wordpress blog stats
Connect with us

Hi, what are you looking for?

NPCI Wants To Make Mobile Payment Platforms Inter-Operable

With the aim of integrating all mobile payment systems under one umbrella, the National Payments Corporation of India (NPCI) has sought for an approval from the Reserve Bank of India (RBI) to make the mobile payments services by telecom companies like Airtel Money and m-wallet services offered by banks, interconnect, reports PTI (via IBNLive). Interestingly, the NPCI intends to deploy a solution bridging the two platforms. Presently, mobile payments services such as Airtel Money and ZipCash are restricted to semi-closed wallets which don't allow money to be withdrawn from the wallet. Mobile operators acting as banking correspondents, need to enroll customers into no-frill accounts, and allow money transfer in particular remittance corridors, facilitating cash-outs for beneficiaries through service outlets. So it's not that simple to transfer and cash-out money via mobile platforms. The NPCI offers mobile money transfers on its Interbank Mobile Payment Service (IMPS) platform for 39 banks, however, participating Banks require customers to download their own mobile banking apps, in order to access IMPS. For example, ICICI Bank customers can only use IMPS through its iMobile app, whereas HDFC Bank customers need the NGPay app to avail the service. So, if the two payment products are made inter operable, it could actually lead to more transactions on mobile, and give a boost to m-commerce, as merchant payments can also be integrated. However, we're not sure if the RBI would be keen on allowing telcos to operate open wallets, since it could allow them to compete with banks at a certain level.…

Please subscribe/login to read the full story.
Written By

Free Reads

News

TRAI first introduced the idea of displaying the caller's name in a consultation paper back in 2022.

News

As per reports, the Unmanned Aerial Vehicles (UAVs) will be enabled with 5G capability and will be built to function in extreme temperatures and...

News

One of the X posts on Krutrim that blew up was about the AI model claiming that it was created by OpenAI as opposed...

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

Views

News

Notably, Indus Appstore will allow app developers to use third-party billing systems for in-app billing without having to pay any commission to Indus, a...

News

The existing commission-based model, which companies like Uber and Ola have used for a long time and still stick to, has received criticism from...

News

Factors like Indus not charging developers any commission for in-app payments and antitrust orders issued by India's competition regulator against Google could contribute to...

News

Is open-sourcing of AI, and the use cases that come with it, a good starting point to discuss the responsibility and liability of AI?...

News

RBI Deputy Governor Rabi Shankar called for self-regulation in the fintech sector, but here's why we disagree with his stance.

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

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...

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...

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