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<ul><li>The <keyword id="1783182" type="PERSON" weightage="20" keywordseo="NUE">NUE</keyword> licence would enable the entity to hold pan-India control in payments, rivalling the likes of the government backed National Payments Corporation of India.</li><li>Reliance has reportedly signed up with Google and Facebook to set up a ‘new umbrella entity’ (NUE), which will be promoted by RIL and Infibeam Avenues’ So Hum Bharat.</li><li><keyword id="6355725" type="ORGANIZATION" weightage="20" keywordseo="tata-group">Tata Group</keyword>, <keyword id="18635" type="CITY" weightage="20" keywordseo="Amazon">Amazon</keyword> and Paytm too have formed their own consortiums to apply for the licence.</li></ul>When <keyword id="3820" type="PERSON" weightage="20" keywordseo="Mukesh-Ambani">Mukesh Ambani</keyword> signed up for a $5.7 billion cheque from Mark Zuckerberg in April, 2020, he made a promise to the Facebook founder to help boost their payments innovations in India. While WhatsApp pay is yet to take off, one year later, it seems Ambani is delivering on that promise through another route which can only be bigger. Reliance has <a href="https://economictimes.indiatimes.com/tech/tech-bytes/reliance-partners-google-facebook-in-seeking-nue-licence-from-rbi/articleshow/81237979.cms">reportedly </a>signed up with Google and Facebook to set up a ‘new umbrella entity’ (NUE), which will be promoted by RIL and Infibeam Avenues’ So Hum Bharat. Infibeam Avenues’ currently runs the payments gateway CCAvenue. India’s central bank had floated the bid for NUE licences in August, 2020. The NUE licence would enable the entity to hold pan-India control in payments, rivalling the likes of the government backed National Payments Corporation of India. NPCI is an initiative backed by the Reserve Bank of India (RBI) and Indian Banks’ Association (IBA) which acts as an umbrella entity that operates retail payments and settlements. The NUE licence would give the companies the opportunity to set up, manage and operate “ATMs, White Label PoS; Aadhaar based payments and remittance services; develop new payment methods, standards and technologies; monitor related issues in the country and internationally; take care of developmental objectives like enhancement of awareness about the payment systems,” according to the RBI guidelines. The RBI, which had initially set a deadline of February 26, 2021 for the application of the licences, recently extended it until March 31, 2021. According to <a href="https://economictimes.indiatimes.com/tech/tech-bytes/reliance-partners-google-facebook-in-seeking-nue-licence-from-rbi/articleshow/81237979.cms?from=mdr">reports</a>, RBI is initially going to give out only two NUE licences. Competition is high A stake in the control over India’s burgeoning digital payments market, which sees over 93 million transactions worth $12 billion daily, as per a report by HDFC Securities from December, 2020, is an opportunity that Reliance isn’t the only one vying for. <div type="image" title="payments transaction." msid="81268420" hostid="261"></div> The 152-year old conglomerate Tata Group, which is looking to build its own Super App spread across retail and payments, has <a href="https://economictimes.indiatimes.com/tech/tech-bytes/tata-group-takes-over-sbi-bid-for-nue-licence-from-rbi/articleshow/81237978.cms">reportedly</a> taken over the bid initially expressed by State Bank of India and Bank of Baroda. The Tatas are bidding through their subsidiary company Ferbine Private Limited, in which HDFC Bank and Kotak Mahindra Bank had already picked up a 9.99% stake each. The deal is also backed by Mastercard, PayU and Reliance’s telecom competitor Bharti Airtel. In an exchange filing declaring its stake in Tata-owned Ferbine, Kotak Mahindra Bank had said, “The main business of the company would be to operating a pan-India umbrella entity for retail payment systems, as would be allowed/licenced by RBI, subject to the approval of the NUE application.” <keyword id="191583" type="PERSON" weightage="20" keywordseo="Jeff-Bezos">Jeff Bezos</keyword>’ e-commerce firm Amazon, which has been bullish about the Indian payments sector and rolled out its own product Amazon Pay, <a href="https://economictimes.indiatimes.com/tech/tech-bytes/amazon-icici-bank-axis-bank-ready-with-nue-plan-to-rival-npci-upi/articleshow/81181363.cms">has partnered</a> with ICICI Bank, Axis Bank and others for the NUE licence. Meanwhile, India’s digital payments poster boy Vijay Shekhar Sharma too isn’t one to miss out on the opportunity. Paytm too has<a href="https://economictimes.indiatimes.com/tech/technology/paytm-ola-and-indusind-bank-team-up-to-apply-for-nue-license/articleshow/81217427.cms"> reportedly</a> partnered with Induslnd Bank, Ola Financial and others to bid for the licence. The partnerships have sprung up as the RBI mandates that ‘no single promoter/promoter group shall have more than 40% investment in the capital of the NUE’. The latest developments in the payments sector with the Tata Group, Reliance and Amazon is just the latest in the rivalry between the three companies, who are already competing in the Indian retail sector. The Tata Group is eyeing a 68% stake in Indian grocery e-retail startup BigBasket. The Indian e-grocery sector is heating up with the world’s richest man Jeff Bezos betting on it with Amazon Pantry, India’s richest man Mukesh Ambani upping the game with JioMart. SEE ALSO: <a href="https://www.businessinsider.in/business/news/elon-musk-and-reliance-industries-mukesh-ambani-compete-in-energy-storage-skytran-and-hyperloop/articleshow/81266903.cms">Elon Musk is facing a challenge from Asia’s richest man Mukesh Ambani in India⁠— both in energy and transportation</a>

