The Reserve Bank of India is set to make a lot of telecommunications companies and agents a lot of money over the next few years. According to an article written by Akhilesh Shukla at VoiceData.ciol.com, the new banking rules will make it easier for telecoms to make money online.
Akhilesh Shukla says: The “Reserve Bank of India’s (RBI) latest guideline allowing non-banking finance companies (NBFC) to issue semi-closed system pre-paid payment instruments will boost the growth of m-commerce in India. Industry sources estimate that, in the next 3 years, India could have 25 mn m-commerce users up from the current 5 mn. The industry currently stands at a market size of $10bn.”
The reason that telecoms will be is such a good position to make bank on the new rules is because the new “guidelines will allow them to operate as a pre-paid payment instrument as well. Considering the reach of the telcos, in urban, rural and semi-urban areas, their entry will increase the penetration of the services among the masses. Further, these telecom operators already have a large network of agents, who are selling pre-paid recharge coupon to the end customer. As per industry estimate every service provider has around 50,000 such agents. Telcos could use these existing agents for m-commerce as well.”
Read more about the story at Ciol.com
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