eMudhra Consumer Services Ltd, a digital signature certificate issuing authority in India, is planning to launch a mobile wallet service called YPayCash reports The Hindu Business Line. The report mentions that the Reserve Bank of India had recently issued a license to eMudhra for launching this service and the service is expected to be launched in couple of weeks.
How will it work? Judging by the report it seems that the company’s mobile wallet offering will be based on a PKI (public key infrastructure) enabled communication layer. This implies that the merchant as well as the customer will have to use a cryptographic key or digital signatures to transact on the platform.
Although, it also looks like that eMudhra will launch a separate m-commerce centric product called Xygle involving the use of QR Codes to place orders through mobile phones. However, users will have to make a purchase of Rs 300 or more and the respective trader needs to have signed up with eMudhra.
Mobile Wallet: According to YPayCash’s website, the company is currently issuing two types of mobile wallets of Rs 1000 and Rs 5000 value. Android and BlackBerry users can download the app from Google Play Store and the BlackBerry App World respectively or else users can SMS <Xygle> to <Mobile number> (mobile number not specified) and submit a duly filled application form along with self attested Identification proof document to Y-cash Software Solutions Private Limited, as per RBI guidelines. Following the approval of the application, one’s mobile wallet is activated.
Users can recharge the mobile wallet either through a quick recharge option on the website or by logging into their account and following the instructions present here. However, the company notes that users can only recharge up to a limit of Rs 1000 through these processes and for a mobile wallet with a limit of Rs 5000, one would have to place a request with the company or call their customer care number.
Other Mobile Wallet Developments: Intel had entered into a multi-device, multi-year agreement with Visa to develop mobile commerce solutions for Intel Atom-based smartphones and tablets, allowing financial institutions across the world to offer mobile payments and financial services to their account holders. Prior to that, mobile VAS company Comviva had announced a partnership with MasterCard to launch an open loop Mobile Money partnership program, which would allow customers to access major financial services on their mobile phones.
HDFC had also partnered with Movida, a JV backed by Visa and the UK based mobile payments solutions provider, Monitise to launch USSD based mobile payments service in the country and telecom operator Airtel had rolled out its semi-closed mobile wallet service Airtel Money pan-India in February 2012. Airtel had claimed that Airtel Money will be available in 7,000+ merchant outlets in 300 cities across India. On the flip side, Nokia had shut down its mobile money business Nokia Money, a fortnight ago.