Will India's version of PayPal be relaunched?

Discussion in 'Indian Websites and Start-ups' started by Ceres, Nov 24, 2008.

  1. Ceres

    Ceres New Member

    Joined:
    Mar 27, 2008
    Messages:
    2,206
    Likes Received:
    11
    Trophy Points:
    0
    Location:
    Canada
    A couple of years ago the RBI put a stop to Wallet365, an internet wallet service that had been offered by The Times of India Group. The RBI was concerned that the system was unregulated.

    According to a report on MediaNama, the RBI is now revisiting the subject of ewallets and other prepaid instruments. The RBI is inviting comments via their "Approach Paper."

    You can access the Approach Paper at: RBI Guidelines - Prepaid Payments - MediaNama.com
     
    Last edited by a moderator: Mar 27, 2009
  2. karu

    karu New Member

    Joined:
    Nov 28, 2008
    Messages:
    20
    Likes Received:
    0
    Trophy Points:
    0
    This is utterly useless. How could they even think of something like this? Doing a transaction of less than INR 500 for what? Buying some Paan or Bidi? Its completely ridiculous.

    Put in all the restrictions you wish to but why not let likes of Paypal work in India? After all its gonna provide some revenue to the country.
     
  3. Ceres

    Ceres New Member

    Joined:
    Mar 27, 2008
    Messages:
    2,206
    Likes Received:
    11
    Trophy Points:
    0
    Location:
    Canada
    With regard to Internet Wallets, Wallet365 used allowed transactions over Rs 500.

    Source: Wallet365: Online Payment Service

    I wonder if the RBI will impose regulations to reduce the maximum amount of Rs 3,000. It's already quite a low amount as it is.
     
    Last edited by a moderator: Nov 28, 2008
  4. indiman

    indiman New Member

    Joined:
    Dec 5, 2008
    Messages:
    25
    Likes Received:
    0
    Trophy Points:
    0
    I really pray to god to give Indian Officials some common sense. I completely agree with Karu. Ultimately they want to reduce money laundering and get revenue from transactions. So why not legalize it and take necessary action to make sure the above.