Merchants, who can’t afford to pay transaction costs as high as 1.8% on credit cards, could avoid them altogether as long as their funds remain parked in Paytm Bank current accounts. Merchants, who can’t afford to pay transaction costs as high as 1.8% on credit cards, could avoid them altogether as long as their funds remain parked in Paytm Bank current accounts. Even if they succeed, that still leaves India’s richest man in the fray: Mukesh Ambani’s Reliance Jio, a new telco, this week signed up a payment partnership with Uber Technologies Inc. Coming soon: the Jio Payments Bank. Just because Indian fintech start-ups lack the scale and sophistication of their Chinese peers doesn’t mean banks can take them lightly. If HDFC Bank manages to displace Paytm with its own PayZapp, Puri will remain the king of Indian payments and can diss standalone wallets all he wants.

Source: Mint February 22, 2017 02:48 UTC