Mobile banking likely to take off within a year

MUMBAI: High-tech mobile payment with secure transactions at lower costs is expected to start within a year, a top industry official said. 

MPFI, (Mobile Payment Forum of India), chairman Ashok Jhunjhunwala, said: "We are working with the Reserve Bank of India (RBI) and other members, namely telecom operators, banks and service providers, to enable mass adoption of mobile banking and mobile commerce."

"We expect to enable mobile payment with secure transactions at lower costs through robust technology to start within a year's time," Jhunjhunwala said.

A technology, regulatory and business committee, along with a few sub-committees focussing on specific issues, have been set up, he said.

"The forum has worked closely with the regulator and been responsible for formulation and release of the final operative guidelines for banks on mobile payments issued by the RBI on October 8," Jhunjhunwala added.

The regulatory committee of MPFI has prepared a report on "Mobile Banking Transactions in India-Operative Guidelines for Banks" in consultation with RBI.

Source: PTI