Payments News » India

UIDAI asks telecom firms to submit plan to discontinue Aadhaar-based e-KYC

October 2 2018

“The Unique Identification Authority of India (UIDAI) has asked telecom companies to submit a detailed plan within the next 15 days on discontinuation of Aadhaar-based authentication service used by them to verify their customer. A circular to this effect has already been issued to the telecom service providers (TSPs) including Bharti Airtel Ltd, Reliance Jio Infocomm […]

Global

UPI transactions cross 400 million mark in September

October 1 2018

in
India

“Monthly transactions through the unified payments interface (UPI) crossed the 400-million mark for the first time in September, data released by the National Payments Corporation of India (NPCI) showed today. 405.87million UPI transactions amounting to ₹ 59,835.36 crore were carried out during September—a 30% jump over 312.02 million transactions worth ₹ 54,212.26 crore in August.”

Global

Aadhaar verdict brings India’s banks back to square one

October 1 2018

“Then, on Sept. 26, a five-judge bench struck down section 57 of the Aadhaar Act, which allowed corporate entities or even individuals to demand the unique Aadhaar number in exchange for goods or services. While customers are rejoicing, banks are reeling under the blow, having already spent a fortune and considerable time and effort in collecting customers’ data. […]

Global

Companies can’t ask for Aadhaar anymore—or can they?

September 27 2018

““We’re still not sure what is permissible and what is not,” Srikanth Lakshmanan, a software engineer behind Cashless Consumer, a consumer awareness initiative about digital payments, told Quartz.”

Global

How WeChat faded into the silence in India

October 8 2018

“But like a roller coaster in an adventure park, the WeChat trajectory turned direction and began to nosedive fast. The number of uninstalls increased. There was no stickiness to the app. Soon, there were news reports that suggested that the app could be banned by the government. That was the beginning of the end for […]

Global

RBI sticking with plan to force payments firms to store data locally

October 11 2018

in
India

“The RBI in April said all payments data should within six months be stored only in the country for “unfettered supervisory access”. The deadline for the companies to adhere is 15th October. The directive is part of a wider push by India to ask companies to store more of their data locally at a time when […]

Global

India moves towards interoperable mobile wallets

October 17 2018

“The Reserve Bank of India (RBI), the country’s central bank, has issued the final set of guidelines for new rules designed to enable mobile wallet users to easily make payments and transfer funds to users of competing mobile wallet services. Reserve Bank of IndiaThe new rules are set out in Prepaid Payment Instruments (PPIs) — Guidelines […]

Global

Here’s the hard truth about e-commerce sales in India

October 15 2018

““The myth that brands indulge in deeper discounting during [the] sales period as compared to [the] non-sales period is not really true,” Ace Turtle, which gathered data across one million products sold by more than 30 fashion brands to over 20,000 postcodes, found.”

Global

Visa Among Companies Said to Miss Deadline to Store Indian Data

October 15 2018

in
India

“Visa Inc. and Mastercard Inc. are among international payment companies set to miss a Monday deadline for certifying their compliance with data localization requirements set by India’s central bank, people familiar with the matter said.”

Domains

Flipkart, Amazon off the hook: No ecommerce policy for now, govt plans a set of tightened rules

October 17 2018

“The Indian government has decided to shelve its draft ecommerce policy for the time being and will instead put in place a set of rules arrived at in consultation with the country’s top two ecommerce companies, Flipkart and Amazon, according to two senior government officials.”