This 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

This 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.