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24Jun By Press Trust of IndiaNo Comments

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RBI Guidelines for Payments Systems

RBI today released its framework for Payment and Settlement Systems, with a view to moving towards "less-cash" society and ensuring access of mobile banking services to even basic phone users. The Vision-2018 reiterates commitment of RBI to encourage greater use of electronic payments by all sections of society so as to achieve a "less-cash" society, RBI said. "The policy efforts will also focus on ensuring that access to mobile banking services is seamlessly provided to the large number of users of non-smartphone handsets in multiple languages," it said. Leveraging on 5Cs-- Coverage, Convenience, Confidence, Convergence, Cost-- Vision-2018 focuses on responsive regulation, robust infrastructure, effective supervision and customer centricity, it said. "Building a robust payments infrast...

SBI Launched mVisa, a Mobile-Based Payment Solution App

State Bank of India (SBI), India's largest commercial bank launched mVisa, a mobile-based payment solution app. The app would enable customers to make cashless payments simply by scanning the unique merchant quick response (QR) code at shopping outlets. mVisa is a mobile based payments solution that would facilitate payments by scanning the QR code from the merchant's mobile. SBI customers, including debit card holders and internet banking customers who have transaction rights, can now make payments to merchants by scanning the code. This would eliminate the need to swipe physical cards at a card swiping machine. "With availability of smart phone increasing by leaps and bounds, Mobile-based payments in India have to rise in a big way. Introduction of mVisa, a convenient scan and pay-...

Payments Banks Do Not Have a Viable Business Model: SBI Chief

Small and payments banks have not yet devised a business model which can be termed viable, SBI Chairperson Arundhati Bhattacharya said today. "Neither the payments banks nor small finance banks seem to have as yet devised a business model that can be said as viable," said Bhattacharya, whose bank has tied up with Reliance Industries for a payments bank venture. Addressing a banking seminar organised by industry lobby IMC here, she added, "...a mobile banking customer, who is also a customer for payment services, will be less free to migrate to a competition for mobile services. Hence, it is hard to see payment banks taking away customers or income from commercial banks in a big way. Similar arguments hold for small finance banks. "Admitting that the entry of other non-banking co...