Amazon, ICICI Bank, Axis Bank Join Hands To Build New UPI-like Network

Amazon will be collaborating with ICICI Bank, Axis Bank and Visa to set up a national payments network in India. The proposed entity, 'New Umbrella Entity (NUE)', will compete against National Payments Corp of India which dominates the country's digital sphere with its UPI. Pine Labs and BillDesk are also a part of the consortium that is eyeing the NUE. Interestingly, India's digital market has shown annual growth rate of 55% in last 5 years.