The product uses Aadhaar number of the customer and his biometric details to facilitate payments, it uses the India Stack technology for verifying transactions.
Pegging sales volumes to merchants' fee may not be all that feasible as it is very difficult for RBI to determine the turnover of small businesses in India.
Along with UPI or card swiping on PoS machines, the government has introduced QR code based payment which can be done through the customer's smartphone..
The foreign exchange reserves have been in a very healthy position over the last few weeks with the RBI having also boosted it by $1.6 bn in the first week of February.
nullFintech is one of the five focus areas for the cohort in the Summer 39;17 batch. Together with PayU India, Axilor aims to improve the odds of success of FinTech startups and make them investible faster.
Supply of currency has risen to about 80-85% of pre-demonetisation levels but the fear of not having enough hard cash in hand is driving people to stock up.
In a statement to the media, the bank announced five technology partners who would be over the next one year integrating their systems with the bank.
Zeta which has been one of the major disruptors in the employee benefit and gift voucher space has been strengthening its corporate product portfolio with various products like Zeta Optima and Zeta Spotlight.
Industry insiders said that since Aditya Birla Nuvo, which owns Idea Cellular, also has a banking licence, Vodafone would give up its right after the merger.
A customer on purchasing something just needs to open their bank’s mobile banking app on their smartphones and scan the merchant’s QR code.
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