Honest 836 Report post Posted June 12, 2008 Payments through mobile may soon become a reality 12 Jun, 2008, 2141 hrs IST, PTI NEW DELHI: Cell phone holders can soon avoid the pain of walking down the bank for depositing or withdrawing money if RBI's proposed operative guidelines for banks regarding mobile payments come into practice. "Considering that the technology (mobile banking) is relatively new and due care needs to be taken on security of financial transactions, there has been an urgent need for a set of operating guidelines that can be adopted by banks," the central bank today said while seeking the comments on the draft guidelines for mobile payment. Mobile payment involves debiting or crediting to a customer's account on the basis of funds transfer instruction received over the mobile phones. The central bank has proposed that all licensed banks would be permitted to offer mobile payment services to the residents of India after getting approval from their boards and would be restricted to only bank accounts and credit card accounts which comply to know your customer norms. Aiming at long-term goal, the RBI said, the framework would be such so as to enable transfer of funds from account in one bank to any other account in the same way or any other bank on a real time basis irrespective of mobile network of the customer. Also, the anti-money laundering would also be applicable for the customers opting for mobile-based banking services, the draft said. Share this post Link to post Share on other sites
@mitJ@in 256 Report post Posted June 13, 2008 Reliance Mobile World has also an application name M Pay which act as Plastic Card for making payments and receiving payments. Share this post Link to post Share on other sites
