Tuesday
May 10
2016

Report: India’s United Payments System to Make Mobile Wallets Redundant

The ongoing push by the Reserve Bank to revolutionise banking through the Unified Payments Interface (UPI) will leave mobile wallets redundant, as mobile banking has jumped over threefold in February from the year-ago period, according to a report.

The report, by city-based Centrum Broking, stated that mobile wallet services like SBI’s Buddy, ICICI Bank’s Pockets, HDFC Bank’s Chillr and standalone operator Paytm will be redundant with the massive adoption of the UPI.

“Mobile banking has taken the country by storm, growing by 212% growth in value terms in February 2016 over the same period in 2015 and by 131% in volume.

“If the UPI adoption continues mobile wallets like SBI’s Buddy, ICICI Bank’s Pockets, HDFC Bank’s Chillr and Paytm will be redundant,” a Centrum Broking said in a report titled- ‘Banking Transactions – Technological Disruption’.

Source: DNA India (link opens in a new window)

Categories
Technology
Tags
fintech, mobile banking, mobile money