Paytm to apply for New Umbrella Entity

New Delhi: Paytm on Tuesday said it is applying for NUE (New Umbrella Entity) in a consortium with players including ride hailing platform Ola, as part of its efforts to develop more innovative and inclusive digital payments solutions for the Indian population.

Speaking to PTI, Paytm founder and Chief Executive Officer Vijay Shekhar Sharma said the company sees the NUE system to play out as a great opportunity for payments in the country.

"We've been saying that payments have become mainstream, and it is important for us to create more payment options and opportunities for consumers and businesses alike. RBI took a note of it and has given an opportunity to apply for NUE. We are going to apply for sure...the process is on," he said..

Asked if Ola was a part of the consortium, Sharma said it will include Ola as one of the key partners.

"It (consortium) will include a bank, small finance bank, payments bank, fintech company, tech company, NBFC - one of the most diverse NUE consortiums that we will see," Sharma said but declined to provide additional

details.