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Electronic payments in India have not taken off because of misaligned incentives. Merchants have to pay a fee on every transaction, while the banks who invest in setting up PoS terminals don’t earn much. To fix this, we have to turn the fee structure upside down.
The fundamental structure actually discourages both sides from expanding the basic card payments network from the existing set of mid- to large retail shops.
But what if we flip the way payment fees work, and have card-issuing banks pay the acquiring banks, with not a penny coming from the merchant’s pocket?
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