Blockchain, instant settlements and a brand new UPI on NUE roadmaps

India’s heading for another transformation in digital payments, with NUEs expected to usher in new versions of UPI, blockchain-based settlement systems for digital currencies and remittances, and more efficient mechanisms for business transactions

author-image

By 

Pratik Bhakta

May 06, 2021

8 Min Read

Blockchain-based settlement systems for enterprise transactions, remittances and digital currencies; innovations in offline retail payments; and an overhaul of legacy settlement systems. 

Broadly, these are among the biggest transformations in digital payments that the so-called New Umbrella Entities, the newest buzzword in fintech, are expected to usher in.

Probably not far-fetched considering that among the six consortia that have applied to the Reserve Bank of India for NUE licenses are Google, Facebook, Amazon, Tata Group, and Reliance Industries.

The selected NUEs will build digital payments and settlements frameworks, or technology rails, similar to those of the National Payments Corporation of India, but with a wider array of applications.

The problem with existing settlement systems is they are built on legacy core banking solutions that make transactions inherently slow and sometimes unreliable.

The global and Indian giants in the fray are expected to implement back end transformations that, in turn, will vastly improve the front end payments experience for users.

Why

Subscribe

Pricing

As a premium subscriber, you will get access to 3+ premium articles a week
Limited time offer
Launch price
INR
2,399
/ Year
INR 3,999
Save 40% with our launch offer.
Please apply the code at checkout.

copyCopy Code

Upgrade Now

Why

Subscribe

As a premium subscriber, you will get access to 3+ premium articles a week

Smart Information, Better Decisions

We report on the latest and most important developments in India’s biggest tech companies and also disruptive startups so you can make better decisions.

Seasoned Team

Tracking the highs and lows of India’s biggest internet companies over the past decade has given us access to the right decision-makers to interpret the latest state of play.

Inside View with Org Charts

Know the key decision-makers with Org Charts. We thrive on decoding boardroom conversations so we can bring you a 360° view of what's happening at India's high-growth companies.

Filtering the Noise

New economy companies cannot always be evaluated using traditional methods. We analyze the relevant metrics, ask the tough questions to get you the right picture
share-button
like-button
share-button

For subscribers only

Premium Reads

>>

View More >>

Deeply reported and objective news on the country´s fastest-growing companies and the people behind them.