Idea Cellular’s arm receives mobile wallet license from RBI: Report

09 Dec 2013 Evaluate

Reserve Bank of India, the apex body that governs Indian banking related activities has reportedly given a five-year prepaid mobile wallet license to Idea Mobile Commerce Services, the mobile banking subsidiary of the telco Idea Cellular. This license will allow the company to offer mobile payment services to its subscribers. This license is set to enable Idea Cellular to create stored-value cards, which can then be used to purchase products from multiple vendors.

With this, Idea Cellular becomes the third telco to receive a prepaid payments license in India after Bharti Airtel and Vodafone.

Idea Cellular, an AV Birla group company, provides Global System for Mobile communications (GSM)-based wireless service at the pan-India level, it is present in all 22 telecom circles. The company has added 11.50 lakh mobile subscribers in October, 2013. Following the addition, the company’s total subscriber count stood at 12.83 crore with a market share of 18.79%.

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