In the wake of scrapping of old Rs 500/1,000 banknotes, Niti Aayog has asked National Payments Corporation of India to frame a new scheme to incentivise digital payments.
Priyadarshini Maji evaluates the impact that payment banks are likely to have on your financial life.
Here's the full text of President Ram Nath Kovind's customary address to the joining sitting of Parliament on the first day of the budget session.
Tokenisation acts as an additional layer of security as it masks sensitive card data such as the 16-digit account number, expiry date and security code. However, the security level of the app and the customer's mobile itself also needs to be taken into consideration, say experts. Nikhat Hetavkar explains the whole idea of tokenisation, how it is enabled, its impact on card transactions and related security guidelines.
The telecom companies have also been asked to urgently improve their infrastructure, as the government aims to digitise a host of services.
As the government faces a difficult choice in keeping up with the rest of the world in AI development while making sure it does not add to unemployment, it has set up a task force to draw up a policy for the accelerated deployment of AI
'If the RBI blesses us with a banking licence, we would like to launch a successful bank.'
Handle cards like you would handle cash.
The minister also exempted components from taxes to encourage domestic manufacturing of these devices.
Customers taking small and convenient steps and some degree of care and precaution while paying digitally will ensure safety and security from new threats that emerge every day, says Avinash Luthria
Big retailers are openly talking of plans to harness the power of big data, even reporting those in annual reports as part of a long-term strategy.
Sharad Sharma, co-founder and governing council member at iSPIRT, on Tuesday admitted using anonymous accounts to troll on social media those who raised questions on Aadhaar and its applications by the government.
Since payment alternatives such as UPI, e-wallets and USSD - based mobile banking through different platforms are directly or indirectly linked to the user's bank account one needs to be extra careful to keep hackers at bay, explains Adhil Shetty, CEO, BankBazaar.
Compared to a 64 per cent penetration in Brazil (130 million users total) and 53 per cent in China (total 733 million users), India has barely 28 per cent penetration. Of the digital reach, almost 80 per cent are from affluent segments in urban areas. How can this change?
Tripti Rai explains the unique features of Bharat Interface for Money (BHIM) app developed by the National Payment Corporation of India.
Modi hailed the close defence cooperation between the two countries and welcomed the completion of the logistics agreement between the two navies.
Currently, only three have completed more than six months of operation in the space - Fino Payments Bank, Airtel Payments Bank and Paytm
Even as you fight the ongoing health challenge, here are some tips to strengthen your personal finance in the time of coronavirus.
Sachin Bansal, who had co-founded Flipkart with Binny Bansal in 2007, would exit the company
MCLR-linked loans are more responsive to RBI's rate movements, and rate cuts may be transmitted to borrowers in a manner useful to them.
Key questions remain about the operational and financial viability of a completely paperless bank such as India Post, says Mayank Jain.
The Governor said RBI does not limit itself too much when there is uncertainty.
The Bharat Interface For Money app was launched on the iOS platform earlier this month. It is also available on the more popular Android platform. There have been over 17 million downloads of the BHIM app so far.
The Bansals losing out operational control of Flipkart comes at a time when global rival Amazon, in which Tiger Global holds a minority stake, is stepping up investment in India in an attempt to overtake the Bengaluru-based e-commerce firm.
Experts say the new guideline is likely to hurt foreign players more, especially card companies such as Visa, MasterCard and American Express who process and store credit card transaction data outside of India.
NPCI has launched several consumer friendly systems including one that allows users to transfer money to people over mobile phones across India.
'Malicious files can silently sit in your phone and relay data to hackers without your knowledge.'
New offerings by banks are changing the way you transact.
Digital services work best when the seller designs a system where default options are designed to help the buyer, says Debashis Basu.
This was among the few times that TCS had to deploy rapid application development mode, which means changes in the application happen on-the-go.
ICICI bank waives ATM charges.
The cap of Rs 10,000 on daily withdrawal has also been removed.
'If your data is hacked you cannot go to court. Only UIDAI can go to court.' 'UIDAI is lying that Aadhaar is completely secure.'
'With technology advancing rapidly, the need for branches is declining.'
Adhil Shetty, CEO, BankBazaar.com shares his thoughts on what could help make digitisation and going cashless easier in the New Year.
Watal panel had suggested an independent payments regulator be set up.
We are certainly for digitisation. I do not have opinion about demonetisation. I still don't, says Bill Gates.
Here's your weekly digest of the craziest stories from around the world.
Very few things can faze Madhukar V Kulkarni, a cop of 30 years. Yet, an innocuous smartphone scares him. For those like him in Maharashtra's cities, tech classes have stepped in to teach them how to embrace Skype & WhatsApp. Ranjita Ganesan reports.
Meet Mona Patel, one of CNN's Top 10 Heroes of the Year.
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