Every single bank in India offers the exact same free payment service (UPI based, which these big co apps are also using, identical in functionality), and that

Every single bank in India offers the exact same free payment service (UPI based, which these big co apps are also using, identical in functionality), and that is free just like other bank based free payments. So even if all the bigcos leave India payment market, it won't make any difference at all. >and instead of charging for the actual service they are providing they will be forced to push a bunch of debt onto the communities that they don't need This is an absolutely ridiculous argument. Your argument boils down to "Government shouldn't stop bigco from doing anything bad, as then they will be forced to do even more shadier stuff". >Destroying the most basic business model... Even before the companies get off the ground (article says the gov still only granted access to a million customers) sounds like a terrible idea. This argument is wrong. First of all, WhatsApp was not granted access to all customers because they said they weren't ready to interoperate with others, i.e, whatsapp users couldn't pay google pay users. A fundamental requirement of UPI is interoperability, so regardless of which app you use, you can pay anyone on any app. This can be avoided if you are in testing stage, like WhatsApp was, but then your acesss is not to all customers. > Who knows how much the fees could have declined from competition alone? Or whether anyone will even continue investing in it if no model exists. The fees are zero via any bank app. I don't see how a bigco can ever offer lower fees than the providing bank.