There are many success stories within different geographies across the globe in the arena of payment systems. To mention a few – the m-pesa system of Kenya, the ‘tap and go’ card scheme at Singapore, the union pay card scheme of China.
If these models have worked so well and have been so successful in their respective countries, can we not simply replicate the model in our jurisdictions? The answer, I am afraid, is a big NO. Let me say why with the example of India. 12. India is diverse – in the sense of social customs, culture, religious beliefs.