Banks To Issue Separate M-Pin For M-Commerce - RBI Proposes Mobile Payments Guidelines
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According to the latest guidlines drafted by RBI banks may soon have to issue separate M-Pins for customers who wish to use their mobiles for making payments. With mobile payment players like paymate, mchek, ngpay and others lining up to offer mobile payments solution its only natural that the banks collaborate and make another convenience based payment system a reality.
On the issue of the proposed guidelines by the RBI the industry that is most affected had lots to cheer so mChek CEO Sanjay Swamy told business standard that “It is a very positive step from the regulators, which shows its support for the initiative. The regulator has clearly spelt out the roles of each of the players, with enough scope for flexibility,”. While Paymate founder and managing director Ajay Adiseshann said, “The guidelines come at the right time for the industry. Also, the fact that small-ticket payments will be encouraged is a positive.”
But despite the cheer there are still some hurdles that need to be overcome as far as the guidelines are concerned as the RBI has instructed the banks to make sure their customers are aware of all the risks associated with m-payments and also it might be mandatory for them to sign a contract with the banks. Hence though the RBI guidelines are in favour of the mobile payments industry in general the fineprint of the same is still to be tested with actual customers of banks.
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