Banks vs e-Wallets: Who Is Winning in Cashless India?
Friday, January 20, 2017
While SBI cited security concerns, ICICI said PhonePe was “following restrictive practices allowing users to make payments with only its UPI handle which is in contravention to the UPI guidelines of interoperability…”
While security concerns could be real, there is more to it than meets the eye. There is an imminent threat from fintech start-ups to the Indian financial services industry as we see growing disintermediation in mobile payments, financial product comparison/aggregation, lending, and remittances.