wordpress blog stats
Connect with us

Hi, what are you looking for?

RBI Ups Mobile Wallet Card Txn Limit To Rs 50k; M-Banking Encryption

In what is a significant change that will benefit Bharti Airtel’s M-Wallet rollout in particular, the Reserve Bank of India has increased the transaction limit from Rs. 5000 to Rs. 50,000, for “mobile-based semi-closed prepaid instruments issued by non-banks” on par with other semi-closed payment instruments. With this change, the mobile based prepaid payment instruments are being brought on par with other prepaid services, like Itz Cash, Done Card, Beam, Oxigen etc. Bharti Airtel is the only entity to launch a mobile-specific prepaid instrument: called ‘Airtel Money’, a pilot service has been launched in Gurgaon.

Two conditions, however, remain:

– These wallets cannot be purchased or reloaded against airtime/talktime. However, they can be used to buy recharges
– These wallets can only be used to allow purchase of goods and services, not person to person transfer of value.

A semi closed prepaid wallet allows loading of money into a payment instrument, but cannot be used to withdraw money. Airtel M Commerce Services Ltd is among 12 companies to be given a semi-closed prepaid wallet license; the license of Kaizen Automation, which had piloted the Go Mumbai smart card service, was revoked earlier last month.

We wonder if there are any other telecom operators, whose request to offer prepaid wallets, is awaiting authorization.

Advertisement. Scroll to continue reading.

*

In addition, Mobile Banking norms have been changed: M-Banking transactions of up to Rs 5000 no longer need end to end encryption. The previous limit was Rs 1000. Banks, however, may put in to place security measures and velocity limits based on their own risk perception.

Last we checked, Mobile Banking transactions in India have increased to 707496, accounting for Rs 61.6 crore in February 2011. The State Bank of India dominates banking transactions, accounting for 529,318 transactions (74.81% of total) and Rs. 32.63 crore transacted (52.96% of total). It is followed by ICICI Bank, HDFC Bank and Citibank. You may check the individual performance of 34 different Indian banks at MediaNama charts (using the dropdown menu), over a period beginning May 2009, to February 2011.

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.

Views

News

India and US come to terms on how to deal with the equalisation levy in light of the impending Global Tax Deal.

News

Find out how people’s health data is understood to have value and who can benefit from that value.

News

The US and other countries' retreat from a laissez-faire approach to regulating markets presents India with a rare opportunity.

News

When news that Walmart would soon accept cryptocurrency turned out to be fake, it also became a teachable moment.

News

The DSCI's guidelines are patient-centric and act as a data privacy roadmap for healthcare service providers.

You May Also Like

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