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RBI directs payment firms to display company name in products

MUMBAI: Reserve Bank has directed entities offering services such as e-wallets, smart cards and White Label ATMs to prominently display their company name in products to ensure transparency.

“All the information available to the public regarding the product, whether as advertisements, on website, application form, etc. should prominently carry the name of the entity/company authorised by RBI,” Reserve Bank said in a notification.

RBI said it came to its notice that many authorised entities using specific brand names for their products like e-wallets, smart cards, WLAs were not disclosing their own company name in the information available to the users.

“The public may thus not be able to correlate a product brand name to the name of the entity/company….To ensure transparency in the promotional material and to build an enduring relationship with the customers, all authorised entities are advised to comply,” RBI added.

e-wallets are the latest in payment options. Firms running e-commerce business and telecom operations mostly offer wallets that facilitate consumers preloading money and use it later to pay for services/goods.

Further it said, all the authorised entities/companies should also regularly keep the RBI informed regarding the brand names employed or be employed for their products.

RBI regulates and supervises the payments systems in the country under the Payment and Settlement System (PSS) Act, 2007.

Companies such as Oxigen Services, Citrus Payment Solutions, Paytm, M-pesa by Vodafone India offer wallet services.

Source: ETTelecom

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