EXPLAINED: The NUE licence for payments that Tata, Ambani and Bezos have applied for

The <keyword id="43588" type="COMPANY" weightage="20" keywordseo="World-Health-Organization">World Health Organization</keyword> (WHO) said that it is "unrealistic" to expect the <keyword id="8763838" type="UNKNOWN" weightage="20" keywordseo="covid-19">Covid-19</keyword> pandemic to be over by the end of 2021. "I think it will be very premature, and I think unrealistic, to think that we're going to finish with this virus by the end of the year," Dr. Michael Ryan, executive director of the WHO's Health Emergencies Program, said at a press conference here on Monday, Xinhua news agency reported. "But I think what we can, if we're smart, finish with the hospitalizations, the deaths and the tragedy associated with this pandemic," he said. Dr. Soumya Swaminathan, chief scientist of the WHO, added that "the goal of COVAX is to bring an end to the acute phase of the pandemic by the end of 2021." COVAX is a program led by the WHO, Gavi (the Vaccine Alliance) and the Coalition for Epidemic Preparedness Innovations (CEPI) aiming at distributing Covid-19 <keyword id="79555" type="TECHNOLOGY" weightage="20" keywordseo="Vaccines">vaccines</keyword> around the world. "We still face a <keyword id="10852686" type="UNKNOWN" weightage="20" keywordseo="huge-challenge">huge challenge</keyword> in rolling out vaccines equitably and fairly to those who most need them around the world," Ryan said. "We're in a much better position than we were. But nothing is guaranteed," he added. As the world is struggling to contain the pandemic, vaccination is underway in some countries with the already-authorized <keyword id="1754604" type="PERSON" weightage="20" keywordseo="coronavirus">coronavirus</keyword> vaccines. Meanwhile, 256 candidate vaccines are still being developed worldwide -- 74 of them in clinical trials -- in countries including Germany, China, Russia, Britain and the United States, according to information released by the WHO on February 26. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/ratan-tata-is-reportedly-exiting-lenskart-with-returns-of-28-times-the-investment/articleshow/81268916.cms">Ratan Tata is exiting Lenskart with returns of almost five times the investment</a> <a href="https://www.businessinsider.in/finance/news/explained-the-nue-licence-for-payments-that-tata-ambani-and-bezos-have-applied-for/articleshow/81268434.cms">EXPLAINED: The NUE licence for payments that Tata, Ambani and Bezos have applied for</a> <a href="https://www.businessinsider.in/tech/news/elon-musks-starlink-satellite-internet-is-coming-to-india-heres-how-you-can-pre-book-your-connection/articleshow/81268052.cms">Elon Musk's Starlink satellite internet is coming to India – here's how you can pre-book your connection</a> <a href="https://www.businessinsider.in/business/news/elon-musk-and-reliance-industries-mukesh-ambani-compete-in-energy-storage-skytran-and-hyperloop/articleshow/81266903.cms">Elon Musk is facing a challenge from Asia’s richest man Mukesh Ambani in India⁠— both in energy and transportation</a>

