Billionaire Gautam Adani is poised to enter India’s public digital payments network. A recent Financial Times report revealed that the Adani Group is in talks with banks to finalize plans for a co-branded credit card.
The report also indicated that the conglomerate aims to expand its digital footprint by joining India’s Unified Payments Interface (UPI) network and is negotiating to offer online shopping via the Open Network for Digital Commerce (ONDC), a government-backed platform designed to enhance e-commerce.
This initiative marks a significant step in the Adani Group’s efforts to diversify into the rapidly growing consumer markets of digital payments and e-commerce. These moves are part of a broader strategy to build a digital business capable of competing with established players like Google and Mukesh Ambani’s Reliance Industries, according to the FT.
The Adani Group plans to deliver these new services through its consumer app, Adani One, which launched in late 2022 and currently offers travel services, including flight and hotel bookings.
The report stated that the company’s e-commerce and payments offerings would initially target existing users of its various businesses, such as gas and electricity customers, as well as travelers at its airports. Users would be able to earn loyalty points through bill payments or duty-free purchases and redeem them for online shopping.
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