“It is hard to think of an equivalent enterprise to the National Payments Corporation of India (NPCI) anywhere in the world. Built as an umbrella organization for retail and settlement systems in India, it is a state-created non-profit owned by 56 banks, from public-sector behemoths such as State Bank of India and Punjab National Bank to homegrown private-sector players such as ICICI and HDFC, and foreigners including Citibank and HSBC.”