Paytm-Ola-IndusInd Bank to apply for NUE to launch payments network

Ola Financial, Paytm and IndusInd Bank are planning to apply for a New Umbrella Entity (NUE) license to set up a domestic payments network similar to the National Payments Corporation of India's (NPCI) unified payments interface (UPI).

Others expected to be part of the group include Zeta Pay, Electronic Payment Services (EPS), and Centrum Finance, with Paytm likely to "play a leading role" and Ola and IndusInd also having "significant stakes,".

The consortium will submit its proposal to the Reserve Bank of India on February 26 (today), sources added. The date is the deadline to apply for NUEs.

Key differentiator for this consortium, unlike others who applying for NUE licences a source said is "diversity and technology." Adding: "They understand consumers better and have successfully delivered national-level complex businesses leveraging technology. India's digital payments boom requires robust multiple payment products for the next level of growth," the source added.