Startup News

Paytm announced it’s application for NUE in a consortium with Ola

On Tuesday, Paytm confirmed it’s plan to participate in the NU in a consortium with gamers and the Ola Transport Ride Platform.

The aim is to develop more progressive and inclusive digital funds options for the Indian inhabitants.

According to the Paytm founder, the NUE system can play out as an excellent alternative for funds within the nation.

Moreover, Ola is also a part of the consortium as one of the key partners.

Further, the consortium will also compromise of a bank, small finance bank, payments bank, fintech company, tech company and NBFC.

In fact, the goal is to become one of the most diverse NUE consortiums.

Last August, RBI launched a framework for allowing an umbrella organization for retail payments in the country.

It also invited applications from aspiring organizations by February 26, 2021.

However, the Reserve Bank of India has extended the deadline for applications for NUEs until 31 March.

This is after various stakeholders, including the Association of Indian Banks requested for an extension to accommodate the pandemic

Meanwhile, NUE is set to establish as a profit-making company under the Companies Act 2013.

Also, the Payment and Settlement Systems Act 2007 will authorize the NUE.

Such organizations will perform tasks like the creation, management and operation of new payment systems in retail space.

These activities include ATMs, White Label PoS, Aadhaar primarily based funds and remittance providers.

Others comprise of newer cost strategies, requirements and applied sciences, monitor associated points within the nation and internationally etc.

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