For a business such as m-Commerce to kick off, Technology platform and Regulations are the two most important requirements. mCheck and Paymate developed mobile payment platforms in India while the RBI removed the last hurdle by waving the Green Flag on Mobile Payments upto Rs 1,500 to kickoff.
RBI has mandated that SMS be used for small ticket transactions [Rs 1,500 max] thus enabling customers with even the most basic phone to participate in Mobile Banking. RBI has also asked all the banks operating in India to make their mobile banking facility available to all phone networks licensed by the DoT.
Mr. Sanjay Swamy of mChek said,
It is a very positive step from the regulators, which shows their support for the initiative. They have claerly spelt out roles of each of the players with enough scope for flexibility.
Don’t be surprised, if you see customers paying their Dinner checks or Grocery bills by using their mobile.