I’ve been following M-Commerce and digital money for a while now. In the world-wide scenario lot of companies like Stripe, Venmo and the giant Paypal have got a lot of traction and even more users using their platforms to transfer money and exchange hands.
In India, this is still in a nascent stage where companies like Razor Pay, Paytm and InstaMojo’s instapay are offering the similar if not same services in geographical concentration but when one looks at the bigger picture, everyone of these platforms requires a separate platform and hence another application to the already cluttered mobile phone. My question is, is there a possibility for a private entity to collaborate with a majority of banks or even probably the RBI to avail a service like a digital wallet ? The reason I say this because in the UAE, the central bank has taken to technology to build a mobile wallet which is from the government and in collaboration with a majority of the banks. Is such a possibility present in India ? If no, why do you think it isn’t possible ?