Digital wallets may regain some ground, with India’s payments body and the Reserve Bank of India (RBI) allowing more flexibility to the digital payment mechanism that lost some relevance following the introduction of unified payments interface (UPI) transactions. Currently, UPI is only limited to bank accounts, but going forward, wallets will use the UPI channel to ensure interoperability," said Mihir Gandhi, partner and leader (payments transformation) at PwC. Electronic wallets, which need to be first loaded with money from bank accounts and then used, did not seem that convenient to customers. The volume of UPI transactions in the same period was 22.3 billion, valued at ₹41 trillion, showed data from RBI. “This initiative will democratize access to UPI and make it ubiquitous with digital payments by allowing consumers to pay through digital wallets, in addition to the facility of paying from bank accounts," Praveena Rai, chief operating officer of NPCI, said on 26 May.

Source: Mint May 28, 2021 18:22 UTC