With regards to the same, please find appended a quote by Akash Sinha, Co-founder & CEO, Cashfree Payment. (Have also attached his high-resolution picture for your reference)
by Suman Gupta
“The NPCI circular announcing the full interoperability of KYC wallets across all UPI merchants is a significant step towards the growth of digital payments in India. The guidelines make wallets more appealing to customers by opening up newer use cases of payments. It will eliminate the need for customers to carry multiple cards, thereby reducing fraud and theft due to the exposure of card numbers.
Many merchants use wallets for accepting customer payments, for instance, at PoS. Interoperability will significantly ease collection for them since it will allow merchants to accept wallet payments regardless of the wallet being used by the customer. Further, it will eliminate the need for specific integrations with a particular wallet to accept payments on a website since customers can also pay via UPI or card infrastructure. This will increase the payment alternatives for customers.
The interoperability of wallets with UPI will catalyse the progress of digital payments, enhancing the customer experience. We look forward to the announcement of similar such initiatives and measures, while ensuring an effective regulatory environment, to assist the sustainable growth of digital payments.”
