Fino payments Bank – Can the unique business model spring a surprise?

As I see it, the core value proposition for Fino is the merchant network and the customer relationship that they have built up. I have a few questions about the same.

1. Do the seniors have any input about how much of a moat or emerging moat this network is?
2. If tomorrow Airtel payments/Paytm/Jio wants to poach their merchants with lower take rates, what is stopping them?

Any other scuttlebutt from the hinterlands about the merchants?

Disclosure – Not Invested, Studying