Aiming at long-term goal, the RBI has said, that the framework would be such so as to enable transfer of funds from account in one bank to any other account in the same way or any other bank on a real time basis irrespective of mobile network of the customer. Banks can also use SMS-based facilities to perform small-ticket payments up to Rs1,500, as per the draft guidelines.
Few banks have already started offering mobile payment services to their customers without waiting for the release of RBI's Guidelines. While RBI has no objection for use of mobile channel to provide basic services such as mobile alerts for credit or debit entry, balance enquiry etc. which are in the nature of providing information, due care needs to be taken for permitting the channel for customers to initiate payment instructions.
There are a number of attendant issues and therefore, Reserve bank of India has advised banks to keep on hold their mobile payment services till issuance of the final Guidelines.