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ARTICLE · 06 NOVEMBER 2020

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E-Wallets: If And When They Make Sense For Your Business

Ikigai Law
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E-wallets may have been critical for India's digital payments revolution but have since seen set-backs in the form of regulatory changes and competition from UPI. In this blog we take a closer look at the value proposition of e-wallets.

IndiaFinance and Banking
Aditya Sharma
Aditya Sharma
Aman Taneja
Aman Taneja
Aparajita Srivastava
Aparajita Srivastava
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E-wallets may have been critical for India's digital payments revolution but have since seen set-backs in the form of regulatory changes and competition from UPI. In this blog we take a closer look at the value proposition of e-wallets.

1. Introduction

E-wallets1 a rare breed of financial product where the RBI has permitted non-banking entities to accept 'deposits'- an activity typically relegated to banks. The RBI took a flier by allowing non-bank entities to issue e-wallets. And it paid off. E-wallets contributed immensely to India's digital payments story2. Especially post demonetisation when e-wallets saw a meteoric rise. Over the years, however, the value proposition of e-wallets has dwindled. This resulted from the double whammy of the RBI mandating KYC for e-wallets and the Supreme Court's decision in the Aadharcase which barred non-bank e-wallet issuers (like Ola, Phonepe) from conducting Aadhaar OTP based e-KYC. Then there was competition from the Unified

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