NUE rival emerging for NPCI in So Hum Bharat

A newly setup digital payments venture, So Hum Bharat, is taking shape as the first prospective New Umbrella Entity (NUE), with formalized plans to apply for a licence to rival the National Payments Corporation of India (NPCI).

The company, set up by industry veterans ItzCash founder Naveen Surya, and Infibeam Avenues’ executive director Vishwas Patel, is in talks with 10-15 founders of fintech and tech companies to strengthen its application and raise the requisite regulatory capital before the deadline in February.

Surya, who is also emeritus chairman of the Payments Council of India (PCI), told ET in an interview that the new venture is positioning itself as a fintech-led payments network with support from the digital ecosystem “to make the act of payment natural, effortless and invisible.”