I think India's Unified Payments Interface is a better analogy here. From what I understand (as an outsider, so based only on what I've read) it provides a univ

I think India's Unified Payments Interface is a better analogy here. From what I understand (as an outsider, so based only on what I've read) it provides a universal API for mobile applications to interface with banks, essentially standardizing the federation of bank transfers. Therefore, your account at bank X can be used to pay an account at bank Y for some service that uses app Z. https://en.wikipedia.org/wiki/Unified_Payments_Interface https://en.wikipedia.org/wiki/Unified_Payments_Interface