Is the banking/financial industry in India allowing financial transactions using cell phones?
There are no regulations in India that are not allowing use of mobile to make financial transactions. In fact Airtel has also launched a service where people can pay bill and transfer money when they are on the move, you just need to have mobile with an Internet connection. These developments are taking place at a slow pace but I am sure they will grow in the coming 3 to 4 years.
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