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With banks replicating all that e-wallets offer, the battle appears to be that of David vs Goliath. “A bank's income is not hinged on its payment business. However, for most e-wallets, merchant commission from payments is likely to be their main source of income.
With Unified Payments Interface (UPI), banks now offer their own mobile payment options that have inter-operability and ubiquity through exhaustive list of merchant tie-ups. This resurgence of banks' mobile apps combined with a significant drop in MDR is likely to present a challenge to private e-wallets,“ said Lokvir Kapoor, CEO, Pine Labs.
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