The Central Government has taken another step to promote mobile wallet like Paytm, Mobikwik. Soon the terms of the payment aggregators are going to change. In fact, the Reserve Bank of India (RBI) is preparing to regulate these mobile wallets and payment aggregators. The central bank has proposed to regulate these mobile wallet service providers. Digital transactions will be even safer since this proposal. These mobile wallet companies will follow the guidelines issued by the Reserve Bank of India.
The Reserve Bank of India (RBI) earlier issued an advisory on e-wallet in 2017. It was said that payment gateways such as payment aggregator and payment gateway are not regulatory on behalf of Central Bank, they should have transactions through a nodal bank under the Reserve Bank’s guidelines of November 24, 2009 for their transaction.
According to the 2009 rules, all accounts created by the merchant’s banks facilitating payment collection will be treated as additional accounts of banks. After following the guidelines of RBI, these payments will be made secure by the aggregator companies. After regulating these mobile wallet providers will be able to work with the Reserve Bank’s guidelines. After the mobile wallet is secured, digital transactions will be further encouraged.