wordpress blog stats
Connect with us

Hi, what are you looking for?

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 leave the wallets out of it.  It is just a competitive position." But wallets still have opportunities, according to Hota: "Wallets have a great user experience. They will start offering better things to customers say something like automatic redemption of loyalty points. The wallets are gearing up so that banks can't catch up. The wallets can use the UPI to load money faster and they can even issue a command when the wallet's balance is low, it will automatically pull money into the wallet". Edited excerpts from the interview: On the UPI 1. Why wallets aren't inter-operable: Today users can't transfer money from one wallet to another: they aren't interoperable. Hota…

Please subscribe/login to read the full story.
Written By

Free Reads

News

The MPA has historically advocated for stronger copyright enforcement measures to combat online piracy.

News

The next-gen chip from MTIA v2 will double the on-chip SRAM size and triple the local PE storage size, revealed Meta

A Microsoft building A Microsoft building

News

The pitch was said to be part of an "AI literacy" training seminar hosted by the US Space Force back in October, 2023, The...

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

NPCI CEO Dilip Asbe recently said that what is not written in regulations is a no-go for fintech entities. But following this advice could...

News

Notably, Indus Appstore will allow app developers to use third-party billing systems for in-app billing without having to pay any commission to Indus, a...

News

The existing commission-based model, which companies like Uber and Ola have used for a long time and still stick to, has received criticism from...

News

Factors like Indus not charging developers any commission for in-app payments and antitrust orders issued by India's competition regulator against Google could contribute to...

News

Is open-sourcing of AI, and the use cases that come with it, a good starting point to discuss the responsibility and liability of AI?...

You May Also Like

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