The cost of physical KYC is very high and cumbersome. The government must permit e-wallets to access CKYCR.
Rai said as per projections, digital economy will be 60 percent of the global GDP by 2030.
Tune in to find out more about the macro implications of the move to allow e-wallet interoperability, and how life will change for stakeholders such as consumers and digital payment companies.
According to the People's Bank of China, Chinese banks dealt with 8.6 billion payments from mobile services in the second quarter of this year, up 40.5 per cent from a year ago.
In a BSE filing, Bajaj Finance said it has entered into a subscription agreement with One MobiKwik Systems.
The promotional offer will be valid on returned items too and will be applicable beyond Amazon's own platforms too.
Last week, SBI had said it would introduce a new facility through which every withdrawal of cash through ATMs using the bank's mobile wallet would attract a charge of Rs 25. BEFI Tamil Nadu unit General Secretary C P Krishnan said the association wanted SBI to withdraw the plan "forthwith".
Mobile wallet company Paytm has now rolled out a ‘food wallet’ on its app to tap the Rs 25,000 crore market. This will compete with traditional meal vouchers and also provide tax-saving opportunities to corporates.
AltBalaji, the digital platform of Balalji Telefilms, today said it has tied-up with mobile wallet major MobiKwik for payment wallet integration.
The Women's Reservation Bill, that sought to reserve 33 per cent seats in Lok Sabha and state assemblies for women, had been passed by the Rajya Sabha in 2010 but could not be taken up for discussion in the lower house. The bill lapsed after the dissolution of the 15th Lok Sabha in 2014.
Driven by the explosive growth of Internet finance, China is now witnessing a boom on mobile payment market which touched a whopping USD 5.5 trillion last year.
Also in the offing is notification of forensics labs as registered 'examiners' for electronic evidence. Today, the IT Ministry is the only registered examiner for cybercrime related evidence.
Asked about his wishlist for the Budget - to be unveiled on February 1 - Ashwani Kumar, Chairman and Managing Director, Dena Bank told PTI, "We want more tax concessions for customers and shopkeepers who go digital. The incentives can come in the form of income tax, service tax".
Govt mulling the creation of a special corpus to fund PoS-based and digital payment systems in rural and remote areas; announcement in Budget 2017-18 likely
The government's demonetisation drive has hit almost every sector. But to street vendors, this has been a particular kick in the gut. To mitigate this hit, the government embarked on a drive to train over 400 street vendors from across the country on the use of debit cards and mobile wallets to accept payments.
Mobile wallet company MobiKwik, today announced its tie up with Amul to help customers pay digitally at all their retail outlets.
The Securities and Exchange Board of India is working on new rules to enable instant credit of funds to investors‘ bank accounts on redemption of a liquid mutual fund, an article in the Mint says.
"The partnership will help us expand our footprint and enable merchants and consumers from Tier I & II cities to be part of the digital payments ecosystems," Govind Rajan, Chief Executive Officer, FreeCharge said in a statement.
The government‘s demonetisation drive is a three-pronged attempt to target black money, stifle terror funding and pushing citizens to go digital, said Ravi Shankar Prasad, Minister of Information Technology. â€œWe are not stopping cash, demonetisation is only a nudge to go digital,â€ he said.
The move assumes importance in the wake of the government's decision to cancel old Rs 500 and 1,000 notes and the scarcity of physical cash that has followed.
Traffic police personnel will issue an e-challan against the violator's vehicle registration number. Motorists can then pay using FreeCharge by entering their challan or vehicle number on Mumbai Traffic Police's website.
After receiving the approval from National Highways Authority of India (NHAI), Mobikwik's wallet service will soon be live at 391 toll plazas in India, it said in a statement.
IRCTC processes over 180 million transactions on its platform and with the partnership with FreeCharge, customers can pay in a swift and secure way, FreeCharge said in a statement.
The move, Mobikwik believes, will encourage retailers, shopkeepers and users to use mobile wallet and overcome the challenges that they are facing in procuring and using cash.
The eKYC verification will help Paytm's mobile wallet customers upgrade seamlessly to its upcoming payments bank and carry out transactions exceeding Rs 10,000 a month.