In a bid to expand online payment business in the US after a successful run in India with Paytm, Chinese e-commerce giant Alibaba's digital payments arm Ant Financial has bought global money-transfer service MoneyGram for nearly $880 million. The transaction by Ant Financial which runs Alipay, China's largest payments service through a mobile wallet app similar to what Paytm offers in India, will connect MoneyGram's network of 2.4 billion bank and mobile accounts and 350,000 physical locations with its 630 million users (450 million with Alipay and 180 million with Paytm).
The Ministry of IT and Electronics (MEITY) is working on detailed guidelines on digital payments to ensure protection of consumers.
Bharat Interface for Money or BHIM app is all set to be updated with support for regional languages. The app is currently limited to Android and is available only in English and Hindi languages. With the upcoming update by the end of this week, the app will have support for seven other regional languages including Bengali, Odiya, Gujarati, Kannada, Malayalam, Tamil and Telugu.
Days after it blocked transactions by its customers on PhonePe, ICICI Bank was today asked by the NPCI to open up "immediately", but the country's largest private sector lender retorted back accusing the Flipkart and Yes Bank-run wallet of following "restrictive practice" and asking for a change before it complies.
The second largest credit card player SBI Card said post-noteban, the total spends on its cards have increased by 25-30 percent, despite fall in certain segments like fuel, jewellery and other discretionary spending. "Total spending on our cards increased post- demonetization by 25-30 percent. But in some categories like fuel, jewelry and discretionary spending came down," SBI Card chief executive Vijay Jasuja told reporters here today.
Chief Minister's Committee on digital payments, headed by Andhra Pradesh Chief Minister Chandrababu Naidu, will submit its report to the Centre within one week, an official said today.
Sameer Nigam, co-founder and CEO of mobile wallet app PhonePe has alleged that ICICI Bank has been blocking transactions on its platform since Friday. On Saturday, Nigam took to Twitter to lash out on ICICI Bank saying, Definitely on purpose! Over 10x txns failed. Bank is not reversing the block. PhonePe, owned by Flipkart, is a Unified Payments Interface (UPI) based e-wallet app that works on platform created by National Payments Corp. of India (NPCI). Powered by Yes Bank, PhonePe not only lets you send and receive money via UPI, but also allows you to recharge and pay mobile, DTH, broadband, electricity, gas and other utility bills.
Digital payments firm Paytm today said its wallet business will soon be transferred to its payments bank, but quashed social media rumors that the m-wallets will stop working after January 15.
Post demonetization, cash-based transactions worth Rs 25,000 crore have moved to the digital mode, says a survey. The Economic Research Department of State Bank of India carried out the survey from December 30, 2016 to January 3, 2017 so as to understand the nuances of demonetization. It showed that 15 percent of transactions moved to electronic payments such as m-wallets and Point of Sale machines. "This means that Rs 25,000 crore of cash based transactions have moved to digital in the last two months. If this is so, this is a good beginning," SBI Research said in its Ecowrap report.
Prime Minister Narendra Modi s Unified Payment Interface (UPI) app, BHIM, has been under the spotlight since its launch. Launched on December 30, the app has already been widely downloaded, crossing one milestone after the other. Today, the PM took to Twitter to announce that the app had crossed 10 million downloads in just 10 days.
Australian government has advised its citizens travelling to India to ensure their trip is planned in such a way so as not to depend on the availability of cash, claiming that some visitors are facing difficulties in exchanging 100 dollar notes in India after demonetization.
With an aim of promoting a cashless economy, the government has been hard at work to introduce various initiatives. One such launch is the rebranded Unified Payments Interface (UPI) app, which is now called BHIM or Bharat Interface for Money. But proving yet again, how far off we are from being a truly cashless society, the BHIM app has been plagued with issues less than 24 hours since launch.
In a move to push digital payments, PM Narendra Modi launched the BHIM app yesterday. It is a simple, clutter-free and easy to use UPI app to send and receive money from a bank account linked to your mobile number. Until now, you required an Android smartphone to make UPI-based transactions. For making payments without internet, say from a feature phone, there is USSD-based mobile banking. Now, along with the BHIM app, the USSD platform has also been upgraded with UPI integration.
Soon after the demonetization of old currency notes, the government has been pushing cashless payments via digital mediums. Over the past few days, the government has also been holding Digi Dhan Mela camps in different cities to educate and promote cashless transactions. Today, PM Narendra Modi has launched a rebranded version of Unified Payments Interface (UPI) app at the Digi Dhan Mela camp in Delhi. Called BHIM which stands for Bharat Interface for Money, the app is developed by National Payments Corporation of India (NPCI) and is available for Android smartphones via Google Play Store.
With an aim of transforming India into a cashless economy, the government of India has been promoting digital payments. Demonetization of old currency notes has indeed helped boost digital transactions, but we re still far away from having complete a cash-less society. To make digital payments easier, the government has introduced Unified Payments Interface (UPI) for Android smartphones, and Unstructured Supplementary Service Data (USSD) that lets you send money, check account balance and mini statement, even without an internet connection. However, both platforms are in their nascent stages and now the government is working on launching their improved version.
In a bold move against black money, PM Narendra Modi took everyone by surprise as the government decided to scrap the existing Rs 500 and Rs 1,000 currency notes with new Rs 500 and Rs 2,000 notes. If that wasn t enough, you won t be able to use the existing currency notes of the said denomination with immediate effect. Sure, the move aimed at targeting corruption is a master stroke. Eventually, it will also help in encouraging digital payments, while moving the nation to a cashless economy. And as increasing number of people start making electronic payments, even for smallest of things, it will help government to track the cash flow and eventually curb the black money problem. But now that our existing currency notes have become redundant and there s still some time before new notes start circulating, here s a guide to go cashless in the meanwhile.
Soon after PM Narendra Modi announced the overnight ban on Rs 500 and Rs 1,000 old currency notes, a lot of us have been facing the cash crunch. Until the gap is met by circulation of new currency notes, mobile wallets and Unified Payments Interface (UPI) based apps are here to help you go cashless. Earlier this year in August, National Payments Corporation of India (NPCI) gave the final nod to banks to release their UPI-enabled apps on Google Play Store. While the likes of SBI and HDFC banks were missing then, they have recently released their respective apps.
As India embraces a cashless economy, there has been a sudden spurt in new mobile wallet companies -- but most of these start-ups are setting up digital shops without knowing the cyber risks involved, a top executive from US-based cyber security firm FireEye has emphasized. This is a dangerous trend when the country still lacks proper infrastructure and legislation to fight against cyber criminals.
While government is pushing for digital payments through mobile phones, chipset maker Qualcomm said that wallets and mobile banking applications in India are not using hardware level security which can make online transactions more secure.
With the surge in digital transactions via e-wallets and other online payment gateways, mobile frauds are expected to grow to 60-65 percent in the country by 2017, a leading industry body said on Monday. The joint study by Assocham and research firm EY, titled "Strategic National Measures to Combat Cybercrime", said a secure cyberspace and the government's initiatives in keeping tabs on cybercrime have become important criteria for businesses to establish, operate and flourish in any region.