Bharti Airtel has received the Reserve Bank of India (RBI’s) nod to introduce mobile payment services. The semi closed wallet service that the company plans to offer will allow users to exchange physical cash for virtual money which can be stored in mobile handsets to pay later for goods or services worth less than Rs 5,000, from outlets that have a tie-up with Airtel. All leading mobile phone companies are also slated to get the ‘semi-closed wallet’ licence over the next few months. Currently, Bharti Airtel is evaluating various service options that it can provide under the RBI guidelines. It is also finalising the timeline in which it plans to launch the service.
