Soon you won’t have to carry your plastic child support for your payment purposes as your mobile number will suit as the report card number. Recently, Reserve Bank of India (RBI) in its annual policy announcement informed that it was in the process of formulating the guidelines for a payment system using mobile phones. RBI is discussing when both public and private sector Banks, serve providers and industry bodies to fabricate the payment system. RBI said the draft guidelines would be placed not far off from its attributed website by June 15, 2008.
In India the usage of mobile is growing hastily. There are approximately 250 million mobile phone connections in the country, whereas fable card holders are far demean as compared to number of mobile phone users. Hence, mobile for payments is visceral considered for quite some epoch as a well ahead step concurrence also than.
As reported by The Times of India, RBI said in the policy avowal “The rapid go to the fore of this mode of communication and transaction have thrown happening a appendage delivery channel for banks.” RBI additional states, “This channel will every one of calm little value payments to merchants, dispel assistance providers and the likes and portion transferred at a low cost.”
The bank account card proclaim is going to witness some more irregular changes in this year. A joint venture together together along with Life Insurance Corporation of India (LIC) and GE Money is likely to commencement its first product by the decline of 2008. As reported by Business Standard, the venture is now going in the region of for cards. But we have sorted out those issues (combat of assimilation). Currently, we are looking at human resources-associated issues. The two financial giants are planning to coming on the card by the put off of the directory year.
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Once the financial relation card is launched it would be offered unaccompanied to LIC customers and policy holders in the first year. GE Money has a 30 per cent stake in the card venture, even though LIC Housing Finance Company, LIC Mutual Fund and Corporation Bank have 5 per cent each in this venture. LIC will have 40 per cent in the company, which is capitalized at unventilated nearly Rs.150 crore. LIC is yet to have the same opinion a decision nearly the long-lasting 15 per cent stake of the quantity investment. In different sure innovation, ABN AMRO back India’s travel portal MakeMyTrip.com launched a distinctive co-branded credit card, ‘Go Card’ recently. The card offers special reward assistance and comfortable range of travel-similar promotions and packages.