what was made out to be a doomsday scenario for mobile wallet companies turned out to be a tepid dampener. even as companies running prepaid digital wallets have been speaking out against the reserve bank of india’s direction requiring mandatory know-your-customer registration for each customer, official data shows a rather lukewarm business impact. the electronic payment systems data released by the rbi showed that mobile wallet transactions did come down to 268 million in the month of march from 310 million transactions in the month of february. this was a drop of only 13 per cent as compared to the figures given by multiple wallet companies claiming to have suffered a loss of up to 80 per cent. at the same time, the value of transactions fell from rs 131 billion in february to rs 100 billion in march, a fall of 23 per cent. while these trends do show a dip in business, the aftermath of kyc regulations coming into force is not as big as touted by mobile wallet companies. however, this doesn’t mean that all is well with these firms as their business models are changing rapidly in the light of competition from unified payments interface and aadhaar-based payments. mobile wallet companies are now branding themselves as fintech firms as they enter spaces like lending, mutual funds and wealth management, business standard reported recently. also read: why aadhaar data is not safe despite the protection of '13-feet high walls' in its master directions ...