Digital wallets have become a critical force for payment in India this month. Digital wallets like Paytm, Freecharge and MobiKwik have garnered massive interest among consumers as well as sellers. But these mobile wallets are all private players.
There is one option that has been devised by the government’s NPCI and that is the Unified Payment Interface (UPI).
UPI has the potential to make one-click banking easier than ever. And there's absolutely no need to make a new bank account. You only need to download a new app maybe.
FAQs on UPI
To become successful, UPI needs to seek patronage from both key stakeholders, consumers and merchants.
Private digital wallets have gained immense initial traction, but will demonetisation be the shot in the arm UPI needs? Only time and consumers will tell.