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New Umbrella Entity: Everything you need to know about NPCI’s potential rival(s)

Digital banking

Some of India's leading startups, fintechs, large banks and corporates, alongside a few  global financial giants and tech companies, have come together, all to grab a piece of India's burgeoning payments market. Soon, the Reserve Bank of India (RBI) may grant some of them their wish to build and scale new ways for Indian consumers to transact. While cash remains the dominant form of making transactions in the country, over the last few years the number of consumers and merchants transacting digitally has grown exponentially. This has to do with two factors — one the falling cost of data and access to smartphones which enable digital transactions and the second, the increased access to financial services like bank accounts and credit.  According to Credit Suisse, digital payments in India now clock an annual payment run-rate of $450 billion and constitute…

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