PM Modi chairs meeting to review National Digital Health Mission
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PM Modi chairs meeting to review National Digital Health Mission
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Why Facebook, Google and Amazon want to build online payments platforms for India
The success that UPI has tasted since its inception in April 2016 has caught the attention of tech giants. Representational image. | Sajjad Hussain / AFP
Some of the largest companies in the world are teaming up with local conglomerates to get a share of India’s fast-growing online payments ecosystem.
Four consortiums have submitted applications for the National Umbrella Entity licenses, which will allow firms to build a real-time payment platform for India. These consortiums include companies such as Silicon Valley giants Facebook and Google, and India’s largest businesses like Reliance Industries, Tata Group, HDFC Bank and ICICI Bank.
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The second wave of the COVID-19 pandemic hit India’s health infrastructure extremely hard, leading to a shortage of oxygen and life-saving medicines. Even as the government, corporates, NGOs, and people scrambled to help, numerous fraudsters emerged from the woodworks.
These people promised to deliver hard-to-get medicines and oxygen cylinders, and most often than not disappeared with the money. By targeting patients in distant states, they usually evaded the risk of being caught as the police is currently busy with the COVID crisis and do have resources to track criminals outside their jurisdiction. Very often, the victims were often unable to go to the police station in the present situation to lodge a complaint.