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India UPI launches its own digital wallet

Wednesday 8 December 2021 16:18 CET | News

Reserve Bank of India has announced its intention to offer an UPI on-device digital wallet that can work offline, without Internet connection.

The digital wallet will be different than similar third-party wallets such as Paytm, Phonepe, and others and aims to solve merchants’ ongoing problem of transaction failure due to Internet connectivity issues. 

United Payments Interface (UPI) is the country’s largest retail payment system in terms of transaction volume and intends to promote digitalisation, digital inclusion, and swapping cash for alternative payment methods for low value transactions. 

If UPI will launch its own offline digital wallet, millions of merchants across India could enter a new digital era and grow their business by providing an alternative to cash that is not restricted to Internet connection. 


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Keywords: digital wallet, e-wallet, product launch, NPCI, Reserve Bank of India, merchant, contactless payments, mobile payments
Categories: Payments & Commerce
Companies:
Countries: India
This article is part of category

Payments & Commerce