United payments system will leave mobile wallets redundant: Report

Zee Media Bureau

New Delhi: The latest push by the Reserve Bank of India (RBI) to adopt Unified Payments Interface (UPI) as an effort to lower the cash economy may leave mobile wallets redundant as per a report by city-based Centrum Broking.

The report claims that the mobile wallet services like SBI's Buddy, ICICI Bank's Pockets, HDFC Bank's Chillr and Paytm will be redundant with the massive adoption of the UPI.

"If the UPI adoption continues mobile wallets like SBI's Buddy, ICICI Bank's Pockets, HDFC Bank's Chillr and Paytm will be redundant," a Centrum Broking said in a report titled- 'Banking Transactions - Technological Disruption'.

Quoting RBI data, the report said the cash floating in the system is about 18 per cent of the GDP, making the country one of the most cash-dependent economies in the world.

With PTI inputs