Adani Group eyes digital payments and e-commerce space as it plans digital expansion
Reputed business journal Financial Times recent report suggests that Adani Group, India’s largest infrastructure conglomerate, has plans to enter the fast-growing digital payments and e-commerce industry in the country. According to the report, the group is considering an application for license to operate on the government-backed Unified Payments Interface (UPI) network. This indicates Adani’s ambitions to join the fray in India’s booming digital payments market.
India has seen exponential growth in digital transactions over the past few years, led by UPI. Statistics show the payments industry is projected to reach $814 billion by 2029 from $358 billion currently. Being a dominant player in this space will allow Adani to capitalize on emerging opportunities. If approved, it will compete with popular digital wallets like Google Pay and PhonePe who currently dominate the UPI landscape.
In another significant development, Adani is learnt to be in talks with banks for partnering on a co-branded credit card. This venture, if actualized, will strengthen the group’s foothold in the retail segment. Reportedly, these digital initiatives will be accessible through Adani One, the all-in-one consumer application launched by the conglomerate late last year.
Adani also plans to offer e-commerce services through ONDC, the government’s open e-marketplace working to democratize the online retail experience. Participating in this promising initiative can help the group tap into India’s booming e-commerce market which has seen tremendous growth fueled by the pandemic.
Both digital payments and e-commerce provide large avenues for businesses and customers. With its financial muscles and operational experience across sectors, Adani is well-positioned to make meaningful contributions and consolidate a strong presence if these reported plans materialize. It remains to be seen how the group leverages technological opportunities to strengthen consumer-centric businesses and complement its industrial strengths.
