- RBI Deputy Governor says mobile phone operators can’t be allowed to provide a cash-out facility from virtual wallets to customers, as it would amount to ‘bypass banking’
- Airtel launched m-wallet services to enable a customer in making utility payments and transfer money from one user to another
- Current norms allow mobile transactions if it is attached to a specific use, such as paying electricity bills or shopping at retail establishment
- Central bank does not allow encashment of the balance available in mobile wallets
- Security, privacy and acceptability are other obstacles in the way of moving towards mobile payments
- Bankers feel the regulator may consider allowing issuance of mobile wallets by business correspondents without the need of a Know Your Customer exercise
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