United Payments System To Make Mobile Wallets Redundant: Report
Ongoing push by the Reserve Bank of India to revolutionize banking through the Unified Payments Interface (UPI) will leave mobile wallets redundant, as mobile banking has jumped over three-fold 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 per cent growth in value terms in February 2016 over the same period in 2015 and by 131 per cent 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 Cen...