Banks invest in QR infra for easy current account float amid slowing deposit growth
Traditionally, much of the QR infrastructure underpinning UPI payments has been controlled by third-party application providers (TPAP) such as PhonePe, Paytm and Google Pay. Some banks, including YES Bank and RBL Bank, have long been active in the segment, while larger lenders such as HDFC Bank and ICICI Bank operate dedicated merchant platforms—SmartHub Vyapar and InstaBIZ, respectively. State Bank of India routes its payments business through subsidiary SBI Payments.
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