You’re not alone. I read an article recently where Supreme Court asked RBI to respond on some matter related to retail payment apps and RBI clarified to SC that it’s NPCI, not RBI, which regulates retail payments in India!
Back in the day of License / Quota Raj, very few products were available in India. For example, I recall that there were only four brands of cars – Ambassador, Fiat, Standard, Morris Minor – in India in the 1970s and each had only 1–2 models (if that). The common man then complained of scarcity and lack of choice.
Then came the reforms of early 1990s. India took the first step towards Capitalism and freeing up of markets. There was a mushrooming of products in many categories. For example, there are at least 10 brands of cars in India today and each brand has at least 5 models, giving a choice of 50 cars for the common https://sildenafilhealth.com man. The common man is happy with the greater choice. But that’s accompanied with confusion, need / temptation to do more research, availability of Google to do more research, greater competition, obfuscation in specifications and terms and conditions, and all other “problems of plenty” that are common in all capitalist economies.
That’s what we’re seeing in retail payments, with proliferation of companies, brands, products, and backend rails, with varying levels of convenience, security, fraud protection, cost, rewards, cashbacks etc.
As things become more complex, Indian consumers will need to become more circumspect with specifications, features, and terminology in order to mitigate confusion (unless they want to avoid all the headache and go back to cash). This is true in all product categories but especially in payments, which involves money and where the cost of mistakes could prove very high.