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Global

Mobile wallet transactions hit new peak in October: RBI

“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 […]
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Domains

YES BANK introduces API-based Digital NACH for corporate clients

“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

“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

“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

Aadhaar authentication through QR codes to resume soon

“This time it will be allowed in offline mode. The authentication process will stand scrutiny, according to UIDAI CEO Ajay Bhushan Pandey. All the regulators are on the same page in respect to this, he added. The process will require a change in existing infrastructure to accommodate with offline mode. However, the private firms would not have […]
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Global

Cash is still king for Indians: Study

“Cash usage by people of the country went up by around 10% over the last two years starting from October 2016, a study conducted by CMS Info Systems, India’s largest cash management company, said. Cash usage recorded on the CMS cash index was as low as 46 in December 2016, which went up to 117 […]
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Domains

E-commerce marketplaces face three major challenges

“The department of industrial policy and promotion recently released Press Note 2 of 2018, wherein it has reviewed and clarified the foreign direct investment policy for e-commerce. The changes are set to come into effect from 1 February. The question that plagues the industry is what will be the impact on the sector. Here’s a […]
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Global

RBI issues consumer protection rules for mobile wallets: Users liability limited

“As per the guidelines, Prepaid Payment Instrument (PPI) issuers will be required to provide a contact number and/or email ID in the transaction alert SMS through which consumers can report the unauthorised transactions or notify objections. If an unauthorised transaction takes place from the customer’s mobile wallet due to the negligence of PPI issuer, then in […]
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Global

Paytm Payments Bank resumes KYC for bank, wallet customers

“Paytm Payments Bank Ltd (PPBL) has said it has resumed Know Your Customer (KYC) process as well as onboarding new customers after receiving a formal nod from the Reserve Bank of India (RBI). PPBL in June last year was asked to stop adding new customers after an audit by the RBI that made some observations about the […]
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