Today In Payments Around The World: Reliance Jio, Google Team To Provide Low-Cost Smartphones; EU Sets Date For Decision On Google’s Challenge To $2.8B Fine
In today’s top payments news around the world, Google and Reliance Jio are said to be teaming to provide Android smartphones to consumers in India, while Europe’s General Court in Luxembourg reportedly set a date in November to rule on Google’s challenge to an antitrust fine levied by the European Union (EU). Plus, India might allow more financial companies to go into the factoring business.
Reliance Jio and Google are reportedly collaborating to provide the 450 million people living in India who still use landlines or 2G handsets with an Android smartphone. The JioPhone Next will operate a tailored version of Android with Jio and Google apps. While the price of the smartphone has not been revealed, analysts anticipate that it will be $50 or below. “Jio has been good at two things. One is mega-launches. Secondly, breaking the price [barrier],” Neha Singh, founder of data provider Tracxn in India, told one media outlet.
Europe’s General Court in Luxembourg reportedly scheduled Nov. 10 as the date it will rule on Google’s challenge to the €2.4 billion ($2.8 billion) antitrust fine levied by the EU. The European Commission (EC) levied the financial penalty against Alphabet’s Google four years ago over claims that the search engine promoted its own interest to gain digital shoppers over rivals in Europe.
The lower chamber of India’s bicameral parliament, Lok Sabha, was set to mull over legislation on Tuesday (July 20) that would allow additional non-banking financial companies (NBFCs) to take part in factoring. The new legislation seeks to let all NBFCs take part in factoring, as opposed to just some NBFCs. Such an action could enhance the cash flow of micro, small and medium-sized businesses (MSMEs), which have been affected by the pandemic. Finance Minister Nirmala Sitharaman brought the Factoring Regulation (Amendment) Bill, 2020 into the Lok Sabha in September of last year.