NEW DELHI, Feb 27 (Reuters) – Indias corporation Reliance Industries has partnered with Facebook Inc, Google and fintech player Infibeam to set up a national digital payment network, Economic Times newspaper reported on Saturday, citing unnamed sources.Last year, Indias main bank invited business to forge brand-new umbrella entities (NUEs) to develop a payments network that would equal the system operated by the National Payments Council of India (NPCI), as it seeks to reduce concentration risks in the space.Set up in 2008, NPCI is a not-for-profit business, which as of March 2019 counted lots of banks as its shareholders, consisting of the State Bank of India, Citibank and HSBC. It processes billions of dollars in payments day-to-day by means of services that include inter-bank fund transfers, ATM transactions and digital payments.Citing 3 unnamed sources, Indias leading business daily Economic Times stated that the group led by Reliance and Infibeam was in the innovative phases of submitting their proposal to the Reserve Bank of India.A spokesperson for Infibeam declined comment on the report, saying the company was bound by the confidentiality of process, while Reliance, Google and Facebook did not instantly respond to a demand for comment.Digital payments in India could rise to $135.2 billion in 2023, according to an Assocham-PWC India study in 2019.

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