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Report says Amazon, ICICI Bank and Axis Bank-backed rival to NPCI ready

The Indian digital payment arena seems set for a major splash. As per a media report, Amazon, ICICI Bank and Axis Bank are coming together to float an alternative to NPCI (National Payments Corporation of India), which runs the Unified Payments Interface (UPI), the most popular mobile payments platform in India.

The three entities, along with Pine Labs and BillDesk, are reportedly set to get up a new umbrella entity (NUE) — literally a rival to the NPCI — to handle digital transactions in India.

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