The Reserve Bank of India launched a plan to shake up competition in the retail payments sector on February 10, amid fears one player in the market had become too powerful.

The National Payments Corporation of India was created in 2008 as a not-for-profit “umbrella organisation” in the retail payments market, with support from the RBI and Indian Banks’ Association. The firm quickly grew to a point where around half the volume of electronic retail payments flowed through its systems.

Now the