...........Competition between e-money payment system and internet based transactions using bank accounts may benefit consumers. The mobile payment system may become the ‘rails’ for product distribution by financial intermediaries. Business model for MNOs would develop around products pushed through the e-money-paymentsystem and ownership of patterns of financial behavior in the e-money economy. MNOs in their existing legal form could be licensed as ‘domestic money exchanges’ and as ‘payment operators’, which may require multiple regulators, but one for each function --RBI and Trai.............
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