Reserve Bank of India (RBI) approved the company's proposal to collect a maximum of Rs 5,000 from customers, which can be converted to virtual money stored on mobile phones, and can be used at outlets that have a tie-up with Airtel.
According the RBI guideline, the pre-paid value that is being loaded will be distinct from talktime and Airtel will not be able to create money.
However, Bharti Airtel will also be prescribed to deposit the money raised in a zero balance escrow account with a bank.
Airtel officials informed, "Currently we are evaluating various options that this licence provides to find out how best we can create a value proposition for Airtel customers."
He continued, "It is imperative to design a safe and convenient deployment before we can take to the market."