COVID-19 pandemic won't be over by 2021, says WHO

The <keyword id="6355014" type="COMPANY" weightage="20" keywordseo="delhi-high-court">Delhi High Court</keyword> on Monday granted more time to the Centre to file the status report in a petition seeking direction for an injunction against the updated privacy policy by WhatsApp. Notably, WhatsApp had asked users to either give their consent to sharing data with Facebook or lose their accounts after February 8. The policy was, however, put on hold till May 15 due to a massive backlash by the users. The petition filed by <keyword id="6360668" type="PERSON" weightage="20" keywordseo="advocate">Advocate</keyword> Chaitanya Rohilla has claimed that the new policy violates the Right to Privacy guaranteed under the Constitution and gives a 360-degree profile into a person's online activity without any government oversight. During the course of <keyword id="6394153" type="UNKNOWN" weightage="20" keywordseo="Proceedings">proceedings</keyword>, Justice Sanjeev Sachdeva granted the government more time and adjourned the matter to April 19. The court refused to issue notice to the respondents in the matter. In a similar matter related to the new privacy policy, Chief Justice D.N. Patel had issued notice to the <keyword id="3428254" type="COMPANY" weightage="20" keywordseo="ministry-of-electronics-and-information-technology">Ministry of Electronics and Information Technology</keyword>. The matter will come up for hearing on March 15. In a hearing on January 25, Justice Sanjeev Sachdeva emphasized that downloading the application is not mandatory and a person can choose not to download it. "It is voluntary. If you do not want to, you can choose not to. It is not mandatory for you to download it," a single-judge Bench of Justice Sanjeev Sachdeva said, reiterating his stand from an earlier proceeding. Prior to that, the judge had remarked that if a person feels that WhatsApp will compromise data, they must delete it. "It is a private app. Do not join it. What is your grievance? I cannot understand your concern." SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/ratan-tata-is-reportedly-exiting-lenskart-with-returns-of-28-times-the-investment/articleshow/81268916.cms">Ratan Tata is exiting Lenskart with returns of almost five times the investment</a> <a href="https://www.businessinsider.in/finance/news/explained-the-nue-licence-for-payments-that-tata-ambani-and-bezos-have-applied-for/articleshow/81268434.cms">EXPLAINED: The NUE licence for payments that Tata, Ambani and Bezos have applied for</a> <a href="https://www.businessinsider.in/tech/news/elon-musks-starlink-satellite-internet-is-coming-to-india-heres-how-you-can-pre-book-your-connection/articleshow/81268052.cms">Elon Musk's Starlink satellite internet is coming to India – here's how you can pre-book your connection</a> <a href="https://www.businessinsider.in/business/news/elon-musk-and-reliance-industries-mukesh-ambani-compete-in-energy-storage-skytran-and-hyperloop/articleshow/81266903.cms">Elon Musk is facing a challenge from Asia’s richest man Mukesh Ambani in India⁠— both in energy and transportation</a>

WhatsApp privacy policy — Indian government gets four more weeks to file its response to plea challenging update

