The perception of the customer is changing from bank-first to payments-first." HDFC Bank and ICICI Bank, which control 35-40 per cent of debit and credit cards transactions at the point-of-sale (POS) in terms of value, therefore, had to launch their own digital wallets (PayZapp and Pockets).
Jitendra Gupta, Founder and Managing Director of payments company Citrus Payment Solutions, and a former ICICI Bank executive, says: "The key difference is in the way contracts are structured.
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