- So Hum Bharat Digital Payments is in talks with Yes Bank for a 9.99% equity investment.
- The company was set up in May this year by payments industry veteran Navin Surya.
- The entity will make the application for setting up NUE (New Umbrella Entity).
Private sector lender Yes Bank is in talks to partner with So Hum Bharat Digital Payments, which will work together on the proposed new umbrella entity (NUE) for retail payments.
So Hum Bharat Digital Payments, on Tuesday, said that is in talks with Yes Bank for a 9.99% equity investment. Meanwhile, Yes Bank sources confirmed the development.
The company had also announced last month that payments company Infibeam Avenue is picking up a 33.33% stake, joining its entity as Promoter and Investor.
“So Hum and YES Bank will jointly work towards the NUE’s product and business strategy with a key focus on accelerating innovations, inclusion, and digital penetration in India,” it said in a statement.
So Hum Bharat Digital Payments was set up in May this year by payments industry veteran Navin Surya (Chairman Emeritus of Payments Council of India, and Chairman of Fintech Convergence Council).
The RBI has opened up the process of receiving applications to set up new umbrella entities for retail payments and had also invited applications by February 26, 2021.
“We are proud to partner with YES Bank, and the combined expertise of the two firms will add significant value to this NUE venture through continuous innovation and disruption,” said Navin Surya.
The new umbrella entities can be for-profit entities that can set-up, manage, operate new payments systems in the retail space through means such as ATMs; White Label PoS; Aadhaar-based payments and remittance services; newer payment methods, standards, and technologies; and also operate clearing and settlement systems.