<p>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.<br /><br /></p>.<p>"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.<br /><br />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.<br /><br />"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.<br /><br />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.<br /><br />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.<br /><br />RBI regulates and supervises the payments systems in the country under the Payment and Settlement System (PSS) Act, 2007.<br /><br />Companies such as Oxigen Services, Citrus Payment Solutions, Paytm, M-pesa by Vodafone India offer wallet services.<br /></p>
<p>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.<br /><br /></p>.<p>"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.<br /><br />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.<br /><br />"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.<br /><br />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.<br /><br />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.<br /><br />RBI regulates and supervises the payments systems in the country under the Payment and Settlement System (PSS) Act, 2007.<br /><br />Companies such as Oxigen Services, Citrus Payment Solutions, Paytm, M-pesa by Vodafone India offer wallet services.<br /></p>