This means that the customer need not go through the two-factor authentication process every time a similar transaction is carried out with the same merchant.
In this episode, Aakriti Handa joins Jerome Anthony to discuss how the Nilekani committee's recommendations, if approved, would affect the customers.
The company claims to be the future payment network challenging the years-long payment system in the world. One can join the network through invites only
However, most experts believe that competition between local and foreign players will benefit Indian users
The Reserve Bank of India (RBI) has issued operational guidelines that promote interoperability of prepaid payment instruments (PPI) such as mobile wallets, meal and gift cards, among others.
These recommendations are aimed at revamping the Payment and Settlement Systems Act, 2007, which was the first dedicated law to regulate and supervise payment systems in India
With the 150 bps cut from next month, Airtel Payments Bank's rate will be at par with that of other banks like Paytm Payments Bank
Google will offer instant, pre-approved loans to customers through the Google Pay app
From experimentation of use cases on the Block chain technology, AI and Machine Learning to bolstering operations through Bots, the industry is today geared to embrace challenges
Digital revolution will truly take place only when the infrastructure for mass public interaction areas like tolls, transit and retail are fully automated and digitized
It will offer features such as bank-to-bank, wallet-to-wallet money transfer and mobile recharge options right from the app itself.
Instamojo will deduct 25 percent of a day’s sale post the disbursement of loan, towards EMI, ensuring repayment of the loan.
Hike Messenger is likely to beat competitor WhatsApp to become the first messaging app in India to launch a UPI-backed payments mechanism on its app.
At a time when players in the BFSI space are battling attrition, global payments technology company Mastercard has managed to keep attrition under 5 percent with a mix of steps to encourage innovation and inclusive career development.
Mid-sized banks are the most at risk of breaching capital triggers, the agency said. A Fitch analysis showed total capital adequacy ratio of 12 banks was at or below the minimum 11.5 percent required by the year to March 2019 to enable coupon payments on both legacy and Basel III additional tier 1 (AT1) capital instruments.
Financial technology companies may see additional investor interest this year after the government's push to digital transactions post demonetisation drive, says a report.
Payments company Itzcash today said it has invested undisclosed sum in an expense management startup, Finly, eyeing what it pegged as a USD 25-billion opportunity.
Payment of construction workers' statutory dues is the responsibility of the principal employer and not that of contractors, said a top government official today.
"RBI is deciding on this....this is work in progress. I am sure as volumes (of digital transactions) are increasing, the charges will come down," the Finance Minister told members of the Rajya Sabha during the Question Hour.
"The recommendations of the committee (on digital payments, headed by Andhra Pradesh Chief Minister N. Chandrababu Naidu) will be carefully examined and appropriate decisions will be taken in due course," the ministry said.
Giving this information in a release, Finance Minister Capt Abhimanyu said petro cards of Indian Oil and Hindustan Petroleum have been issued to state government drivers for cashless payments for fuel.
Smartphones and tablets already account for more than 60 percent of smart connected consumer devices, up from around 17 percent in 2008, according to research firm IHS Markit. The smartphone install base was four billion in 2016, with the 6 billion figure expected to be hit in 2020, IHS Markit says.
Defence Minister Manohar Parrikar today said it is not so difficult for Goa to have 50 per cent of cashless transactions, if certain bottlenecks are removed.
The Merchant Discount Rates (MDR) charges will be absorbed by the government for debit card payments up to Rs 1 lakh for tax, non-tax and other payments to the central government.