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TimesOfMoney Plans Prepaid Payment Card, IVR Shop; On DirecPay

TimesofMoney, the digital payments service provider from BCCL (the Times of India group), has applied to the Reserve Bank Of India (RBI) for a Payment Service Provider license. Avijit Nanda, President, TimesOfMoney, told MediaNama that the company intends to offer prepaid payment services via a stored value card, on the lines of existing cash cards. Those approved will be licensed prepaid service providers, governed under the Department of Payment Systems under the Payment Settlement Systems Act. TimesOfMoney offers Times Card, a co-branded card in association with Barclays; Remit2India and Remit2Home, money remittance services; DirecPay, a payment gateway service; and retail shopping site Window2India. The company had launched an online wallet service Wallet365 three years ago, only for it to be stopped by the RBI. Excerpts from our interview with Nanda: What is the status of Wallet365? How is it affected by the prepaid systems guidelines? Wallet365 is a product that we want to get back to, and fortunately now that the guidelines are there, we have put in an application. The final set of prepaid instrument guidelines has clearly defined the playing rules: They've said that open loop systems are restricted to banks at this point in time, wherein one can withdraw cash from a bank and ATM, and there's no need for a one-to-one relationship between bank and merchant. For the closed loop system, there's a service provider and a closed loop user merchant ecosystem, and a one-to-one relationship; there is no withdrawal of cash across the system, but you can…

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Written By

Founder @ MediaNama. TED Fellow. Asia21 Fellow @ Asia Society. Co-founder SaveTheInternet.in and Internet Freedom Foundation. Advisory board @ CyberBRICS

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

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