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Interest-paying e-wallets a challenge for Indian banks

Central bank has licensed 11 such entities, called payment banks, which operate a lot like PayPal

Published Thu, Sep 10, 2015 · 09:50 PM
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Mumbai

A FLEET of Indian startups and telecom operators want customers to ditch their boring bank accounts and put their money into digital wallets. Their sales pitch: It pays interest, it's secure, and it's easier to pay for a cab or order takeout without running to the cash machine.

"If they can give discounts or other offers, then I will go for it," said Neha Mungekar, 28, a Mumbai-based urban planner who does a lot of online shopping and is considering leaving money in an e-wallet offered by PayTM Mobile Solutions or another provider after hearing the accounts can now pay interest.

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