Indeed, universal financial inclusion was a driving motivation behind RBI’s issuance of these payments bank (and small finance bank) licences. These is the first article of a four-part series on what it would take to succeed for India’s payments banks. Payments banks, as late entrants, are well-positioned to take up the challenge of disrupting merchant acceptance as it stands today. Payments banks will need to creatively reach the low-income and financially underserved—the so-called base of pyramid (BOP) consumers. Of the 11 players who were issued in-principle approvals for payments bank licences, one (Airtel M Commerce Services Ltd) has received the final licence, and others have announced high-profile launches and recruitments.

Source: Mint June 10, 2016 17:59 UTC