The RBI has decided to put mobile payment services linked to banks on hold until the final guidelines are issued. Many of these services have been active for a year now, banks and service operators have spent a lot of money publicising these, and consumer have signed up. Information services like mobile alerts for credit or debit entry, balance enquiry will continue.
There are a number of attendant issues and therefore, banks are advised to keep on hold their mobile payment services till issuance of the final Guidelines. Banks may also dissociate themselves from any mobile based money transfer service which has not received explicit approval of RBI or not covered by any of the Guidelines issued by RBI. It’s important to note that only payment systems are being put on hold.
Source: Medianama
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