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Trump comes to India next month with a $10-bn trade deal

The deal will be signed during Trump’s visit to India, and is a precursor to a FTA between the two nations.
The Economic Times

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UNIFIED PAYMENT INTERFACE

India’s taking its digital success stories abroad

India’s success in using technology for social good in the form of Aadhaar, Direct Benefit Transfer (DBT) and the Unified Payments Interface (UPI) is inspiring many countries across the world. India built an e-office platform for Sri Lanka last year, and work has started on a soil health card project in Cambodia.

India uses Aadhaar, UPI platforms for striking digital diplomacy with friendly nations

"The idea is to establish India as a tech hub, generat...

Payment companies weigh ways to recoup MDR losses

These companies have urged the Centre to nudge banks to compensate “a minimum of 0.25% of t...

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  • Digital transactions in Delhi NCR grew by 235% from 2018 (Jan-Dec) to 2019 (Jan-Dec) and Financial Services, Food & Beverage and Transportation were the top 3 sectors which contributed a cumulative of 41% of Delhi’s online payments in 2019, said a Razorpay report.

    Nilekani, a co-founder of the near four-decade old Bengaluru-headquartred software services major, said for the incumbent or traditional companies and the emerging startups could learn from each other for the latter to disrupt and prosper.

    The prebudget meeting on Friday was necessitated after the government waived off MDR for merchants on digital payments made through RuPay debit cards and Unified Payments Interface (UPI) devices from January 2020.

    Flipkart has already done so, and others like Swiggy and ride-sharing apps are about to follow. A key driver for this has been the phased relaxation of rules by RBI—most recently last Friday —on one-time passwords.

    Flipkart has already done so, and others like Swiggy and ride-sharing apps are about to follow.

    The savings bank account is typically used to deposit money in a safe place and it has many benefits. For instance, it works as a person’s cash management system. Third-party utility bill payments, loan EMIs, insurance premium can be paid seamlessly.

    The new functionality will allow UPI users to bypass additional factor authentication (AFA) every time a payment is made to a regular merchant by giving a onetime instruction to the UPI service provider. This facility was earlier available for card and wallet based payments

    "BharatPe is coming up with a state-of-the-art tech-hub in Delhi to house its expanded product and technology team. The company plans to hire over 75 engineers and project managers this year and thereby expand its tech team," a statement said.

    The Central Board of Direct Taxes has also notified a fine of Rs 5,000 per day for businesses with a turnover of over Rs 50 crore if they fail to offer digital means of payments.

    NPCI is pushing top banks to make cash deposit too an interoperable feature at their ATMs and branches.

    PM Modi said his government’s action against the corrupt and dishonest had been wrongly portrayed by some as the government being tough on the industry.

    If you have been reading any investing-related news recently, you would probably guess — correctly — that this effort of the regulator is amongst the fallout of the Karvy affair.

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