How Indian banks gave away an opportunity called UPI, and its control, to PhonePe, and Google Pay

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Banks have helped facilitate seamless UPI transactions. But they are still hesitant to make large-scale investments in India’s largest payments platform. Meanwhile, digital-payment apps lapped up the opportunity and are now taking control of the UPI tech stack. Is agility of the fintech space taking precedence over banks’ cautious approach to financial transactions?

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