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India makes Giant Step Toward Transition to a Cashless Society via m-wallets

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National Payments Corporation of India will be launching Unified Payments Interface (UPI), which will allow seamless movement of fund transfer from one bank to another, from a bank to mobile wallet, mobile wallet to bank and mobile wallet to mobile wallet. One of the earliest adopters of the system has been #indiastack largest mobile wallet firm Paytm, which in turn has boosted adoption by the competition due to the fear of being left out. With the adoption of m-wallets usage of physical cash may drop significantly and may become primary means of transactions.

“We’re building an ecosystem in this country. There’s absolutely no doubt that we want to be identified as the people who brought in change,” said Vijay Shekhar Sharma, co-founder and CEO of Paytm. “We believe we will be the significantly large beneficiary in this because consumers will be able to move money from their bank account to our wallet easily.” Read more

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