Feature

Dealing with change

To deal with regulatory and competitive pressure, mobile wallet players are tweaking their business model to live another day

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Upasana Taku, co-founder of MobiKwik, asks us to narrate a joke during her photo shoot. I decide to take a chance and say, ‘wallets are dead.’ Taku breaks into a fit of laughter. But not everyone, unlike Taku, dismissed it as a joke when mobile wallet usage across India fell during the weeks following the KYC completion deadline towards the end of February.