The final 12, were selected from the top 35 startups who showcased their solutions to the Yes Bank leadership team over a two-day pitching session.
Wallets had been given licence according to very relaxed net worth criteria, which allowed a huge flux of players to get into the market.
The Council has also suggested equal sharing of charges between the acquiring bank and the issuing bank which presently is lopsided towards the issuing bank.
Company in partnership with AGS Transact to roll out cloud tech platform.
India could develop a digital payment system that others will envy, says a US-based payments tech firm chief
With the recent push, a shift from cash to digital currency could also give a boost to the country’s economic growth.
RBI will also decide on the interchange fees between the wallets for them to be able to access the UPI framework, sources said.
In the wake of demonetisation and the increased push on going digital, banks are seeking cyber insurance policies with the growing perception of threats .
I-T ministry has asked wallet companies to adopt multiple-factor authentication for payments, which, the industry sources say, can kill their business.
India has also been receiving a strong intake of investments from foreign investors throughout the new year.
According to data released by the central bank, banks have also shown a mere 4.8% rise in credit for the year 2017 against last year.
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