Technology giants Facebook Inc., Amazon .com Inc. and Google and credit-card providers Visa Inc. and Mastercard Inc. are among those vying for unprecedented access to India's burgeoning digital retail payments market. The companies are part of four consortia preparing to apply for licenses to operate retail payments and settlement systems in the country, people familiar with the matter said. More companies could band together before a March 31 application deadline. In a market where cash is still king, digital payments are quickly gaining ground as India's 1.3 billion people are starting to embrace online shopping and services such as online gaming and streaming. With Credit Suisse Group AG predicting $1 trillion in online payments in India in 2023, the companies chosen to enable such transactions stand to reap lucrative commissions. "India's mobile digital payments is seeing huge growth in a post-pandemic world," said Vijay Shekhar Sharma, founder and chief executive officer of New Delhi-based payment provider Paytm. "It's a good time to open up more diverse payments solutions and keep the momentum going." One of the consortia consists Amazon, Visa, ICICI Bank and Axis Bank as well as fintech startups Pine Labs and BillDesk. Another group is led by Ambani's… Read full this story
- Amazon grows share of US digital ad market to more than 10 percent
- Apple may be working to take on these smart home gadgets from Amazon and Facebook
- Google says 'not up to us' to dictate how news companies spend its $1 billion
- Why are Google, Amazon eyeing Indonesia? Because Alibaba, Tencent are too
- Google may launch Android Pay in India by year-end
- Will corporates be second-time lucky in the Indian payments space?
- Amazon on edge: What's behind its snark-tweeting of Sanders and Warren
- Google agrees to pay Italian publishers for news
- U.S. trade chief readies tariffs against six countries over digital taxes
- Indian PM Modi Roots For Indian Space Agency's Version of Google Maps
Amazon, Google, Facebook vie for piece of India’s digital payments market have 320 words, post on brandequity.economictimes.indiatimes.com at March 4, 2021. This is cached page on CuBird. If you want remove this page, please contact us.