Visa and MC extract a lot of value from banks and have larger market caps in almost all cases. I say joined at the hip because V/MA need consumers to have bank accounts. The cycle of new consumers getting bank accounts is important. They might be the servants, but its a much better place to be.
SQ is using Visa for Cash App, it also has a banking partner. Its very much piggy backing the existing system. However, the long term plan is probably to get to a critical mass of users (merchants and cash app) to increasingly cut out intermediaries and capture all of the value. An Amazon or a Paypal might be able to increasingly do this as well in the long term.
The India example is useful in that smart phones in emerging markets are disrupting payments and banking. Its much easier to get a smart phone and sign up to a fin tech than it is to enter the traditional banking system.