Exclusive: MobiKwik co-founder Upasana Taku says India's biggest payment revolution may fizzle out before it begins
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It’s that month of year. Taku’s MobiKwik is planning to roll out its UPI support by the end of the month. “UPI can make payments happen faster. It’s a great concept, but it’s won’t change anything overnight. In order for it to have any material value, people need to adopt it. Execution is the challenge here”, she observes.
Taku is clear MobiKwik won’t see a major up-shift because of it's UPI support. “In the first few months, traction will be zero. In a year it can contribute to less than 5%. It might have significant impact only after 2-3 years”, she adds.
UPI was launched in April by the National Payments Corporation of India (NPCI). It offers instant, online bank payments, and is seen as a major change to the Indian
So far, only 2 banks have gone live with it, namely Axis Bank and Yes Bank.
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“Banks wanted UPI from an image management perspective. It makes them look good. But to do actual work around it, I don’t know. Few have a cost structure that can reach users earning less than Rs. 40k a month”, Taku fumes.
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