Unified Payments Interface

The Indian digital financial service platform, MobiKwik has announced to launch Unified Payments Interface (UPI) on its platform through its own VPA handle called “@ikwik” for making payments unlike the one offered by non-banking entities. The company has also assured its users about safety being given utmost priority so that users don't have to worry about data issues even in the case of loss of SIM or device. Additionally, the digital wallet company has claimed to be the first in offering UPI access to a huge base of 3 million merchant payments. Moreover, its UPI app is 100% in compliance with NPCI guidelines and has been declared "most safe" UPI app by NPCI. MobiKwik users will now be able to use their mobile number as their own VPA by default which will be "ikwik". Multiple us...

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...

Tag: Unified Payments Interface

MobiKwik Launches UPI on its Platform via its own VPA Handle

United Payments System To Make Mobile Wallets Redundant: Report