PhonePe has partnered with Yes Bank Ltd to offer its app, which will first be launched on Google Inc.’s Android platform early this week, the two people cited above said. Two other large banks, State Bank of India and HDFC Bank are expected to launch their offerings later this year. Hence, a UPI-based product can be more convenient than a digital wallet. To be sure, it’s not yet clear how digital wallet providers plan to combat the threat from UPI-based payment start-ups. Paytm has secured a payments bank licence and the company is expected to integrate its wallet solution with its banking efforts.

Source: Mint August 28, 2016 18:00 UTC