Gautam Adani Group is planning to expand business in e-commerce and finance sector. The group is not only going to apply for a license for the Unified Payments Interface (UPI) but is also in talks with banks for a co-branded Adani credit card. However, the Adani Group has refused to comment on the news. This new move by Adani Group could add to the woes of competitors like Google and Paytm.
what is the plan
Adani Group is in talks to offer online shopping through the Open Network for Digital Commerce (ONDC), reports the Financial Times (FT). ONDC is a government backed e-commerce platform. Here both seller and buyer i.e. customer meet each other directly. A payment app is required to purchase from this platform. If the Adani Group’s new initiative is finalised, the services will be available to customers through the customer app Adani One. Let us tell you that this app was launched at the end of 2022. Travel services like flight and hotel booking are available on this app. According to the report, the group’s e-commerce and payment platforms will first target their existing customers.
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This is a competitor
Adani Group will have many competitors. For example, Google, PhonePe already runs UPI-based payment apps while local groups like Paytm and Tata offer grocery and fashion shopping through ONDC.
What the experts say
“The country is run by only three business groups – Tata, Ambani and Adani. Adani is one of the three groups that does not have a business in essential consumer products,” Bengaluru-based tech expert Jayant Kola told the FT. In such a scenario this new initiative will open new doors for the Adani Group.