On The Web

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Global

India considers outlawing cryptocurrency use (but blockchain is still cool)

November 1 2018

• in
• Cryptocurrencies
• India

“It seems India has no intention of slowing down its crusade against cryptocurrencies – but at least, it might be open to experimenting with distributed ledger tech. Following a meeting of the Financial Stability and Development Council (FSDC), the government is contemplating devising an appropriate legal framework to ban the use of cryptocurrency in India – and encourage […]

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Global

State Bank of India and Hitachi join forces for cards and paytech venture

October 29 2018

• in
• Card technology
• India

“State Bank of India (SBI) and Hitachi Payments (Hitachi’s subsidiary in India) have signed a definitive agreement to enter into a joint venture to build “a state-of-the-art card acceptance and future ready digital payments platform for India”, according to the two parties.”

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Global

Banks may use Aadhaar QR code for paperless KYC

October 26 2018

• in
• Biometrics
• India

“Based on legal advice from the attorney general (AG), the Unique Identification Authority of India (UIDAI) has said the law will not be violates as banks will not be accessing the Aadhaar database.”

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Global

Confiscation of currency was not the aim: Jaitley on impact of demonetisation

November 8 2018

• in
• India

“Taking on critics of the move who say most of the banned Rs 500 and Rs 1,000 currency notes returned to the banking system, the finance minister in a Facebook post said: “An ill-informed criticism of the Demonetisation is that almost the entire cash money got deposited in the banks. Confiscation of currency was not […]

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Global

Physical driving licence, RC no longer mandatory; just mobile phone is enough!

November 28 2018

• in
• Identity
• India

“Now you don’t need to carry your driving licence or vehicle registration certificate, in the physical form, while driving. And no, this will not land in you in trouble. The government has brought in amendments in the current law to allow people to carry electronic versions of documents like driving licence or registration copy of their vehicle. […]

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Domains

YES BANK introduces API-based Digital NACH for corporate clients

December 3 2018

• in
• B2B
• India

“With the Indian payment industry entering the next level of transformation with the National Payments Corporation of India’s (NPCI’s) National Automated Clearing House (NACH), YES BANK aims to fully support the new clearing service aiding corporates with APIs to integrate with their payment systems to accept online NACH mandates at their respective payment gateways instantly.”

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Global

Indians preferred face-to-face shopping over online this Diwali: Visa report

November 29 2018

• in
• India

“Around 66% of the total spending made using Visa debit and credit cards during the Diwali festive season was recorded at physical points of sale(POS), said global card payment company,Visa on Thursday. The finding is based on data of consumer spending patterns via Visa payment cards (debit and credit), both for face-to-face (F2F) and online shopping across cities and different […]

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Domains

Truecaller Pay to go live will Bharat Bill Payments Service in December

November 28 2018

• in
• Bill Payment
• India

“Truecaller Pay is set to go live with the Bharat Bill Payment System in early December with an aim to target India’s utility bill payments market. The Unified Payments Interface (UPI) based payments app has already started testing the feature with around 54 billers and will soon go live with all the billers on Bharat Bill Payments, said Sony […]

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Global

Mobile wallet transactions hit new peak in October: RBI

December 6 2018

• in
• India

“Transactions through mobile wallets hit an all-time high in October, both in terms of value and volume. Around 368.45 million transactions worth Rs 18,786 crore took place in October, compared with 324.16 million transactions amounting to Rs 15,102 crore in September, according to data released on Thursday by the Reserve Bank of India (RBI). The second […]

On The Wires

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Companies

Visa Strengthens Commitment to Growing Digital Payments in India

November 16 2018

• in
• India
• Visa

“Visa (NYSE: V) today announced a minority investment in BillDesk, a leading platform for online payments and bill payments in India. Visa’s investment and collaboration will help BillDesk develop new product lines for its payments and loyalty businesses and also expand its footprint into other geographies.”