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India's GDP is a little shy of $4T, there's no way digital payments market can be half of that i.e. $2.3 trillion.

Your $2.3T figure likely refers to Total Payments Value (TPV) of digital payments. Payments market size amounts to the rake on TPV i.e. TPV*MDR. Since a bulk of the $2.3T TPV is UPI, which attracts 0% MDR, the digital payments market is likely to be close to 0 (barring credit card payments which attract 2.5% MDR, but constitute less than 10% of the aforementioned TPV.).

You contradict yourself later in your post by giving a totally different figure of $70.47B for digital payments market. But even that lower figure is highly doubtful for aforementioned reason. 

Consequent to RBI Reg PayTM, the enforcement action from the banking regulator that went into force a couple of months ago, PayTM Payments Bank is virtually non-existent. 

In the interest of the community, you might want to edit your post to reflect correct facts and figures. 

Great move! Advertising has become a major source of new revenues for companies in ecommerce, food delivery, payments and other industries. Why not banking. Kudos to Revolut. 

Of course, I expect some finsurgents to go ooh-aah about privacy blah blah blah but they were the same people who, a few years ago, used to go, oh banks have huge customer data, they don't know to unlock value via targeted offers, yada yada yada, so Revolut can safely mute them.

Because, for a publicly traded company, sales is arguably the most critical function whereas banking and application software knowledge are only means to the end.

Actually, the more open bank accounts become, the LESS innovative fraudsters will be - who needs more than room temperature IQ to compromise an "open" bank account, right?!!!

QR code is of course a low hanging fruit. But banks and other genuine parties are not making life any easy for customers to escape phishing attacks e.g. My bank, whose website is abcbank.com, sent an SMS to warn customers not to click any links from fraudsters masquerading as it and directed customers to click abcbank.io for more information! More in the post titled Variants Are Making Phishing Attacks More Lethal Than Ever on my company blog (hyperlink to post removed to comply with Finextra Community Rules but this post should appear on top of Google Search results when searched by its title + "GTM360").

Last I checked, which was in Aug. 2023, UK FPS had an annual run rate of $4.74T and it was #1 in the world in A2A RTP TPV. IMO that metric is way more relevant than #9 rank on Per Capita basis, which anyway can't be lower than Brazil or India, which are ranked #2 and #3 on TPV and have way higher populations than UK. 

"Canada's Real-Time Rail, a payments system that has been in development for several years and was originally set to go live this month, has been delayed again as the body that runs Canada's domestic payments networks pauses to perform a second review of the project's risks.", wrote Kate Fitzgerald on 26 Jun 2023 in an American Banker article (Disclosure: I'm quoted in this article).

No skin off my back since I'm not a taxpayer in Canada but a further delay of (at least) two years is ridiculous. It's not like RTR is something new - it's just another A2A RTP that has been implemented by 60 other countries in the last 15+ years starting from FPS in UK in 2008.

I'm guessing the latest delay is due to the third - or fourth or fifth? - review of the program's risk, just as the previous ones were. My unsolicited $0.02: If Canada does a Lloyds Bank style purge of its risk department
headcount, RTR might go live before end of 2025, if not 2024.

Since the dawn of online commerce in the mid-1990s, if not earlier, ecommerce commerce have always integrated credit card, eCheque, cash on delivery, and other payment modes into their websites and workflows. IMO the addition of BNPL now is nothing new and does not qualify as Embedded Finance.  

Not that banks ever claimed to provide end-to-end financial experiences but they at least sold a plethora of products that customers could pick and choose to achieve their financial goals. Fintechs came into existence to unbundle various products and thereby create disjointed financial experiences. They have flopped in their endeavor to thus inflict "death by thousand cuts" to banks. Their failure has only validated the traditional business model of banks to stick with products instead of getting into experiences.  

Furthermore, as Matt Levine highlighted on the back of the collapse of SVB and other regional banks in USA last year, "a bank with sleepy depositors would do well, a bank with antsy depositors would go bust". Two years after the end of ZIRP and rise of interest rates to 4-5%, the #1 bank in USA still offers only 0.01% interest. Therefore, I don't see banks ever promoting their customers' financial literacy. Given how various banking charges allegedly affect the financial health of their customers adversely, the best we can expect from banks is that they don't promote financial ILLITERACY. 

Kudos to Lloyds Bank. If rogue regulators apply drunk under lamp post regulation and force banks to compensate victims of APP scam for no fault of banks, it's only natural that banks warn consumers that they risk getting scammed at various marketplaces / aggregators and, in the extreme case, even stop payments to such merchants. Anybody who thinks banks are spreading FUD, instead of creating awareness, should take over the liability of making refunds for APP scam from banks.

Kudos to Lloyds Bank. I don't recall any other bank anywhere in the world taking such a public and explicit stance on what has always been well known in business: Mitigating risk does not pay the bills.

Screening for risk is okay in loan approval, credit card authorization, and other transactional areas but too much risk sensitivity blocks strategic transformation. Most often, risk professionals lack the competence to analyze risk in the TO-BE transformed state in a rigorous manner, so they lean towards blocking the transformation as CYA strategy.

Too much risk sensitivity is one big reason why banks have lagged fintechs in product and UX. I'm not saying banks should mimic fintechs' products and UX but, if that's what they want to do, downsizing risk department headcount is the way to go.

As soon as Russia invaded Ukraine, I recall reading that Google canceled Google Pay in Russia, thus leaving many Moscow Metro commuters stranded without a key payment method. Going by that, I'd assumed that the US sanctions announced immediately after the invasion covered not only SWIFT but also Russian (and American) apps on Apple AppStore and Google Play Store. Ergo, I'm surprised that this took so long.