India's Economic Times reports on the Reserve Bank of India's plans to come out with regulations covering mobile banking. The RBI's draft Financial Sector Technology Vision document is available online. "The large scale spread of mobile telephony has opened up new vistas for banking in the form of mobile banking and the potential in this new sphere is enormous; adequate steps to ensure safety and security in a mobile based computing / communicating environment have to, however, be made."

PayPal has announced the official grand opening of its new technology center in Austin, Texas. PayPal Data Services, Inc., a wholly-owned subsidiary of PayPal, Inc., is employing technology and engineering professionals who are helping to build PayPal's global payment platform. PayPal plans to hire hundreds of talented local professionals in the next three years, and is now accepting resumes for technical positions.

Revolution Money's chairman Ted Leonsis and CEO Jason Hogg spoke this week at the Web 2.0 Summit being held in San Francisco. Barron's Eric Savitz captured some of the discussion on his Tech Trader Daily blog. "Leonsis is saying they are looking for way to disrupt the fees in the credit card business, and figure out how to drive some of them back to the consumer." Others writing about the discussion include Information Week's Mitch Wagner. "We want to become to social networks what PayPal is to eBay."

• PayPal Data Services Celebrates Technology Center Opening in Austin
• WSJ: CEO Vows to Fix Bank of America