Aditya Birla Nuvo to Add Digital Wallet Services

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Aditya Birla Nuvo Ltd, which received a license last year to create a non-lending bank in India will start their digital wallet services by the end of 2016, as it prepares to join one of the fastest growing smartphone markets in the world.

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The company billionaire KM Birla plans to use about 180 million users of its mobile wireless unit Idea Cellular Ltd and other clients of the empire covering the mutual insurance funds Ajay Srinivasan, Executive Director, Financial Services, said Aditya Birla Group.

Conglomerates of Birla and fellow billionaires Mukesh Ambani and Dilip Shanghvi were among 11 people to win a license in August to create a so-called banks for payment may not lend to, and may only invest depositors’ money safe government securities. Permits are part of an effort on the part of policy makers to reduce dependence on money, improving the efficiency of regular creditors and improving access to banking services.

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Payment banks that receive a small commission for each transaction to function much like PayPal Holdings Inc. in the US, but with a difference, customers can receive interest on the money when they leave there.

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