Spurring digital payments in India

The Reserve Bank of India (RBI) recently warned of a “concentration risk” in the retail payments sector as a vast majority of the transactions were being done by a handful of digital banking giants. The central bank added it has planned to further boost competition in the booming sector to promote pan-India payment platforms and give innovation in the industry a leg up. The RBI aired its thoughts in its “Statement on Developmental and Regulatory Policies”, released in early June. However, things may be back to square one as Indians — long used to the allure .....

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