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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

<ul><li><keyword id="761157" type="ORGANIZATION" weightage="20" keywordseo="Infibeam">Infibeam</keyword> is betting on its relationship with <keyword id="3820" type="PERSON" weightage="20" keywordseo="Mukesh-Ambani">Mukesh Ambani</keyword>’s <keyword id="8506093" type="UNKNOWN" weightage="20" keywordseo="Jiomart">JioMart</keyword> to get the contract to handle the grocery outlet’s online payment transactions</li><li>Right now, JioMart is the only private company that is using Infibeam’s Government e-Marketplace (GeM) platform.</li><li>In an interview with Business Insider, Infibeam president of corporate finance — R Srikanth — explains how the company plans to meet its target of $100 billion in transactions over the next three to five years.</li><li>Scoring JioMart’s payments transaction business is one of the pillars the fintech firm is banking on to get there.</li></ul> The Ahmedabad-based fintech company, Infibeam Avenues, is looking to expand its relationship with Mukesh Ambani’s JioMart and ride that wave to $100 billion in transactions over the next three to five years. <div type="image" title="infibeam share price" msid="83111973" hostid="261" caption="&amp;lt;p&amp;gt;Infibeam&amp;#39;s share price over the last one year&amp;lt;/p&amp;gt;"></div> Infibeam, which started out as an ecommerce company around the same time as Flipkart, is also looking to improve its operating margins as a percentage of its revenue from 61% to 65%. That’s a jump of 400 basis points (bps) in the amount of profit it plans to generate from its earnings. <div type="ExtQuote" text="“We’ve seen a 60% growth, and considering that the same trend will continue, we will surpass $100 billion.”" auname="R Srikanth, president of corporate finance and investor relations at Infibeam"></div> Infibeam actually started out around the same time as Flipkart, in 2007, as an ecommerce platform. While Flipkart chose to go into the customer facing business, Infibeam decided to dive into digital payments between businesses. Right now, there are two main ways that the company makes money— payments and platforms. And, payment transactions are where Infibeam earns most of its revenue. Whenever a transaction occurs on one of its platforms — whether that’s CCAvenue, Bill Avenue or its flagship ResAvenue platform for the hospitality sector— Infibeam makes a cut. How much that share will be, depends on the value of the transaction. This means, the more money it processes, the more money it’s making. For this reason, JioMart, with its wide network of merchants and over 2.3 million active customers — according to a December 2020 JPMorgan report — is an opportunity that’s just around the corner. In an interview with Business Insider India, the president of corporate finance at Infibeam, R Srikanth, explains why the company has set its eyes on the $100 billion prize and how it plans to get there. <cmsannotation type="cmsannotation" annotationid="Here’s how Infibeam plans to grow manifold in the next 3-5 years" comment="subhead" text="Here’s how Infibeam plans to grow manifold in the next 3-5 years">Here’s how Infibeam plans to grow manifold in the next 3-5 years</cmsannotation> <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup></colgroup></colgroup></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Segment </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Payments </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Government e- Marketplace </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Neo Banking </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Acquirer Processor (CPGS) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">New umbrella entity (NUE) </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Rationale </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Acquire payments processing for JioMart and expand in the international market </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Expand business with Jio and GoI </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Expand secured lending, bring in unsecured lending </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Replicate success from Oman in India </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Already applied for licence to create NUE with Reliance using the So Hum Bharat Digital Payments </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Partner </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HDFC Bank, JP Morgan Chase Bank and others </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Jio Platforms, the Government of India </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"> </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bank Muscat and Bank Dhofar </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Reliance Industries </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Goal </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$100 billion </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Not disclosed </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$200 million </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Not disclosed </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Not disclosed </td></tr></tbody></table> <cmsannotation type="cmsannotation" annotationid="Mukesh Ambani and Infibeam are already friends" comment="subhead" text="Mukesh Ambani and Infibeam are already friends">Mukesh Ambani and Infibeam are already friends</cmsannotation> The two companies already have a relationship with JioMart being the first private company to use Infibeam’s Government e-Marketplace (GeM) — an enterprise ecommerce software-as-a-service (SaaS) platform that was only available to the Indian government before Ambani. GeM crossed a cumulative transaction payments value of $13.5 billion in the last week of March 2021 and, according to Infibeam, the government plans to double that in the ongoing financial year. In October last year, Reliance <keyword id="2003276" type="PERSON" weightage="20" keywordseo="Jio">Jio</keyword> entered into an agreement with Infibeam Avenues to use its platform for JioMart. Not only is Jio running its systems and services on Infibeam’s platform, the maintenance and upkeep also fall with the fintech company. But, for Infibeam, GeM is only a stepping stone. It's is looking to capture JioMart’s payment gateway business to fuel its already growing transaction values even further. <div type="image" title="Copy of fake notes in circulation(1)" msid="83112453" hostid="261" caption="&amp;lt;p&amp;gt;Infibeam&amp;#39;s quarterly transaction values over the last five quarters&amp;lt;/p&amp;gt;"></div> <div type="ExtQuote" text="The fundamental point is that we’ve entered JioMart and the objective is that we would like to do the payments processing for JioMart." auname="R Srikanth, president of corporate finance and investor relations at Infibeam"></div> <cmsannotation type="cmsannotation" annotationid="Here are edited excerpts from the conversation:" comment="subhead" text="Here are edited excerpts from the conversation:">Here are edited excerpts from the conversation:</cmsannotation> You’ve set a target for $100 billion in the next three to five years. What makes you confident of achieving that goal? Right now, the good thing is that the government e-marketplace (GeM) is tracking around ₹1 lakh crore. Payments business is also in excess of ₹1.2 lakh crore . This is despite the fact that some sectors aren’t fully open like aviation, travel, rail bookings, hotel bookings. These sectors haven’t been fully opened, which is a major constraint as of now. That is our high margin-centric sector. The moment that gets opened, then you will have different results in terms of value of transactions. Highest volume right now is from the education sector, utilities, bill payments — these are fully opened. For all practical purposes, we’re at a run rate of $28 billion. On an average, ₹50,000 crore for the quarter, means we can hit above ₹2 lakh crore at an annualised growth rate, which is $28 billion. That is what gave us the confidence that in a 3-5 years time frame we can touch upon $100 billion in terms of transaction value purposes. $100 billion in 3-5 years is not such a big task given that the digital push is going to be there. Because, our current digital market is around 15-16%, and there’s headroom for higher digital push in the system. We factored all this in, when we guided 65% net revenue margin for FY22 from the current 61% in FY21. <div type="image" title="Infibeam rev + Profit" msid="83112534" hostid="261" caption="&amp;lt;p&amp;gt;Infibeam&amp;#39;s net profits and revenue over the last two years&amp;lt;/p&amp;gt;"></div> What role does your partnership with Jio play in reaching this target? The GeM [Government e-Marketplace] platform has only been given to Jio [in the private sector]. And using their customisations and so on, JioMart has now gone live with our platform. The fundamental point is that we’ve entered JioMart and the objective is that we would like to do the payments processing for JioMart. If that happens, we will have cornered