sad that while paytm, freecharge and other e-wallets backed by private players saw unprecedented surge in number of users and transactions after the November 8 demonetisation announcement, npci-backed seemless platform, united payments interface, did no see any extraordinary activity.
while paytm was able to foresee a digital transformation in the country, public sector banks failed to anticipate future course of events, the result is that sbi’s buddy and other psu banks’ e-wallets are lying in some corner accumulating dust.
to inform you, upi is a one-stop solution for all money transfer needs, it is easy as it does not require punching in all bank details in every transaction, and it is fast.
still, upi could not make it into smartphones of indians, paytm, on the other hand, could rope in outlets like mother dairy and even payments on facebook.
was there a vested interest in not promoting e-wallets of psu banks, if not, why was sbi so late in introducing its upi app, which it introduced only on november 24, not less than 3 months after upi was placed into market for use by customers.
or is it just the inaction, impunity of public sector banks’ top officials that does not place on them the liability to proactively foresee future demand, to run banks for making profits, rather than being a liability on exchequer?
give your verdict