Airtel Mobile Wallet Shown 'Red Flag' By RBI
Looks like Airtel Mobile Wallet won't make it to the customers because of the RBI's policies. RBI believes that the mobile wallet will act as a 'savings account' for people from where they can pay for the goods and get them delivered without the banks knowing anything about it. In short, RBI and all the banks under it want to keep an eye on how and where the money flows. If they don't know it - it's not allowed. It's that simple!
Few weeks ago, Airtel announced the plans to launch the Airtel Mobile Wallet service. This service would let people charge their 'wallets' with money which can be spent anywhere to purchase stuff. Now RBI thinks that it will act as an online savings account and it'd not be possible to keep track of the money flow. RBI's policies even shut down the operations of Paypal in India; making it impossible for Indians to transfer money within India via Paypal.
What do you think?
Few weeks ago, Airtel announced the plans to launch the Airtel Mobile Wallet service. This service would let people charge their 'wallets' with money which can be spent anywhere to purchase stuff. Now RBI thinks that it will act as an online savings account and it'd not be possible to keep track of the money flow. RBI's policies even shut down the operations of Paypal in India; making it impossible for Indians to transfer money within India via Paypal.
What do you think?
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