Imad Hammad, chief executive and co-founder of CarSwitch.com
