What's in Your Wallet: Unified Payment Interface
Having a unified payment interface in India will speed up use of mobile payments for goods and services. Mobile wallets or Pre-Paid instruments are gaining ground in India
Economic Times reports that e-commerce companies are hopeful that the new payment facility being launched by the National Payments Corporation will help wean online shoppers off the cash-on-delivery system.
The new payment gateway, called unified payment interface (UPI), may be launched in the next two months and will make transactions through various modes such as credit cards, debit cards, net banking, digital wallets and prepaid cards interoperable and seamless, especially through mobile devices. In India, cash-on-delivery (CoD) accounts for almost two-thirds of online retailers' total transactions. Etailers are keen on reducing transactions completed through this mode as it is difficult for them to track the money collected on delivery of goods till it is deposited in the bank.
Once UPI becomes operational, one can link money to an email address, mobile number or even tweet it without keying in the bank account details.