Almost two years back, TimesofMoney, a Times of India group owned company had introduced Wallet365.com. RBI is now believed to be considering the regularization of internet payment options. An approach paper on the subject is under consideration by the RBI.As per the Payment and Settlement Systems Act all non financial institutions have to obtain a RBI clearance for operating pre paid payment instruments. The KNC (Know Your Consumer) initiative by the RBI specifies limits for financial transactions beyond which it is necessary to obtain all information regarding clients.
If the RBI gives the green signal for internet based cash cards and pre paid payment options, it will spawn a fresh competition in the financial sector. An Indian version of PayPal may soon become a reality.
Very much on the lines of PayPal, Wallet365.com allows you to make secure electronic payments easily and instantly. Signing Up with Wallet365.com is free and all that is required is a valid email id.
By signing up with Wallet365.com, one can send money to anyone, receive money from anyone, or make payments to businesses. With Wallet365.com, users can store money electronically which is much like a checking account. Wallet365.com is safe and secure for its users. It is 128 bit encrypted and is VeriSign certified.
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