Payment Wallets

Around 2,000 transactions recorded in first three days of pilot; aim now is to erase digital trails between wallets

RBI has asked fintech to stop this practice immediately. The change will come into effect on July 1

Regulating how payment facilitators store customers' card details and auto-renewal of payments puts industry at crossroads.

This feature will allow customers of PhonePe to set up a UPI e-mandate once, post which the company will automatically top up their wallet balance when it falls below the minimum below.

Cumbersome KYC requirements, issues of safety and security of personal information, and no incentive to maintain balance are some key concerns flagged by experts

Payment wallets are bleeding as they monetise the transactions of users on their respective platforms