India's unified e-wallet (Wallets) integration is an option that accepts users of multiple wallets—PhonePe, Paytm, Amazon Pay, and others—through a single integration. We've outlined the complementary role wallets play in a UPI-dominated Indian market, and the criteria for deciding whether to adopt them.
E-wallets in India are regulated as RBI-licensed prepaid payment instruments (PPIs), and were the channel that drove mass adoption of digital payments before UPI's rise. Today, major wallets such as PhonePe, Paytm, and Amazon Pay have evolved into forms integrated with UPI, and they continue to be used steadily by consumers who want to spend cashback and reward balances, as well as those who prefer not to expose card or account details. Unified wallet integration is a way to capture this fragmented wallet user base at once, without separate contracts for each provider.
Preference for wallet payments is especially pronounced among younger consumers sensitive to rewards and promotions, and in industries such as gaming, OTT, and commerce with frequent small payments. For businesses already accepting UPI as their base method, this is worth considering as a complementary layer that further boosts payment success rates and customer choice.
When a consumer selects their preferred wallet at checkout, they complete authentication in that wallet's app (via app switch or login), and payment is made in INR from the wallet balance or a linked account. Hecto Financial then receives the funds in INR, converts them, and settles to the Korean merchant in whichever currency—USD, KRW, or JPY—was set under contract. Each wallet has its own authentication UX and balance limits (per RBI's PPI limit regulations), so check the integration documentation.
Using Hecto Financial's unified integration, a Korean corporate entity can review acceptance of major wallets at once without a separate contract for each wallet provider. The list of covered wallets can change over time, so confirm the latest list before contracting.
※ This section describes the general support process and does not guarantee actual integration eligibility for a specific merchant. Please confirm exact coverage and fees through consultation.
Confirm contract eligibility as a Korea-registered business
The integration approach differs depending on whether you sell online only or also operate offline stores in India
Advance confirmation is needed to check whether your category falls under Wallets India's restricted merchant categories
Confirm compliance with India's payment and foreign exchange regulations (see official sources below)
Even payments coming in through multiple wallets are consolidated into a single settlement flow. Hecto Financial converts the funds received in INR and pays the Korean merchant in a lump sum in whichever currency—USD, KRW, or JPY—was set under contract, with the settlement cycle and fees following contract terms. Refunds are, in principle, returned to the wallet used for payment, and since refund policies differ by wallet provider, it's advisable to check refund deadlines per wallet even under a unified integration.
The Hecto Financial team will work with you to review the right combination of payment methods for the Indian market.
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