Digital payments: RBI's paper may push for participation of smaller players

Why is India’s payment industry dominated by a handful of banks and a couple of fintech companies? What makes it so hard to make it big in the digital payments space in a country where only 12 per cent of transactions happens digitally even as the government has taken up digitisation as one of its major flagship programmes? These are a few questions that the central bank is perhaps trying to answer in the process of writing a policy paper, expected to be released by September, on increasing participation of smaller players in the payments ecosystem. On June 6, the Reserve Bank of I.....

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