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Wallets aren’t on UPI because banks needed time to catch up – NPCI MD & CEO AP Hota

Wallets were excluded from the unified payments interface (UPI) as banks wanted time to to catch up to them in terms of services, AP Hota, MD and CEO of the  National Payments Corporation of India (NPCI) told MediaNama in an interview. The NPCI is the umbrella organization which handles all retail payments systems in India, while UPI is a payments architecture that will allow users to make a transaction without divulging their account via aliases (such as shashidhar@hdfcbank) and will allow pull-based payments. More on that here. "Wallets already provide a great user experience," Hota said. "The only limitation is that they can do it in their ecosystem. Paytm can sign up with a number of ecommerce sites and bill payment companies and the payments work there. "Bank applications do not have such a great user experience. So the banks asked give us time to catch up and…

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