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
Customers can link their cards to banks' app and make payments after scanning a 'quick response' code.
Banks shall not charge fees for transactions settled on IMPS and UPI in excess of rates charged for NEFT for transactions above Rs 1,000, the order said.
Russia is among the top buyers of Indian tea, accounting for about 18 per cent of the industry's total exports.
Microsoft has become the first global Big Tech company to join the Open Network for Digital Commerce (ONDC), an Indian government initiative for developing a first-of-its-kind open network for digital commerce. The world's second-largest technology firm intends to introduce social e-commerce via its app in the Indian market later this year. ONDC is expected to open to the public in Bengaluru over the next fortnight as it enters into the next phase of the pilot for further fine-tuning before rollouts in other cities, according to a source in the know.
Ending Paytm's monopoly as the only wallet payment option on Uber, the ride-hailing service has decided to allow payments through Jio Money. Alnoor Peermohamed reports.
The Reserve Bank of India (RBI) announced new rules for credit cards, applicable from July 1. "These directions cover the general and conduct regulations relating to credit, debit and co-branded cards which shall be read along with prudential, payment and technology & cyber security related directions applicable to credit, debit and co-branded cards, as issued by the Reserve Bank," the circular by RBI said. Business Standard culled out key rules from the list, and asked financial experts for advice on them, along with the thumb rules one needs to follow while using credit cards.
Nandan Nilekani talks about moving towards a cashless economy and freedom of Internet, among others
Digital payments and financial services firm Paytm is likely to allocate shares at the upper price band of Rs 2,150 apiece on November 16 after market regulator SEBI's approval which is expected to come on Monday, sources aware of the development said. Earlier the allocation was expected to take place on Monday and the Paytm Money app also displayed the same.
There are judicial precedents where it has been held that if payment is made for temporary disablement, it would be taxable, points out Tinesh Bhasin.
Seeking to rope in youngsters to promote cashless transactions, Modi said for every person you introduce to the BHIM app, you will get a cash back of Rs 10.
The funds will be used to expand the merchant offerings across India to equip them with technology and various other services.
Bengaluru-based iKaaz Software, a mobile payment solution provider, is launching a new application, MOWA, that works almost like the Apple Pay
Power generating companies (gencos) that use imported coal to produce electricity, may find it difficult to switch on their idle units immediately in the wake of high fuel costs, several players have told Business Standard. Recently, the Union power ministry had invoked Section 11 of the Electricity Act mandating all imported coal-based plants to generate power at full capacity. However, some generating companies that use imported coal, argue that it is simply unviable for them to produce power when the price of coal in the international market is high, while the per-unit price of power has been capped at Rs 12 per unit on the domestic power exchange.
The National Payments Corporation of India, the owner of IndiaPay, will fire the first salvo by charging only half what MasterCard and Visa levy on merchant establishments.
Paytm's Rs 18,300 crore IPO was oversubscribed 1.89 times on the last day of India's biggest share sale on Wednesday, making it one of the country's most valued companies. The initial public offering of Paytm's parent company One97 Communications Ltd received bids for 9.14 crore equity shares against the offer size of 4.83 crore shares, according to information available from stock exchanges. While the portion set aside for retail investors was oversubscribed early, institutional buyers including FIIs flooded the share sale with offers on Wednesday, seeking 2.79 times the number of shares reserved for them.
ICICI Bank says it blocked all UPI transactions made through PhonePe due to security concerns.
Nivedita Mookerji finds out how Paytm CEO Vijay Shekhar Sharma is handling his soaring popularity after the note ban as well as the criticism that comes as a package deal.
After acquiring Grama Vidiyal Microfinance last year, IDFC Bank is looking for opportunities to strengthen its retail capabilities, says Rajiv Lall, its chief,
Fresher hiring is expected to more than double compared to last year.
Paytm recently partnered with 1,000 educational institutions over admission fee payment through the app.