the payments processing business of JioMart using our platform entry. In fact, platform entry only strengthened our relationship with Jio to a large extent. And, what does this have to do with the new umbrella entity (NUE) you’re trying to set up with Reliance? NUE is a different animal altogether. We applied for the licence with our subsidiary So Hum [Bharat Digital Payments] along with Reliance, but I think we will only know the outcome by around October or November. That is the timeframe. Beyond that I will not be able to comment. There is a lot of potential for NUE, the minute we get the licence. But, until such time that we get the licence, we’ll simply have to keep our fingers crossed. How much do you see gaining from Reliance’s payment business? All of this has been factored into our guidance. When we say $100 billion in 3-5 years, that includes payments transactions from main accounts and also from the [sic] Jio’s, existing merchants and so on and so forth. Obviously, due to confidentiality reasons, the main transaction accounts I will not be able to reveal. But, it is all factored into that figure. Can you shed a little light on what you’re expecting from the neo banking aspect of your business? In FY20, we announced neo banking to the public market. Under the neo banking umbrella, lending is an important portfolio and credit card issuance is another portfolio. For credit card issuance we’ve already acquired Cardpay Technologies in March 2020. They’re a card issuance platform that deals with artificial intelligence (AI). Today, we’re able to issue a credit card provided there is a corresponding bank and a non-banking financial company (NBFC). We are able to ensure credit cards to corporations in less than 15 minutes on a virtual basis. And, in less than four days depending on the logistics, on a physical basis. The technology platform and everything is in place, rigged with AI. Now, under regulation, we cannot take the credit extension. So, we have to partner with NBFCs, to take the credit exposure. Lending is not a science, it’s an art. Therefore, while one side the partner discussions with the NBFC banks are all in progress, they don’t want to limit the options of the neobanking umbrella. Therefore, we started a secured lending framework. Under the secured lending framework, we have done express settlement for our merchants. We want to take this to $200 million. Are you planning on investing in any new startups to bring in new technologies and new capabilities? We were not strong in card issuance. In order to do neo banking and unsecured lending, you need to have a card instance platform on your watch. And we did not have one. So, we acquired Cardpay Technologies and built AI over there, and today, we have the ability to do card issuance. The same way, global remittances is not our cup of tea. So that is being handled by our investee company, RemitGuru. Having said that, on the credit algorithm, there could be a possibility. As and when we’re ready for real lending through NBFCs and so on, we’ll actively sync in our credit algorithm on the tech platform and then, at that time, we also actively look for acquiring companies in that space. But, not right now. What kind of a timeline do you see for this? For partnership discussion in terms of the road map and also the credit algorithms and the corresponding banking relationships and so on, it will take a few quarters. Not right now. If you see our growth map, we’re very strong in our conventional payment gateway business. Same way, we’re very strong in the B2B payments business. Now, we have brought about two new business offerings — one is our CPGS [CCAvenue Payment Gateway Service] for banks. And, the second business offering that we’ve instituted is neo banking. We are settling CPGS, we have to accelerate on express settlement and parallelly, we have to start unsecured lending. How important is the global market for you? Our road map for growth includes market expansion. Right now, we’re in UAE, Saudi Arabia and Oman. And we also have a physical presence in the US. Our next cup of tea is building up our overseas business. Not the European market and UK, but in the US, we’ve already started our operation. Like, on the CPGS and PG [payment gateway] side, we’ve white labeled our solution to JPMC India for their India payments — we would like to replace that success in the US. The COVID-19 situation has created a little bit of a break on that front. But the US is a low hanging fruit. And, some of the Asian countries — like Indonesia and the Philippines — they’re all low hanging fruits.

