RBI has just taken Indian banking to next stage

The digital wallet payment system has not only captured a significant market but also completely revolutionised the payment system. Bank wallet, firstmonie wallet is an electronic wallet that allows individual the convenience of making and accepting payments electronically with their mobile numbers.

The proposed charges will bring mobile wallets for almost all practical purposes . Profiles makes a beneficial manner to the students such as the students need not open a bank account instead of that they can get their funding from the bank accounts of their parents and use their payments wallets for all kinds of electric payments.

With these wallets joining RTGS and NEFT payment system functions like fee payments, house rent payment can be performed without making bank transfer.

The banking regulator should now mull over introducing portable banking solutions, enabling the customers to move from one service provider to other.

By Priyanka

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