Indian Banks misread the FinTech threat

A payment system is to an economy what plumbing is to houses: The only time people talk about it is when it’s not working. That’s been the case in India since the government’s demonetisation decision on Nov. 8. While that shock gutted commerce, it also upended the payment method of choice: cash. A simmering tension between two systems is now coming to the boil. Read more: