Mobile wallet transactions on slippery slope as UPI rises

As Unified Payments Interface becomes the de-facto retail digital payment mode in the country at the cost of mobile wallets that are losing relevance with their monthly transactions in steep decline.

Around 403 million mobile wallet payments were recorded in June this year, 24% lower compared with 530 million such transactions a year earlier, data from the Reserve Bank of India show. The number has also been falling sequentially every month since January, when it was more than 576 million.