United payments system to make mobile wallets redundant: Report
United payments system to make mobile wallets redundant: Report The report, by city-based Centrum Broking, stated that mobile wallet services like SBI's Buddy, ICICI Bank's Pockets, HDFC Bank's Chillr and standalone operator Paytm will be redundant with the massive adoption of the UPI. "Mobile banking has taken the country by storm, growing by 212% growth in value terms in February 2016 over the same period in 2015 and by 131% in volume. "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'. The report attributed the RBI push to adopt UPI as an effort to lower the cash economy. Quoting RBI data, the report said the cash floating in the system is about 18% of the GDP, making the country one of the most cash-dependent economies in the world. "T...