Launch of Unified Payments Interface will Encourage Indian Mobile Wallet Market

?Affordable handsets, cash back & discounts, Growth of e-commerce Industry and low mobile internet tariff rate will thrive the m-wallet market?, Says RNCOS

According to a new research report by RNCOS entitled, ?Indian M-Wallet Market Forecast 2022?, the m-wallet has gained huge popularity in past couple of years due to its attractive benefits and convenience. The major growth drivers of the industry are Introduction of new services, increasing smartphone users, increasing penetration of mobile internet, affordable handsets, low mobile internet tariff rate and recently announced demonetization.

A primary governing body of all retail payment systems in the country, National Payment Corporation of India (NPCI) has launched a Unified Payments Interface (UPI), wherein the customers do not have to give their personal credentials like account details and security pins. The interface allows customers to make payments through a single identifier, like Aadhaar number or virtual address. UPI is an infrastructure on top of which end-user apps can build and implement the features offered by UPI. According to RBI, UPI envisages a payments architecture that is directly linked to achieving the goals of universal electronic payments, a less-cash society, and financial inclusion, using the latest technology trends.

UPI enables a customer to make payments using his mobile phone as the primary device for payments, including person-to-person, person-to-merchant, and merchant-to-person with the ability to pay someone, as well as ?collect? cash from someone. It also allows multiple recurring payments similar to electronic cash payments (utilities, school fees, subscriptions, etc.) with a one-time secure authentication and rule based access. UPI has a huge potential, if exhausted fully, it will further promote the concept of mobile payments and also facilitate digital banking.

There has been a lot of speculation that beginning of UPI is the end for mobile wallets. However, that is a quite innate and uninformed contention, as mobile wallet companies in India have more customers than any of the existing bank supported apps combined. In fact, UPI will act as an additional source for wallet companies to integrate further with the banking system, and also add more merchants.

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