Paytm was circumventing the revised wallet norms by issuing gift vouchers instead of cash top-ups for non-KYC wallets.
Whatsapp's entry into payments could disrupt the ecosystem and cause consolidation in the market: Report
GlobalData has also noted that none of the major payment companies in the country are profitable which will cause them to fear the entry of global tech giants into the Indian payments scene.
“There are 43 AMCs. We will integrate with 10-12 of them before commencing operations, and try to get 30-35 AMCs within the next 12 months,” said Pravin Jadhav, senior VP for business at Paytm Money.
The payment application, which runs on the UPI railroads, will now allow consumers to open up an option for conversation around the transaction.
Prior to this initiative, HDFC Bank and Happay had joined hands in 2016 to help businesses go cashless and have seen huge success till date.
India’s digital wallet industry stares at an 80-90% erosion of its user base as most ignored the February 28 deadline for submitting details for verification.
Industry executives estimate that at least 8 out of every 10 customers using mobile wallets in the country have not completed KYC requirements.
On February 28, that Rs 12,000-crore digital wallets industry got stranded unable to meet a Reserve Bank of India deadline for collecting information on all customers.
In spite of February being the shortest month of the year, the impressive growth of the UPI platform evoked excited responses from multiple players in the industry.
Max Get More, through its partnership with 20+ leading banks in India, helps customers access and spend the loyalty reward points they accumulate on their transactions through credit/debit cards or net banking.
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