Financial Express: On July 14, the Reserve Bank of India (RBI) asked a leading media organisation (TOI which recently launched Wallet365) to “desist” from offering the e-wallet service. Currently there is very little regulation to keep a watch on this kind a service, afterall all you need is a credit or a debit card and an email address. RBI didn’t want the first e-wallet to take off without any objection as others would follow the trend.
• E-wallets allow anyone with a valid e-mail ID to send and receive money
• Or to settle bills, all through money stored on-line in safe systems
• However, e-wallets need regulation, which is on the anvil in India
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