Fino has been able to build the network to a range where cross selling opportunities are visible. Also launch of new products on a regular basis will also be key.
Reg merchants fino already during concalls have talked about the competition in acquiring new merchants. There is many fintechs already competing with fino providing more commission and also providing devices free of cost. There are fintechs like paisalo which used to do BC services for SBI. Now a days BC banking is widely getting adopted by many large traditional bank even psbs. The competition in acquiring merchants should essentially come from these fintechs and psu banks more than from the payment banks.
Recently, fino partnered with paysprint, a fintech in a related field and paysprint is already having significant business. I think in a country with such a large population many fintechs/PBs can coexist. just look at the sheer number of banks coexisting in the country. As far as I understand, fintechs require a banking api to work on, so fintech will still bring in some sort of open banking business to the banks. As for your query, I believe paytm has a different business model. And airtel is yet to be able to build a trust with individuals as a bank
Discl: Biased. These are just my personal views and can be terribly wrong. Had positions in all the 3 payment banks described.
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