RBI puts a temporary halt on Mobile Payment Services

RBI has asked banks to put a temporary halt over mobile payments and stated that all the banks, which have already started their mobile payment services, will have to suspend them till the issuance of final guidelines.

RBI has found out number of unattended issues Banks have been told that they may also dissociate themselves from any mobile based money transfer service which has not received explicit approval of RBI or not covered by any of the guidelines issued by the central bank, the central bank said. [source]

RBI’s concern is more on transactions and less on information pull (i.e. one can still fetch info regarding balance enquiry, credit/debit entry), but there are some open ended areas that RBI wants to address when it comes to initiating payments.

Very recently, all the major leading banks announced their mobile payment plan (read our earlier coverage of RBI guidelines) and are deploying technology to get the service out at the earliest.

It’d be interesting to watch how banks and operators react to this (surely a good news for late entrants who haven’t spent a penny on marketing their mobile payment service).

What’s your opinion?

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