<ul><li>This could be a huge opportunity for companies and payments startups providing access to <keyword id="6367143" type="UNKNOWN" weightage="20" keywordseo="LIC">LIC</keyword>'s over 250 million customers.</li><li>Business Insider has learnt that, on February 5, 2021, LIC floated the “request for proposal (RFP)” for a contract which will be valid for five years.</li><li>Check out the latest news and updates on <a href="https://www.businessinsider.in/">Business Insider.</a></li></ul>The <keyword id="6365973" type="ORGANIZATION" weightage="20" keywordseo="life-insurance-corporation">Life Insurance Corporation</keyword> of India (LIC), the country’s largest and over half a century old insurer, has a golden egg for India’s payment gateway operators. LIC is currently inviting bids from payment aggregator companies to enable digital payment of premiums for its over 250 million customers – an opportunity for the likes of <keyword id="2777173" type="PERSON" weightage="20" keywordseo="Razorpay">Razorpay</keyword>, Paytm, PayU to pounce upon and gain LIC’s millions of users overnight. <div type="image" title="LIC" msid="81304415" hostid="261"></div> Business Insider has learnt that, on February 5, 2021, LIC floated the “request for proposal (RFP)” for a contract which will be valid for five years. The RFP, seen by Business Insider, states that “LIC wishes to avail a comprehensive, fully automated end to end solution for all types of collections of LIC, not limited to just premiums, by integrating LIC’s website with an integrated Internet Payment Aggregator”. <div type="Youtube" id="Vvc-BuPvE3k" title="India&amp;#39;s largest insurer LIC is inviting bids from payment aggregators⁠" thumbUrl="https://i.ytimg.com/vi/Vvc-BuPvE3k/mqdefault.jpg"></div> LIC had earlier floated a similar bid in 2017, but the bid had not seen the light of the day. But now, there are big things lined up for LIC. The 65-year old insurer is headed for a market debut too this year, as announced by Finance Minister Nirmala Sitharaman in her Budget 2020 speech. One of India’s payment gateway operators Razorpay has confirmed to Business Insider that it has been invited to bid for LIC, and will be submitting its proposal in March. However, the billion dollar startup did not share any further details. For LIC, a tryst with ‘using data’ For technology enthusiasts like Rajeev Suri, the managing director at Orios Venture Partners, the bigger benefit lies for LIC in this partnership. Suri takes a leaf out of China’s playbook to cite the example of Alipay and its success. Alipay, the payments app from Jack Ma’s Ant Financial, used data from the payments vertical to<a href="https://hbr.org/2020/09/why-hasnt-apple-pay-replicated-alipays-success#:~:text=Alipay%2C%20which%20was%20spun%20off,behind%20it%20went%20beyond%20payments."> sell more products to users</a>, which eventually led to Ant Financial becoming a mammoth financial company with a valuation of over $300 billion. The data that these payment aggregators have, would give LIC the opportunity to direct policies to the right user, making way for a deeper penetration of <keyword id="35450" type="COMPANY" weightage="20" keywordseo="insurance">insurance</keyword> in India. And it is this disruption of data that is driving the story for LIC. “Today, insurance is mainly used as a tax saving alternative. But with data from these startups will help LIC. That is the data driven magic that happened in China that built the most powerful IPO the world has ever seen. And it could happen with LIC too,” said Suri. For any payment gateway operator, an opportunity of a lifetime According to a Goldman Sachs report, the online individual insurance market (life and health) could be worth $1.25bn by FY25, more than tripling from $365mn in FY20. And without a doubt, LIC holds the mammoth share of the market. <div type="image" title="LIC" msid="81304426" hostid="261"></div> For India’s payment startups, this will be a big chance to gain more users and transactions. In 2019-20 alone, LIC processed premiums worth ₹3.79 lakh crore ($51.7 billion). And this, while India continues to remain a poorly insured country with barely 4% market penetration, leaving a wide opportunity for LIC to grow further. India’s digital payment market is projected to grow to be worth $300 billion by FY25, according to a report by Bank of America from January 2021. And at the heart of it are homegrown players like Paytm, Razorpay who will be riding the wave of <keyword id="6358577" type="UNKNOWN" weightage="20" keywordseo="digital-payments">digital payments</keyword>. Insurance in India is still heavily regulated and for any startup, working with LIC would mean clearing many hurdles at once. “LIC is the grandmaster of insurance in India. For any startup partnering with LIC would mean an easier sell of insurance to consumers, the trust deficit associated with financial products would go away when there is an association with LIC,” Suri told Business Insider. For startups, which are still heavily concentrated in India’s bigger cities, working with LIC will open up direct access to users across Tier 2, 3 cities. Suri believes that the startups would become a ‘trustworthy’ company across India as the recognition value of LIC is high. So who can bid for the LIC tender? Partnering with India’s biggest life insurer, which is also headed for the public markets in what is called as the ‘biggest IPO of the decade’, won’t be an easy task. LIC in its RFP has already issued an eligibility criteria with multiple factors that each amount to a set number of points. The points will be decided on factors such as the total value of digital transactions done by the company in 2019-20, with over ₹50 crore taking the highest points, number of years of experience in the industry, among others. For a company to win the bid, it will need a minimum of 75 points. But that’s not the only hiccup. To bid for LIC means the company would have to first give an Earnest Money Deposit OF ₹10 lakh and the final winner would have to submit a Performance Bank Guarantee (PBG) of ₹10 crore. And all of this makes it a little complicated. "Technically, because of bidding these end up being low revenue opportunities," a source at one of the top payment aggregators told Business Insider on the condition of anonymity. Interestingly, there are many more players entering the payments industry with full force. From Mukesh Ambani’s Reliance to the Jeff Bezos-led Amazon have partnered with banks and other organisations, to apply for a <a href="https://www.businessinsider.in/finance/news/explained-the-nue-licence-for-payments-that-tata-ambani-and-bezos-have-applied-for/articleshow/81268434.cms">new umbrella entity (NUE) licence</a>, which will have powers similar to the apex body National Payments Corporation of India (NPCI). SEE ALSO: <a href="https://www.businessinsider.in/finance/news/explained-the-nue-licence-for-payments-that-tata-ambani-and-bezos-have-applied-for/articleshow/81268434.cms">EXPLAINED: The NUE licence for payments that Tata, Ambani and Bezos have applied for</a> <a href="https://www.businessinsider.in/thelife/personalities/news/meet-jay-chaudhry-the-man-who-studied-under-a-tree-in-himachal-to-become-one-of-the-worlds-top-billionaires-today/articleshow/81288884.cms">Meet Jay Chaudhry, the man who studied under a tree in Himachal to become one of the world’s top billionaires today</a> <a href="https://www.businessinsider.in/business/news/elon-musk-and-reliance-industries-mukesh-ambani-compete-in-energy-storage-skytran-and-hyperloop/articleshow/81266903.cms">Elon Musk is facing a challenge from Asia’s richest man Mukesh Ambani in India⁠— both in energy and transportation</a>

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EXPLAINED: The NUE licence for payments that Tata, Ambani and Bezos have applied for

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COVID-19 pandemic won't be over by 2021, says WHO

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WhatsApp privacy policy — Indian government gets four more weeks to file its response to plea challenging update

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EXCLUSIVE: Ahead of the LIC IPO, a large tender from India's largest insurer is inviting bids from payment aggregators

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