Billionaire Gautam Adani is set to foray into India’s public digital payments network as a recent report by the Financial Times said the Adani Group is likely in discussions with banks to finalize plans for a co-branded credit card.
It also suggested that the conglomerate is looking to expand its digital footprint by entering India’s Unified Payments Interface (UPI) network, and is in negotiations to offer online shopping through the Open Network for Digital Commerce (ONDC), a government-backed platform designed to facilitate e-commerce.
This move marks a significant step in the conglomerate’s efforts to diversify into the fast-growing consumer markets of digital payments and e-commerce.
These initiatives are part of a broader strategy to build a digital business that can compete with established players such as Google and Mukesh Ambani’s Reliance Industries, FT noted.
The Adani Group plans to offer these new services through its consumer app, Adani One. This app launched in late 2022 and currently offers travel services, including flight and hotel bookings.
According to the report, the company’s e-commerce and payments offerings would initially target existing users of its businesses including gas and electricity customers, as well as travellers at its airports. Users would be able to acquire loyalty points through bill payments or duty-free purchases and use them for online shopping.