Obopay a mobile payment services company which entered India earlier this year has tied up with Tagit a provider of mobile interactive platform inorder to create a common mobile banking infrastructure for banks, telecom companies and other financial institutions in India. Under this alliance Tagit will integrate its MoBEIX Transaction Platform with Obopay’s P2P payment platform.
While the m-payment guys are doing tie ups RBI on the other end is tying up a document together that puts a cap on the total number of payment possible via a mobile phone.
RBI has released operative guidelines for Banks for Mobile transactions in India.
Key Highlights of these guidelines are given below:
- A transaction limit of Rs 2,500 should be imposed per mobile banking transaction
- An overall cap of Rs 5,000 per day, per customer
- Monthly transaction limits to be decided by Banks according to their risk perception of the customer.
- Document-based registration required with mandatory physical presence of the customers for activation of M-Banking
- Validation permitted only through a two-factor authentication, including mPIN.
Well the guidelines seem tough on the existing m-payment players like Mchek, Paymate and also Obopay and these are just the initial guidelines the final policy is yet to be announced. On the brighter side atleast its a start and hopefully with time these guidelines would be reviewed will become more user friendly.
Obopay is a great company, I had the opportunity to meet the team and am glad they are/have penetrated the Indian market.
The guidelines are interesting, especially since they cap the amount. I’m assuming they charge a flat rate per transaction and not a percentage of the transaction.
I’d love to see how this compares with Twitter’s so-called mobile payment system that they are working on and how their guidelines compare.
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