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Wallets will look to be a part of NPCI’s Unified Payments Interface

Mobile wallets such as Paytm, MobiKwik and Citrus Pay will be looking to be a part of the NPCI's Unified Payments Interface (UPI). The UPI will be launched today and so far has 29 banks signed on its platform. However, a report from the Financial Express says that so far the UPI will include only bank accounts and not wallet accounts. The UPI is an additional layer of payments architecture built upon the IMPS mobile payments system which will allow customers to transfer money across different banks with the use of a single identification and password. Through this, multiple bank accounts can be be linked to a single mobile banking application and money can be both received and requested through the same interface. What it can do UPI will allow payments only by providing an address with others without having ever provide account details or…

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