In the coming days, Mukesh Ambani’s company Reliance Industries is now preparing to enter another new sector. Through this, the company is preparing to expand its reach globally. RIL can get support from Infibeam, Google and Facebook.
Reliance Industries
Mukesh Ambani-owned Reliance Industries has spread its foot in many emerging sectors in the last few years. From the retail sector to the telecom sector, this company is now preparing to enter another sector. According to a media report, Reliance Industries is now preparing to enter the payment sector with Infibeam, Google and Facebook. Reliance is now looking at positioning itself as a large payment company globally. Currently, Reliance’s business portfolio spans from the oil, chemical to telecom and retail sectors.
Currently, Reliance Industries also runs Jio Payments Bank. Now with the introduction of its new payment service, this company wants to increase its domination on the global level. It is believed that this step of Reliance can be a step towards giving competition to the big companies like Visa and MasterCard. However, to start the payment service, Reliance is yet to get a license.
Reliance may be the largest company in NUE
Reliance has targeted several schemes over the long term through the new umbrella entity. Efforts will be made to fulfill these goals in the coming days. Reliance Industries’ New Umbrella entity includes Infibeam as well as giants such as Google and Facebook. In this, Reliance’s share in the new entity can be up to 40 percent. For the other three companies, it can be close to 20-20 per cent.
Business of digital payments growing rapidly in India
This step of Reliance is indicating that in the coming days, the digital payments business, including India, will grow rapidly. In the year 2018 itself, it was estimated that the size of the digital economy in India will reach 8 percent of the country’s GDP, that is, about 200 billion dollars. It is estimated that by 2025 it can increase to 18-23 per cent of GDP. This estimate is from Electronics and Information Technology.
India has now become the second country in the world, where digital services are being adopted rapidly. RBI believes that many more new umbrella entities are needed to promote digitization in the coming days.
6 more consortium preparations
On Wednesday, last week, 6 consortium led by Tata Group and ICICI-Axis Bank have sent a proposal to the National Payments Corporation of India to prepare the National Payments Infrastructure. The bank unit is headed by ICICI Bank and Axis Bank. Both companies have 20-20 per cent stake in this unit called Moppe.
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