Leading banks have persuaded the National Payments Corporation of India (NCPI) to exclude wallet companies from the Unified Payments Interface (UPI) at least for the present. According to news reports quoting a senior official, who was part of operationalizing UPI, said banks feel that allowing wallet companies to be part of UPI may not be in their interest. So, as of now they are not part of the system, he said explaining that the banks felt that these players already have high end solutions to effect payments and they are also competing against the banks. Earlier, Payments Council of India, which represents the interests of wallet players, had requested NPCI to allow the wallet players to be part of the UPI system. However, they have not been included so far. Banks feel with UPI they will be able to take on the wallet companies as they have a huge customer base and UPI will help them compete effectively with the wallet companies, which have already made an established presence in the payments scene. This is mainly because of the facility of interoperability available in UPI.
