What is NUE in India and why Tatas, Mukesh Ambani, Amazon want a piece?3 min read 12 Mar 2021, 08:42 AM IST
NUE (New Umbrella Entity), a digital platform which will be for-profit and be allowed to charge fees for online transactions, unlike the existing system
The new entity or entities will be able to earn interest from the float that customers maintain in their online shopping accounts
Cash may be king in India, but with smartphone usage heading toward 1 billion, online payments are catching up. Digital transactions doubled in the last two years, faster than any major country outside China, and are forecast to reach $2 trillion in 2023. Such exponential growth hasn’t been trouble-free, however, leading to concern about the wisdom of relying on a single payments system. That has global tech giants including Amazon, Facebook and Google lining up for the chance to build a new platform to handle electronic money flows -- and reap an expected bounty in fees.
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