Going digital: Banking apps still preferred choice over mobile wallets

This applies more to large value transactions, say experts

Mobile banking has seen a constant monthly rise in both volume and value since almost a year, whereas for newer entrants like wallets, it has been a bumpy road. 

Even United Payments Interface (UPI), which has shown exponential growth since introduction, saw a fall in monthly volume in July.  

Most importantly, the value of mobile banking is in multiples of the value of wallet and UPI transactions. 

This is mainly due to the customer being more comfortable with banking applications for making high-value transactions, feel experts. 

“According to our research, there is a distinction between wallets and banking apps in the mind of customers.