Amazon, Google vie for piece of India digital payment market

In a market where cash is still king, digital payments are quickly gaining ground as India’s 1.3 billion people are starting to embrace online shopping and services such as online gaming and streaming. — Pixabay

Technology giants Facebook Inc, Amazon.com Inc and Google and credit-card providers Visa Inc and Mastercard Inc are among those vying for unprecedented access to India’s burgeoning digital retail payments market.

The companies are part of four consortia preparing to apply for licenses to operate retail payments and settlement systems in the country, people familiar with the matter said. More companies could band together before a March 31 application deadline.