Wallets on the wane as Unified Payments Interface and regulations take over

This has resulted in a steep fall in PPI transactions and some estimates suggest the business is down almost 50 per cent

It’s been termed as a David versus Goliath fight ever since it started. With the entry of prepaid wallets in the payments ecosystem, the Reserve Bank of India (RBI) ushered in a new era where small transactions were no longer dependent on heavy paperwork or two-factor authentication. Then came demonetisation and Indian payments wallets turned billion-dollar entities riding on the wave of digital transactions. But, all that seems to have come to a halt.
 
On October 2017, the central bank issued a master circular directing prepaid instruments issuers (PPIs) to make sure their customers comply with full know-your-customer (KYC)