NEW DELHI, INDIA: India's top mobile company Bharti Airtel said on Wednesday it has received a licence from the Reserve Bank of India (RBI) to launch mobile payment services.

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The so called "semi closed wallet" would allow users to exchange physical cash for virtual money which can be stored on mobile phones to pay for goods or services worth less than 5,000 rupees ($108), the company said in a statement.

Bharti said it was evaluating various options that the licence provides and did not have an exact timeline for the launch of the services.