It seems sbi, hdfc are coming together to form a rival to NPCI according to news reports today. What's to guarantee that they continue to support the competitors product. My friend tells me that upi on hdfc bank app does not work for him, for many weeks now. Also the SBI entity will be 'for profit'. Never knew banks did charity.😄
Then a governing body will be formed to ensure neutrality thus ensuring more jobs😆. If TRAI is any indication I will not hold my breath about fairness & neutrality to provide a seamless experience to users!!!!!!!🥺🥺
More competition is always better for consumers. However, interoperability is the key. The market is already overcrowded with walled gardens. Thought upi would solve this.
The government doesn't want public sector banks, which SBI and Bank of Baroda are, to compete against RuPay and UPI that are run by the National Payments Corporation of India (NPCI).
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