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Global

Google Play Is Suspending Free Trials in India Following New RBI Regulations

May 3 2021

“At the end of March, the Reserve Bank of India, India’s central bank and financial regulatory authority, announced new rules on recurring transactions. In response, Google is informing developers of temporary changes for Google Play users in India. The RBI’s new eMandate notification “calls for an additional layer of authentication for recurring transactions via credit […]
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Global

India Penalizes Amex, Diners For Flouting Data-Storage Rules

April 23 2021

“The Reserve Bank of India restricted American Express Banking Corp. and Diners Club International Ltd. from adding new local customers, citing non-compliance with data-storage rules. The order will take effect May 1 and won’t impact existing customers, the RBI said in a statement Friday.”
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Global

Applicants Line Up For RBI’s On-Tap Banking Licences

April 20 2021

“The Reserve Bank of India said on April 15 it has received four applications each for on-tap universal private bank licences and small finance bank licences. This is part of the RBI’s guidelines for such licences released in August 2016 and December 2019 respectively…According to the guidelines released by the central bank in August 2016, […]
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Domains

Glitchy Bank Networks Slow India’s Mobile Payments Revolution

April 14 2021

“Even before the pandemic, Indian consumers were taking up mobile payment technologies with remarkable speed. There’s just one problem: The networks of India’s biggest banks have struggled to keep pace, crashing again and again. The outages are exposing years of underinvestment in technology and a surprising lack of preparedness, analysts and executives say. The problems […]
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Global

Debit Card, Credit Card Auto-pay: Deadline for Recurring Transactions Extended

March 31 2021

“In a relief to banks and wallets, Reserve Bank of India (RBI) on Wednesday extended the timeline for processing recurring online transactions by six months. Now banks and financial institutions have time till 30 September to implement the new framework. “To prevent any inconvenience to the customers, Reserve Bank has decided to extend the timeline […]
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Deals

Amazon acquires Perpule to aid kirana-tech

March 31 2021

“Amazon Technologies Inc., part of Amazon.com Inc., has acquired retail tech startup Perpule in an all cash-deal of ₹107.6 crore to bolster its play in the kirana-tech space, according to regulatory filings…With this, the firm plans to up its game in the kirana-tech space as it would now leverage Perpule’s cloud-based point-of-sale (PoS) offering ‘UltraPoS’ and […]
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Global

NPCI to Launch New Digital Payments Product for Feature Phones

March 26 2021

“National Payments Corporation of India (NPCI) is working on a digital payments product for feature phone users and those who are not too comfortable using mobile apps. The product is at the proof of concept (POC) stage right now, Praveena Rai, chief operating officer, NPCI said. The new product shall help further the NPCI’s goal […]
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