In leading global payments news, Google and Reliance Jio are reportedly teaming up to deliver Android smartphones to consumers in India, while the European Court of Luxembourg has reportedly set a November date to rule on Google’s challenge to a antitrust fine imposed by the European Union (EU). In addition, India could allow more financial companies to enter factoring.
Google, Reliance Jio Eye 450 million users for low-cost smartphones in India
Reliance Jio and Google are reportedly working together to provide the 450 million people living in India who still use landline or 2G phones with an Android smartphone. The JioPhone Next will operate a customized version of Android with the Jio and Google applications. Although the price of the smartphone has not been revealed, analysts predict it will be $ 50 or less. “Jio was good at two things. One is mega-launches. Second, cut the price [barrier]”Neha Singh, founder of data provider Tracxn in India, told a news outlet.
EU court sets ruling on Google challenge to $ 2.8 billion fine
The European Court of Luxembourg has reportedly set November 10 as the date on which it will rule on Google’s challenge to the 2.4 billion euros ($ 2.8 billion) antitrust fine imposed by the EU. Four years ago, the European Commission (EC) imposed a financial sanction on Alphabet’s Google for claiming that the search engine was promoting its own interest in winning digital shoppers over rivals in Europe.
India May Let More Financial Firms Enter Factoring Industry
The lower house of India’s bicameral parliament, Lok Sabha, was due to consider legislation on Tuesday July 20 that would allow other non-bank financial companies (NBFCs) to participate in factoring. The new legislation aims to allow all NBFCs to participate in factoring, as opposed to just a few NBFCs. Such action could improve the cash flow of micro, small and medium enterprises (MSMEs), which have been affected by the pandemic. Finance Minister Nirmala Sitharaman tabled the Factoring Regulation (Amendment) Bill 2020 at Lok Sabha in September last year.