Paytm NUE will stand apart from rivals’, Vijay Shekhar Sharma says

Mumbai: Paytm’s proposed New Umbrella Entity (NUE) will differentiate itself from rivals in the race to set up the next National Payments Corp of India (NPCI) because of its diverse set of consortium partnerships with a host of financial services and technology players, chief executive Vijay Shekhar Sharma said.

The Noida-based payments company is leading a consortium which includes IndusInd Bank, Ola Financial Services, Suryoday Small Finance Bank, Zeta Pay, Centrum Finance, and ATM services provider EPS, to acquire an NUE licence from the Reserve Bank of India.

The consortium will present its official proposal to the central bank ahead of the March 31 deadline, Sharma told ET at the launch of Paytm’s new generation Internet of Things-based payment devices for smartphones.