Mobile
Wallet – 120814
http://www.Oxigen.com,
Cash can be delivered direct to the family at Rs. 1.25 per Rs. 100.
Each of the 700 million cell phones in the country besides millions of PCs and laptops are now like an ATM.
If an experiment of cash delivery through a phone-kiosk interface works within Reserve Bank parameters, the e-wallet could remove the use of cash and plastic in the coming years.
The volume of money transfer in India is about $30 billion annually, excluding other electronic payments such as credit cards and bank transfers.
RBI has authorized to the IMT (Instant Money Transfer) Payment System, under the Payments and Settlements Act. The transaction limit is Rs. 10,000 and it enables any partner bank account holder to send money (up to rs. 25,000 per month) even to a person on his/her mobile phone, even if the recipient does have a bank account. IMT works on a simple 2FA (a software loop between the mobile number and the bank, which no one can penetrate) process, using a combination of a secret password and a PIN.
Where opening of a bank account poses problems due to KYC or other limitation, a mobile wallet would be a boon. Not surprisingly, India`s digital payment industry, is expected to touch Rs. 1.2 lakh crores by December 2014.
Kind Regards
Sunder T.Your views/comments are most welcome and your attention and time will be appreciated. Kindly oblige.
sunderkt@gmail.com
http://www.Oxigen.com,
Cash can be delivered direct to the family at Rs. 1.25 per Rs. 100.
Each of the 700 million cell phones in the country besides millions of PCs and laptops are now like an ATM.
If an experiment of cash delivery through a phone-kiosk interface works within Reserve Bank parameters, the e-wallet could remove the use of cash and plastic in the coming years.
The volume of money transfer in India is about $30 billion annually, excluding other electronic payments such as credit cards and bank transfers.
RBI has authorized to the IMT (Instant Money Transfer) Payment System, under the Payments and Settlements Act. The transaction limit is Rs. 10,000 and it enables any partner bank account holder to send money (up to rs. 25,000 per month) even to a person on his/her mobile phone, even if the recipient does have a bank account. IMT works on a simple 2FA (a software loop between the mobile number and the bank, which no one can penetrate) process, using a combination of a secret password and a PIN.
Where opening of a bank account poses problems due to KYC or other limitation, a mobile wallet would be a boon. Not surprisingly, India`s digital payment industry, is expected to touch Rs. 1.2 lakh crores by December 2014.
Kind Regards
Sunder T.Your views/comments are most welcome and your attention and time will be appreciated. Kindly oblige.
sunderkt@gmail.com
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