🐘India🇮🇳: Stripe Seeks to Integrate into the Local Payment Ecosystem and is Actively Courting the Central Bank

🐘India🇮🇳: Stripe Seeks to Integrate into the Local Payment Ecosystem and is Actively Courting the Central Bank

The giant American plans to enter with a strong presence: creating a joint venture with the State Bank of India (SBI) and, with a 30-40% stake, capturing a significant share of the local payment market.

➡️ Currently, SBI Payments is a joint venture between the State Bank of India and Hitachi Payments Services Private Limited, where SBI holds 74% of the shares, and Hitachi holds the remaining stake.

➡️ Stripe already has a license from the RBI (Reserve Bank of India).

➡️ However, without the support of the Central Bank, Stripe will find it really difficult to compete, for example, with the local wallet PayU (integrated with PayPal), or Google Wallet, which has secured the support of local trade brands. Not to mention that in 2024 more than 20 startups received RBI approval to create their own payment aggregators. Among them are Zoho, Juspay, Decentro, CRED, Enkash, Pine Labs, Amazon Pay, Innoviti, Razorpay, CC Avenue, Cashfree, Tata Pay, Infibeam Avenues, and Mswipe.

#news #India

Dreidel Finance 💸conversion from 80🛍Cards, P2P, local🥹Fast Integration⚡Best rates🔽Worldwide🌐