digital payments, Fintech & Payments

Mobile Wallets Vs Banks. A worthless discussion. 

A well placed mobile #Wallet = UPI + #Bharat QR code + #BBPS with all/most of the billers + N number of Offline and Online merchants + Payment Gateway + P2P….

This is for all those who say a well placed wallet (Not #MeToo) is just a pass through. But currently a Wallet company is a bridge between many small and big merchants who accept #Payments. That is their #Strength

Why Banks are competing with Wallet companies, and promoting a Culture of #Cashback over Service or #Convenience? If not today then in future they will “#Loose their money in this Game”. Cashback Loyalty, vanishes along with it. Hope the sense prevails.

A #Bank trying to compete with a PPI Wallet doesn’t make sense. That is not their Strength. Its strength is Banking, Regulate Financial products within guidelines, simplify products, support companies in settlement, Reconciliation, Promote or Develop Open API banking, expose more product APIs, Innovate from that Cashback money Pool.
A Bank can earn on CASA float, Escrow, lending, API, and other financial services. All Financial Product #Originates or Settles at Bank, they can earn at any point, Entry or Exit.
As I always say “#Collaborate than #Compete“. Competition has always led to bleeding of Either or Both parties.

Your thoughts Please..

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