The services are expected
to be launched by early 2016 and are being developed in association with the
National Payments Corporation of India
The Reserve Bank of India (RBI) will
soon allow transfer of money from one online wallet to another. These services
are expected to launch from early 2016. The service is being developed in
association with the National Payments Corporation of India (NPCI).
This transfer of funds from one online
wallet to another was mentioned by Infosys co-founder and Former Chairman of
the Unique Identification Authority of India (UIDAI), Nandan Nilekani during
the ‘WhatsApp moment in finance’ talk that happened in Bengaluru in August. The
talk happened during The Indus Entrepreneurs (TiE) Leapfrog summit,
Nilekani said that India was moving towards a cashless transaction mechanism
with the emergence of services such as Immediate Payment Service (IMPS), mobile
wallets, direct cash and more. He said that IMPS transactions had exceeded
money orders within three years of launching, even though money order service
was launched back in 1880. He also said that IMPS would overtake debit and
credit card payments.
Nandan Nilekani also
mentioned the Unified Payments Interface (UPI) which would allow
interoperability from different bank accounts and wallets. The NPCI had
initiated the UPI in February and had released a draft document for the
payments architecture.
Most of the banks in India have
already released their own mobile wallets. In August this year, SBI had
announced its own mobile wallet app called SBI Buddy. The app is
available on the Google Play Store for free while an iOS version of the app
would be released soon. The app can be used by SBI customers as well as non-SBI
Customers. ICICI Bank also released a similar e-wallet service called Pockets. Ahmedabad based Zebpay became the
first company in India to launch a mobile Bitcoin wallet.
In May this year, cyber security firm
F-Secure found that cyber attacks on mobile wallets and
e-currencies were on the rise. According to the firm, SMSs that
send trojans and ransomware attacks grew in the second half of last year.
The report also said that the threat was equally posed to Android and iOS
platforms.