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Mobile Payments & Banking: Regulatory Landscape

Published on Thu, Dec 18,2014 | 16:30, Updated at Thu, Dec 18 at 16:30Source : 

Inspite of over 873 million mobile connections in India, a large percentage of households do not have access to banking services.  The biggest barriers to financial inclusion in India are the lack of access to banking services and, where accessible, the high cost of accessing such services.

Mobile telephony is increasingly being seen as one of the more important ways in which the unbanked segments of India’s population can be provided with greater access to banking and cash transfer services.  The burgeoning use of mobile phones in India is already leading to the widespread use of mobile technology for cashless transactions.  Regulations have struggled to keep pace with the rapid technological developments in this sector.

Attached is a Majmudar & Partners alerts on some of the principal mobile payments models in use in India and the key regulatory issues applicable to them.

Attachments : India - Mobile Payments and Mobile Banking Update [Majmudar & Partners] Dec 16 2014.pdf

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