E-Wallet Rulebook for Iranian Fintechs

The Central Bank of Iran in a bid to help facilitate micropayments on Tuesday unveiled a regulatory framework for fintechs dealing with electronic wallets.
Banks and credit institutions are now permitted to offer e-wallet service connected to customers' bank accounts. Banks also can work with non-bank entities for handling payment transactions. 
The document calls for a set of requirements from fintechs. Companies should have a minimum capital of 50 billion rials. Board members of one company cannot sit on the board(s) of other e-wallet companies. Moreover, e-wallet fintechs can sign contracts with no more than three banks or credit institutions. 
Rules announced earlier by the CBI to make one-time password obligatory has helped foster the business of e-wallet startups. More Iranians now rely on e-wallets, especially for small payments, as they do not need to go through the cumbersome process of obtaining an OTP.