This is a good topic to Discuss in length. As someone pointed out, the future is headed towards Closed Wallets - Paytm or Apple Pay. In India, most of them do

This is a good topic to Discuss in length. As someone pointed out, the future is headed towards Closed Wallets - Paytm or Apple Pay. In India, most of them don't understand security. Online banking is nascent, still not reached critical mass. Many transactions happen via Cash on Delivery here in India. I run Jumkey.com - a Jewellery Marketplace, more than 70% of orders are on COD. I feel, RBI has made enough good choices and protecting customers first. Banking Rules should be Strict. Paypal was promoting easy money movements without trace being left. So, How RBI reacted makes sense in that context. Coming to Innovation, 2015 is all About Mobile and Mobile Wallets. Will only get better overtime.