Idea Cellular receives mobile wallet license from RBI

Monday 2 December 2013 09:32 CET | News

Idea Mobile Commerce Services, the mobile banking subsidiary of the telco Idea Cellular has received a five-year prepaid mobile wallet license from the financial institution Reserve Bank of India (RBI), enabling them to offer mobile payment services to its subscribers.

With this, Idea Cellular becomes the third telco to receive a prepaid payments license in India after Bharti Airtel and Vodafone.

This license is set to enable Idea Cellular to create stored-value cards (physical or digital), which can then be used to purchase products from multiple vendors.

In recent news, India-based mobile payments company Money-on-Mobile, a subsidiary of US-based electronic payment processing services provider Calpian, has received a five year renewal of its authorization from the Reserve Bank of India (RBI) to operate a mobile payments system in the country.

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Keywords: Idea Cellular, RBI, mobile wallet, prepaid, mobile payment, Bharti Airtel, Vodafone
Categories: Payments & Commerce
Countries: World
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Payments & Commerce

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