Reserve Bank of India (RBI)
News stories featuring Reserve Bank of India (RBI):
April 24th, 2017
Amazon India has been granted a payment license by the Reserve Bank of India (RBI) to operate its own prepaid wallet in the country. “This will allow us to help customers adopt digital payments at scale and thereby contribute towards making India a less cash economy,” the company’s Sriram Jagannathan told The Indian Express. The move follows the launch of Amazon Pay Balance in India in December 2016.
April 5th, 2017
Messaging app WhatsApp is exploring India’s Unified Payments Interface (UPI) platform “among other payment modes” for launching a P2P mobile payment service in the country. “For WhatsApp, which has 200m users in India, integrating UPI instead of building its own wallet would likely be a better option given the stricter guidelines for wallets put out by the Reserve Bank of India,” Economic Times reports.
March 16th, 2017
Indian mobile wallet users could soon be able to transfer money directly to each other, regardless of the service they use, if the Reserve Bank of India (RBI) goes ahead with plans to open up the Unified Payment Interface (UPI) platform to mobile wallet providers. “RBI is expected to issue guidelines shortly on interoperability and know your customer (KYC) norms for digital wallet companies,” sources told Economic Times. “RBI will also decide on the interchange fees between the wallets for them to be able to access the UPI framework.”
February 21st, 2017
Indian consumers can now make QR code-based mobile payments using BharatQR, a “low cost, interoperable mobile acceptance solution” backed by the Indian government and developed by Mastercard, Visa and National Payments Corporation of India (NPCI)….
February 17th, 2017
Indian mobile wallet Paytm “expects to lose 20-30%” of customers making offline payments using QR codes, OTP or mobile-to-mobile transfers when the Reserve Bank of India removes cash withdrawal limits on March 13, The Financial Express reports. “We [will] still have a larger offline than online category, and that’s where the business is for us,” says Paytm founder Vijay Shekhar Sharma.
January 18th, 2017
“The time is ripe” for the adoption of blockchain technology in India, according to the Reserve Bank of India’s research arm which believes the technology has the potential to digitise the country’s fiat currency. “We feel that BCT [blockchain technology] has matured enough and there is sufficient awareness among the stakeholders, which makes this an appropriate time for initiating suitable efforts towards digitising the Indian rupee through BCT,” the Institute for Development and Research in Banking Technology says in a white paper.
January 4th, 2017
Indian mobile payments provider Paytm has been granted permission from the Reserve Bank of India to formally launch a payments bank. “Our aim is to build a new business model in the banking industry, focussed on bringing financial services to hundreds of millions of unserved or underserved Indians,” the company says.
December 9th, 2016
The Reserve Bank of India has removed two-factor authentication — involving the use of one-time passwords sent to mobile phones — for online card transactions up to Rs 2,000 (US$29), Live Mint reports. “Discarding two-factor authentication is an opt-in service, which means that customers will have to specifically opt for it.” The move follows the withdrawal of Rs 500 (US$7) and Rs 1,000 ($14) notes.
November 23rd, 2016
The Reserve Bank of India (RBI) has increased the limit of money that can be kept in a mobile wallet to Rs 20,000 (US$291) from Rs 10,000 (US$145.5) following the withdrawal of Rs 500 (US$7) and Rs 1,000 ($14) notes. “The total value of reloads during any given month shall also not exceed Rs 20,000,” RBI says in a circular. The measures will be applicable until 30 December 2016, subject to review. One97 Communications, owner of mobile payment platform Paytm, asked RBI to increase the limit to Rs 25,000 (US$364) in July this year.
November 15th, 2016
Mobile payment transaction volume in India is expected to grow more than 90% each year over the next five years, with digital payments becoming the “de-facto payment mode” in the country, in the wake of…
June 27th, 2016
The Reserve Bank of India (RBI) has released its framework for payment and settlement systems with a view to moving the country towards a “less-cash” society. Vision-2018 “reiterates the commitment of the Reserve Bank of India (the Bank) to encourage greater use of electronic payments by all sections of society,” RBI says. “Building a robust payments infrastructure in the country to increase the accessibility, availability, interoperability and security of the payment systems will continue to remain a key objective.”
November 16th, 2015
Indian mobile cab hailing service Ola Cabs has launched Ola Money, which lets customers load funds into a mobile app and use them to pay their fare. “Your Ola Money is automatically deducted when you complete a ride,” the company says. Ola announced plans in August 2015 to apply for a mobile wallet licence from the Reserve Bank of India (RBI).
November 12th, 2015
Indian mobile wallet provider Paytm is to hire 3,000 people to roll out its payments bank services by the first quarter of next year. “The structure of the executive committee for the payments bank is being given shape, while Paytm awaits a final nod from the Reserve Bank of India,” The Times of India reports. The company agreed a “strategic investment” from Alibaba and its affiliate Ant Financial in September.
August 28th, 2015
Indian mobile wallet provider Oxigen Wallet has partnered with loyalty program provider PayBack to allow customers to earn PayBack points and redeem them as cash, to make online and bill payments. As well as payments, Oxigen Wallet lets users send and receive money through social network channels, and to and from mobile phone numbers, and is certified by the Reserve Bank of India (RBI).
August 4th, 2015
Indian mobile cab hailing service Ola Cabs is reportedly planning to apply for a mobile wallet licence from the Reserve Bank of India (RBI). “Ola currently offers Ola Money as a digital payment option on its mobile app using payment technology powered by PayU and ZipCash Card Services,” Livemint reports. “If Ola gets the nod from RBI, it can offer the wallet on its app as well as other apps it plans to launch.”
July 17th, 2015
One97 Communications, owner of mobile payment platform Paytm, has asked Reserve Bank of India (RBI) to increase the limit on money that can be kept in a mobile wallet to Rs 25,000 (US$393) from Rs 10,000 (US$157). “One97 Communications, which has investment from the Alibaba group, is also building a mobile marketplace and aims to have half a billion Indians on the Paytm platform before 2020,” Times of India reports.
May 19th, 2015
India’s Axis Bank is to enable all of its 50,000 merchant point-of-sale terminals to accept contactless payments by the end of this year in order to “facilitate significant usage of contactless NFC-based cards issued by all banks”. The move follows the Reserve Bank of India’s relaxation of its requirement for two-factor authentication for contactless payments up to a value of Rs2,000 (US$31).
May 15th, 2015
Contactless users in India can make payments of up to Rs2,000 (US$31) without using a PIN, following the Reserve Bank of India’s relaxation of its requirement for two-factor authentication. “Beyond this transaction limit the card has to be processed as a contact payment, and authentication with PIN will be mandatory,” the bank says. “Banks have been advised to put in place suitable velocity checks as considered appropriate.”
November 29th, 2010
News in brief from the NFC world and beyond: PingPing adds Coca-Cola • Indian banks offer mobile payments • GSMA investigates embedded SIMs • VeriFone buys Hypercom • Brands test Google Goggles • 500m to use mobile medical apps by 2015 • CPI hits 100M contactless cards • and more…
November 8th, 2010
News in brief from the NFC world and beyond: NXP CEO picks NFC • Nacha cuts out cards • P2P payments set for growth • Bharti Airtel picks up payments license • Facebook Deals a blow • Only 4% have checked out checking in.
• Find a list of all the companies and other organisations that have been featured in NFC World in our directory.