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@BimalMelwani: 

Sorry it was my intention to reference just the following passage in my blog post: http://lnr.li/Q6npt. I said wrong move on the part of fintechs because banks could equally well turn around and ask fintechs to share their customer data with banks.

Consumer's purchases on Amazon are proprietary to both consumer and Amazon. Consumer's plan with Vodafone are proprietary to both consumer and Vodafone. Likewise, consumer's financial transactions with a Bank are proprietary to both consumer and Bank. Why should only banks be compelled to share their proprietary with third-parties?  

The notion of level playing field works both ways. If fintechs want consumer-bank proprietary data, then they should mandated to share their consumer data with banks.

The risk to Indian ATMs is exaggerated. Ever since demonetization in Nov. 2016, they've hardly had much cash to worry about.

I've used DueDil to gather info about private companies but as a marketer of B2B technology who has no other way to access such info. However, when someone applies for a bank loan, they need to submit their entire financials to the bank. Therefore, while financials of a private limited company may not available in the public domain, I'm not sure why banks should have any problem accessing that information - which is what I think you mean by "information friction" - while lending to such companies.

The similar BharatQR was launched with much fanfare a couple of months ago in India. Intended to be a lower-cost card acceptance mechanism for merchants that are (purportedly) too small to afford POS terminals, the biggest adopter of BharatQR so far has been merchants that *do* have POS terminals!

Somewhere along the line, people seem to have missed that POS terminals are not that expensive and forgotten that merchants need a merchant agreement with the acquirer bank to be able to accept card payments, whether by POS or QR. When it comes to MAs, banks continue to be wary of issuing them to smaller merchants.

Ergo, the only merchants I've seen with BharatQR are the ones who already have MA and POS! The ice cream parlor in my neighborhood is one such merchant. I asked him why he has BharatQR when he already has a POS. He told me he thought BharatQR was a different payment method and that he didn't want to lose business in case customers wanted to use it! He also told me that I was the first customer to inquire about BharatQR in the one month following his onboarding of it.  

Let's see how it goes in Thailand.

For as long as I can remember, every job cut article has a mandatory quote from UNITE. Has it ever made any difference? #JustAsking

Copy-pasting a comment to a similar article:

Wrong move.

Innovative Fintechs Don’t Need No PSD2 Regulation

But, should the fintech coalition ignore my unsolicited advice and continue to push ahead, EBA should accede to its demand. Provided the coalition will let banks screen scrape their data. Fair is fair.

These are all examples of individual companies being killed, not of an industry. It'd have been somewhat interesting had they at least belonged to the industry that's under discussion, namely, payments. Meanwhile, let's look at wannabe disruptors in the payments industry. They all probably read articles like this and thought they can disrupt incumbents. Let's see what happened to them: MCX (Retail): Dead and gone. ISIS (Telecom) Ditto. Apple Pay (Tech): Lacklustre performance. If there's really any major threat of disruption in the payments industry, we should've seen at least a couple of dominant nonbank alternative providers by now. Instead, what we're seeing is retailers running to the regulator complaining that they're being fleeced by the payment duopoly and seeking regulatory intervention for reducing interchange fees. If there was really a threat of disruption, market forces should've ensured reduced interchange rates; there shouldn't be any need for regulatory intervention.

Apple Pay Transaction Value:

- Forecast: $207B.

- Actual: $36B.

Easy to forecast all kinds of threats to your payments business. The better course of action is to follow what Steve Jobs advised "Success comes more from saying NO than YES".

Wrong move.

Innovative Fintechs Don’t Need No PSD2 Regulation

But, should the fintech coalition ignore my unsolicited advice and continue to push ahead, EBA should accede to its demand. Provided the coalition will let banks screen scrape their data. Fair is fair.

How three PSOs? I thought BACS and FPS were operated by a single PSO, namely, VocaLink.