Adani Group plans e-commerce, payments ventures

New Delhi, May 28, 2024.

India’s Adani Group has been considering an application for a licence to operate on the country’s public digital payments network and is in talks with banks to finalise plans for a co-branded credit card, the Financial Times reported on Tuesday.

The plans to dial up consumer businesses came as billionaire Gautam Adani’s ports-to-power conglomerate mulled spending $84 billion in infrastructure over the next decade.

If approved, the group will enter India’s burgeoning digital payments market and compete with incumbents Google Pay and Walmart-backed PhonePe.