INTERVIEW: With a partner like Mukesh Ambani's Jio, Infibeam expects to hit $100 billion in online transactions in the next 5 years

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><keyword id="761157" type="ORGANIZATION" weightage="20" keywordseo="Infibeam">Infibeam</keyword> is looking to acquire a fintech company that is into point of sale (POS) business, said Vishwas Patel, executive director at <keyword id="6674939" type="UNKNOWN" weightage="20" keywordseo="infibeam-avenues">Infibeam Avenues</keyword> in an interview with Business Insider.</li><li>With more than 3 million merchant databases, the company has announced its plans in the lending space by partnering with banks and NBFCs who can finance credit to merchants.</li><li>The gateway payment company aims at $28 billion of transaction processing value in the current financial year.</li></ul>Ahmedabad-based Infibeam is looking to acquire fintech companies that are into point-of-sale (POS) business. The company is eyeing to acquire a company in the POS terminal business with presence in 1000 cities and towns across India. “It is better to acquire a firm who has put all (POS terminal) infrastructure in place rather than building from scratch,” said Vishwas Patel, executive director at Infibeam Avenues in an interview with Business Insider To put into perspective, startups like Pine Labs and Mswipe are POS companies that provide point-of-sale solutions including payments, inventory management and accounting softwares. What is Point of Sale? Point of sale (POS) is the time and place where a customer makes a payment for products or services at your store. A digital retail point of sale system typically includes a POS terminal that can read debit/credit cards and enable payments through a swipe. Service providers that provide both POS hardware and software solutions are called POS companies. Patel said that the company already has a payment gateway -- CCAvenue -- that allows online merchants to process their all online transactions, but is lacking point of sale (POS) terminal business in order to complete its payment solutions portfolio. <div type="image" title="infibeam chart" height="900" width="1200" msid="85292292" hostid="261"></div> Latest acquisition In June last year, Infibeam had acquired Cardpay, which offers a spending management platform to corporations under the brand name “Grit.” The platform offers help with physical and virtual credit cards, invoice processing and early payments discounts. Now to enter lending space Further, with more than 3 million merchant databases, the company will enter the lending space by partnering with banks and non-banking financial companies (NBFCs) to provide loans to merchants. R Srikanth, global president of finance at Infibeam, explained in an interview with Business Insider that its detailed database on the transaction history of merchants will help the banks to authenticate the customer before processing the loan. While these small shopkeepers may or may not meet the requirements of a bank to prove their creditworthiness, Infibeam’s data on the shop’s revenue and cash flow will help it determine the same without the formal documentation that banks would seek. Fintech startup BharatPe’s newly appointed chief executive officer (CEO), Suhail Sameer, also explained the same in an interview with Business Insider in June, right after its application for a banking licence with Centrum was approved. <div type="Video" msid="83975924" hostid="261" title="Crisis capital for capital crisis" dataSource="BUSINESSINSIDER" thumbUrl="https://denmark.timesinternet.in/cmslite/api/app/images.jpg?msid=83975924"></div> There is a $100 billion lending market out there. Therefore growth acceleration is also huge. “With 2.6 million merchants even if 5-10% lending customers happens through banks we will make money on every loan,” Infibeam’s Srikanth added. Confident to cross $30 billion transaction processing value in FY22 The payment gateway and e-commerce platform service provider’s profit rose by 18.14% year-on-year to ₹14.07 crore in June quarter while revenue reached ₹218.93 crore. Infibeam Avenues aims at $28 billion of transaction processing value in the current financial year compared to $19 billion in FY21. Awaiting response from RBI Besides, the company has a pending application for a new umbrella entity (NUE) licence along with consortium partners Jio Platforms, the telecom giant owned by India’s richest man Mukesh Ambani, Google and Facebook to offer payments globally. <a href="https://www.livemint.com/news/india/five-things-to-know-about-the-nue-license-being-chased-by-ambani-amazon-11614757036972.html">Reportedly</a>, those who receive the license will set-up, manage and operate new payment systems in the retail space, including ATMs, points of sales, remittance services, and Aadhaar-based payments. The entities will also manage newer payment methods, standards, and technologies. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/irctc-tata-steel-hero-motocorp-and-other-top-stocks-to-watch-out-for-on-august-13/slidelist/85291580.cms">IRCTC, Tata Steel, Hero MotoCorp and other top stocks to watch out for on August 13</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/investment/news/hacker-behind-610-million-crypto-hack-conducts-ama-claims-returning-the-money-was-always-a-part-of-the-plan/articleshow/85268481.cms">Hacker behind $610 million crypto hack conducts AMA — claims returning the money was always ‘a part of the plan’</a>

INTERVIEW: Infibeam Avenues is looking to acquire a point-of-sale company

<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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INTERVIEW: With a partner like Mukesh Ambani's Jio, Infibeam expects to hit $100 billion in online transactions in the next 5 years

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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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INTERVIEW: Infibeam Avenues is looking to acquire a point-of-sale company

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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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