View: India's banking revolution has started without the banks

As Uday Kotak, chairman of Kotak Mahindra Bank, said recently in a speech, “Bankers were short-sighted. Their standard response was, ‘Oh, there’s no money in payments.’” But there is now. About 20% of online payments over the shared public network are being collected by merchants.

from Banking/Finance-Industry-Economic Times https://ift.tt/3lYwnjB