Ant is a Chinese company that began life as an escrow account to facilitate transactions on Alipay in 2004. As the name suggests, Ant’s business philosophy rests on no client or need being small enough to be ignored. It is not portable across regulators, worse it must be repeated every time one opens a new bank account with another bank. Of course, the same rule does not prevent rampant cross-selling of third-party products sharing bank account details to the last rupee with sharp shooter salesmen. If things go according to plan, and mistakes will be made, in two to three years, India should have not just one Ant-like firm, but several.

Source: Mint November 04, 2020 02:37 UTC