India's total online shopper base at 30 per cent of its internet population is low when compared with 78 per cent in China and 70-plus per cent in the US.
Private sector lender HDFC Bank on Thursday said the Reserve Bank of India (RBI) has asked it temporarily stop all launches of its upcoming digital business-generating activities and sourcing of new credit card customers after outage at its data centre which impacted operations last month.
Indian mobile commerce player Paytm on Tuesday launched Paytm Cash - a semi-closed wallet for online shopping.
Paytm's Rs 18,300-crore IPO -- India's largest public issue to date -- was subscribed only 18 per cent on the first day of bidding on Monday.
Credit cards have their advantages. Find out what they are.
The Reserve Bank of India's (RBI's) move to ban Mastercard from issuing new cards for not complying with the local data storage guidelines may hit five private banks, a non-bank lender, and a major card-issuing company. The impact is expected to be felt for a few months as these players transition to other card networks. According to Nomura Research, RBL Bank, YES Bank, and Bajaj Finserv are the ones most impacted by the ban as all their credit card schemes are allied to Mastercard. Among others, IndusInd Bank, Axis Bank and ICICI Bank have 35-40 per cent of their credit card schemes tied to Mastercard, the report said.
With the stock market turning choppy, fintech start-up MobiKwik, which had filed a draft red herring prospectus (DRHP) to raise around $250 million through an initial public offering (IPO), is now looking to raise money from the private market. "We will raise private money but we are not in dire need. "The business was profitable for the first time in the December quarter on a top line of around Rs 150 crore and that will be maintained in the March quarter also. We are generating cash," said Upasana Taku, co-founder of MobiKwik.
While digitisation and automation have made internal processes more efficient, front-end products are being enhanced digitally through robotics, artificial intelligence and botchats.
The branch managers have come out of their glass cabins and the sellers' market has transformed into a buyers' market, but there is no end to the harassment of customers, asserts Tamal Bandyopadhyay.
Things are expected to change dramatically in a few years for urban consumers.
Ordering groceries, vegetables and daily essentials is just a WhatsApp away as billionaire Mukesh Ambani's e-commerce platform JioMart taps into the popular messaging app to scale up online business in its fight for dominance in the giant Indian retail market with Amazon and Walmart-owned Flipkart. Ambani's twin children, Akash and Isha gave a preview of the ordering at Meta's second edition of the Fuel for India event on Wednesday. A new 'tap and chat' option allows users to order groceries through WhatsApp.
HDFC Bank managing director Aditya Puri on Wednesday said the lender's business is returning to pre-COVID-19 levels and full normalcy is expected to be restored soon.
Ways on how consumers can maximise benefits.
The bank has already set up 68,000 'Yono cashpoints' and is in the process of scaling it up massively to over 1 million in the next 18 months, which will make the necessity to have a card even less.
Vijay Shekhar Sharma, head of Paytm, says they'd achieve their 500-million user target by 2018, two years before the earlier aim.
Key questions remain about the operational and financial viability of a completely paperless bank such as India Post, says Mayank Jain.
After gaining 300 million mobile wallet users in India, the firm has now expanded operations to Japan via PayPay Corporation, a joint venture established by SoftBank Corp and Yahoo Japan Corporation.
A mobile wallet may offer discounts but allows transactions of limited amounts. And, while a bank app or internet account allows larger transactions, it might be less convenient
Food ordering platform Zomato, whose Rs 9,375 crore IPO opens on July 14, is planning to launch a grocery section on its app soon, a senior company official said. The company recently invested USD 100 million (around Rs 745 crore) for acquiring a minority stake in grocery delivery platform Grofers. "It (grocery) is a large opportunity. The online grocery is nascent right now but is growing rapidly not just in India but across the world... "We are actively experimenting in that space and recently invested $100 million for a minority stake in Grofers, with the idea of getting more exposure to that space and building our strategies and plan around that business," Zomato CFO Akshant Goyal said.
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