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This is certainly a promising sign. A few years back I consulted for a company trying to make a push into the Indian market and the payments piece pretty much
by freddyc 10y ago
This is certainly a promising sign. A few years back I consulted for a company trying to make a push into the Indian market and the payments piece pretty much killed us. Dealing with HDFC became a daily nightmare and the amount of bureaucracy and red tape involved was soul-destroying. Based on my (very) limited knowledge of Indian payments, my guess is HDFC probably still sits behind these new solutions but if they can somehow streamline the process and shield customers from most of the BS I really hope they flourish.
- Ar-Curunir 10y agoHDFC is just one Indian bank... Not sure why they would be a obstacle to a payment system.
- rajeshp1986 10y agoThis is true. I worked briefly on a startup idea to disrupt the payment services in India but gave up after the amount of red tape involved. In India banks want to control everything that is related to/about money. Banking is full of red-tape controlled by big banking houses in India. Company like Airtel & Vodafone couldn't push their mobile based payment systems for larger adoption. It is amazing to see how paytm got wider adoption and lobbied the bureaucracy and government to pave way for payment banks. But still the amount of investment that is required to get into payment services in India even as a payment bank is enormous. Startups in no way can compete with this without having VC's backing them right from the beginning.