UPI vs. Other Wallets

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The mobile wallet sector is somehow occupied only by the private firms and this sector is exponentially rising in terms of number of accounts, economy which is dependent upon it, and even the profit margin is quite good. This statement of increasing value of mobile wallets has reached the next level with demonetization.

But this is all about start-ups, the private firms, what about the government? Has it done anything in this sector yet?

Well, the newbie in the mobile wallets is UPI (Unified Payment Interface) by the Government of India. But how is it different from other wallets?

UPI and Mobile Wallet – The Difference

Well, UPI enabled BHIM ain’t only a mobile wallet but has all your banking information as well. When using BHIM, you do not transact through a certain wallet, but you transact through your bank account directly.

Security for Your Money

BHIM provides three level of security to the user and is brainchild of NPCI. Since NPCI, National Payments Corporation of India, is the mother of all payments, hence its product can be easily believed as authentic and reliable.

Wallet Transaction

The mobile wallets or e-wallets, save the money with themselves and then transact through their own platform. However, BHIM never saves any amount to itself and hence the issue of leaving mobile, while someone uses your wallet, won’t be faced here.

Well, all that being said and described, the BHIM and UPI holds a powerful software behind it, but not everyone is aware of it, due to the lack of marketing. There aren’t any offers on BHIM, unlike the private wallets, and hence less number of users.