In an era of Modi Government’s Digital India, new companies are unable to offer any new service but are looking to make it simpler and importantly, more relevant for consumers as the broad perception is that banking is a relatively complex business and the user experience/interface is far from satisfactory. Banks are defending their business as they have better data of their consumer, brand or customer trust and a large distribution network.
Digital acceptance of payment is not too high as >90% of transactions still move by cash. The extinction of the credit card business is unlikely in the medium term. The value proposition of the card would still be appealing to the consumer, especially