Passengers completely cover a crowded commuter train in the northern Indian state of Bihar February 19, 2003. Photographer: Sunil Malhotra/Bloomberg News
Everyone wants in — from Mukesh Ambani’s Reliance Industries Ltd. to Jeff Bezos’ Amazon.com Inc.; from card companies to banks. The fear of missing out on the surge in retail digital transactions in India has prompted a motley crew of organisations to come together and apply for ‘New Umbrella Entity’ licences, the deadline for which ends on March 31, 2021.The NUE—seen as a competitor to the National Payment Corporation of India — wil...