May 30, 2024
New Delhi, India
The Adani Group, led by billionaire Gautam Adani, is set to diversify into the digital payments and e-commerce sectors, aiming to compete with industry giants like Google and Reliance Industries. This move marks a significant step in the conglomerate’s expansion into fast-growing consumer markets.
New Ventures in Digital Payments and E-commerce
According to a report by Financial Times, the Adani Group plans to introduce services through its consumer app, Adani One, which launched in late 2022. Initially offering travel services such as flight and hotel bookings, Adani One will soon expand to include digital payments and credit card services.
UPI and Co-branded Credit Card Plans
The Adani Group is considering applying for a license to operate on India’s Unified Payments Interface (UPI), a public digital payments network. Additionally, the group is in discussions with banks to finalize plans for a co-branded credit card. These initiatives are part of a broader strategy to enhance its digital business presence and compete with established players in the market.
E-commerce Expansion via ONDC
The conglomerate is also negotiating to offer online shopping through the government-backed Open Network for Digital Commerce (ONDC). This platform allows businesses to participate in e-commerce without investing in proprietary systems. By leveraging ONDC, Adani aims to streamline its entry into the online retail space, providing a competitive edge against major e-commerce platforms.
Strategic Move to Build a Digital Business
These developments indicate Adani Group’s commitment to building a robust digital business infrastructure. By entering the UPI and digital payments market, alongside expanding its e-commerce capabilities, the group aims to tap into the burgeoning consumer demand in India’s digital economy.
Conclusion
In summary, the Adani Group is making strategic moves to enter the digital payments and e-commerce sectors through its Adani One app. By planning to offer UPI services, a co-branded credit card, and leveraging the ONDC platform, Adani aims to compete with major players and establish a strong presence in India’s fast-growing digital market.
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