Well in the past,RBI has shown no remorse towards online currency, for example Paypal.
They had a free run, until RBI got into the scene. Now their business is as good as nothing.
It allowed many Indian paychannels to emerge though, Paytm is a good example.
Indian financial policy makers tend to have a "safe and proven first" attitude towards such things. No wonder, we fairly did better than many european countries, during the 2007-08 subprime losses fallout. Not a single bank defaulted, ICICI which had the highest exposure(if my memory serves me right), was still in black even after the write-off.
Could you please elaborate on Paytm? From what I see on their site they are more of utility payments site than true paychannel. Perhaps payzippy or payu are better examples?
They had a free run, until RBI got into the scene. Now their business is as good as nothing.
It allowed many Indian paychannels to emerge though, Paytm is a good example.
Indian financial policy makers tend to have a "safe and proven first" attitude towards such things. No wonder, we fairly did better than many european countries, during the 2007-08 subprime losses fallout. Not a single bank defaulted, ICICI which had the highest exposure(if my memory serves me right), was still in black even after the write-off.