The introduction of the Unified Payment Interface by the National Payments Corporation of India will force mobile wallets to evolve, said PayU's chief executive officer Laurent Le Moal in an interview with BloombergQuint.
PayU has its own wallet in India and so does Citrus Pay, which has recently been acquired by PayU.
Most of India's large banks have launched their own spruced up mobile applications based on the Unified Payment Interface to counter mobile wallets like Paytm, which are expected to make it simpler for retail consumers to transfer money using their mobile phones.
Here's the PayU management on how the payments business in India will evolve.
Also Read: PayU Sees Opportunity To Accelerate Growth With Citrus Pay Acquisition
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