Blog Post

RBI Drafts Norms On Mobile Payment For Banks

The Reserve Bank of India has issued draft guidelines on mobile payments, a few highlights from the 12 page document below:

Mobile Payment has been defined as ‘information exchange between a bank and its customers for financial transactions through the use of mobile phones. Mobile payment involves debit/credit to a customer

6 Responses to “RBI Drafts Norms On Mobile Payment For Banks”

  1. Observor

    Aggregators in the mobile payment space now simply will have to become mere technology providers; cannot have a customer ownerhsip model.

    They can of course aggregate merchants and offer them to banks – but it will end up being the e-commerce merchants. The model does not have enough strength or economic viability to aggregte rela-world merchants and get them to a bank.

  2. What happens to aggregators( paymate , ngpay, mcheq) providing the service today are there any rules governing them considering that in a lot of cases the sign up actually happens at the aggregators end