More Companies To Apply For Setting Up New UPI-like Payments System

According to reports, more companies could join hands to apply for the setting up of a new UPI-like digital payments system. Facebook, Amazon and Google, along with Visa and Mastercard, have already applied for licenses in India to operate the digital payments arena. Another consortium, led by Mukesh Ambani's Reliance with having Facebook and Alphabet Inc as members, has also applied. However, the RBI, in its notification, has indicated of providing only 1-2 licenses.