Walmart-owned Flipkart, Mastercard, PayU, and National Bank for Agriculture and Rural Development (Nabard) are planning to buy a 30 percent stake in Tata-promoted Ferbine, which plans to create a New Umbrella Entity (NUE). PayU and Flipkart (through its unit FlipPay) will own a stake of around 5 percent each in Ferbine, while Mastercard and Nabard will hold 10 percent each, The Economic Times reported.

Incorporated on January 18, 2021, Ferbine will be a pan-India umbrella entity (PUE) for retail payments. Tata Group will own 40 percent of Ferbine and Airtel Digital will have a 10 percent stake, the report said. HDFC Bank and Kotak Mahindra Bank will each have 9.99 per cent holding in Ferbine. NUEs will be set up as retail payment systems that will effectively compete with the National Payments Corporation of India (NPCI).

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The Reserve Bank of India (RBI) has extended the deadline for sending applications for NUE licenses to March 31. “The Tata Group is leading the consortium. Ferbine has been set up solely to apply for the license to set up a pan-India payments network, which can process online payments with a specialized focus on e-commerce transactions. An official bid has been submitted to the Reserve Bank of India,” a source told the paper.