In the digital payment segment, if there is any country where big companies can be set up in this, then India’s name is at the top in this. In a country with a population of 140 crores, 70 percent of transactions are still in cash. The RBI set up new types of banks for consumer payments in 2014 and was invested by the country’s leading industrialists, but now they are stepping back.
Five firms that were licensed at the time for internet, mobile and online transactions have either stopped operations or stopped investing. Three of them received funding from the country’s leading businessmen. Given the huge investment, Dilip Shanghvi has already stopped his payment bank before it starts. According to Credit Suisse’s report, by 2023, this market will be one lakh crores. According to the KPMG report, digital payment companies will take at least three years to turn profitable.
Currently, around 90 companies in the country are working in it. In the coming times, only a few of these are expected to survive. Ramaswamy Venkatachalam, director of banking and payment of the FIS Group, says that Indian companies are trying to win the gun battle with a knife.
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