InvestorQ : What does Bajaj Finance plan to do by foraying into digital wallets?
swati Bakhda made post

What does Bajaj Finance plan to do by foraying into digital wallets?

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Sam Eswaran answered.
1 month ago
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Bajaj Finance has recently got approval from the RBI to launch its own digital wallet. Bajaj Finance can issue and operate semi-closed prepaid payment instruments or PPIs with perpetual validity. It must be remembered that wallets have seen their popularity wane after the UPI phenomenon took over in India in the last few years.

For Bajaj Finance, the digital wallet fits into its larger strategy to diversify into the payments segment at a future date. Bharat Bill Pay system is already live on Bajaj Finance it goes live on the UPI interface from May this year. The digital wallet will just complete this palate of offerings. Wallet customers can store Rs.2 lakhs and withdraw cash too, so it is like a bank.

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