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The Oligopoly That Controls India’s Credit Cards And E-Wallets May Be Soon Shattered

“This concentration of power is making India’s banking regulator increasingly uncomfortable, especially as the country’s retail payments ecosystem expands rapidly. Not only does the situation put a large number of users at risk if even one company goes under, a select few firms also end up with the personal data, like spending and preferences, of a large number of people. That’s business intelligence worth its weight in gold. So, the RBI now plans to step in, and will release a consultation paper by Sept. 30 on how to widen the market. “The RBI plans to encourage more players to participate in and promote pan-India payment platforms so as to give a fillip to innovation and competition in the sector,” the central bank said on June 06.”