The Indian Mobile Payment market reminds me of the start of a sailing boat race. The key is to cross the starting line just after the starting gun. Those boats that crossed the line early have to either go round, or withdraw. Boats getting up to speed before the starting gun, may have to tack sails and slow down, so not to run the risk of having to come round. There is a lot of traffic and jostling at the starting line to try and find a good position out of the starting blocks.
The question is if the starting gun has already sounded in India and if not when. What is clear though, is that many players are lining up and getting ready to join the race. Some are big and have a lot of resources... it is going to be a very competitive race.