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<ul><li>Prime Minister Narendra Modi will launch a new digital payment solution called <keyword id="11766571" type="UNKNOWN" weightage="20" keywordseo="e-RUPI">e-RUPI</keyword>.</li><li>Banks will issue electronic vouchers for customers to redeem welfare benefits without having to share bank account details.</li><li>The <keyword id="11772195" type="UNKNOWN" weightage="20" keywordseo="e-voucher">e-voucher</keyword> solution has the potential to eliminate fraud and corruption.</li></ul>The Prime Minister of India, Narendra Modi will be launching 'e-RUPI', an electronic voucher-based digital payment solution at 4:30 p.m IST on Monday. The person-specific, and purpose-specific, payment solution is developed by the National Payments Corporation of India (NPCI) on its Unified Payment Interface (UPI) platform in collaboration with the Department of Financial Services, Ministry of Health and Family Welfare and the National Health Authority. What is e-RUPI? According to a statement from the Prime Minister’s Office, e-RUPI is a cashless and contactless digital payment e-voucher in the form of a QR code or SMS string delivered to the beneficiary's mobile phone. The e-voucher can be redeemed at the service provider without needing a card, digital payment app or internet banking service. The e-RUPI is a one-time payment mechanism that does not require any physical interface for transactions and is considered safe as it's prepaid in nature. It ensures that the payment to the service provider is made only after the transaction is completed without involving any intermediary. How is e-RUPI different from a virtual currency? e-RUPI can be used to make payments to a specific person, for a specific purpose, and is not transferable. On the other hand, a virtual or digital currency is just like normal currency but in digital form and can be used for any transaction. How are these vouchers issued? The vouchers will be issued by partner banks but the bank account details of the beneficiary are not needed. NPCI has built the e-RUPI system on its UPI platform and anyone who needs to issue the voucher would need to approach partner banks with issuing authority. Entities giving the e-RUPI voucher will have to submit the details of specific beneficiaries and the purpose of the payment to the banks. The beneficiary's identification will be based on their mobile number and name. What's the need for e-RUPI? The Indian government says that e-RUPI is expected to ensure a leak-proof delivery of welfare services and minimise fraud and corruption. Since it removes the middlemen and there's no direct cash involved, it eliminates the possibility of the fund being used for a purpose other than intended. It can be used for delivering services under government welfare schemes like drugs and nutritional support under Mother and Child welfare schemes, TB eradication programmes, drugs and diagnostics under schemes like Ayushman Bharat Pradhan Mantri Jan Arogya Yojana, fertiliser subsidies etc. Not only government schemes but the voucher can also be used by the private sector for employee welfare and corporate social responsibility (CSR) initiatives. SEE ALSO - <a href="https://www.businessinsider.in/stock-market/news/windlas-biotech-to-raise-395-402-crore-through-public-listing-price-band-fixed-at-448-460/articleshow/84854594.cms">Windlas Biotech to raise ₹395-402 crore through public listing, price band fixed at ₹448-460</a> <a href="https://www.businessinsider.in/tech/mobile/news/googles-sundar-pichai-has-teased-the-whitechapel-chipset/articleshow/84853916.cms">Google teases Whitechapel chipset that may power Google Pixel 6 devices</a>

e-RUPI explained —  India’s new electronic voucher-based payment system to reduce leakage in welfare programmes

The Reserve Bank of India (<keyword id="30067" type="General" weightage="20" keywordseo="rbi" source="Orion">RBI</keyword>) on Thursday proposed to enhance the cap under <keyword id="11912975" type="General" weightage="20" keywordseo="e-rupi" source="Orion">e-RUPI</keyword> prepaid digital vouchers. The present cap of Rs 10,000 will be increased to Rs 1 lakh per voucher and such vouchers will be allowed to be used more than once, RBI Governor Shaktikanta Das said while announcing the latest monetary policy meeting outcome. This enhancement is expected to further facilitate the delivery of various government schemes to the beneficiaries more efficiently, he said. The e-RUPI pre-paid digital voucher developed by the National Payments Corporation of India (NPCI) was launched in August 2021, Das added. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/education/news/icai-ca-final-exam-results-announced-heres-how-to-check/articleshow/89477021.cms">ICAI CA final exam results announced — Here’s how to check</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/international/news/two-indian-cities-are-in-global-top-10-of-the-most-congested-places-to-drive-through-take-a-guess/slidelist/89476030.cms">Two Indian cities are in global top 10 of the most congested places to drive through – Take a guess</a>

RBI proposes to raise limit on e-RUPI vouchers to ₹1 lakh

India has witnessed the fastest jump in alternative payment share for <keyword id="21422684" type="General" weightage="100" keywordseo="e-commerce-payments" source="keywords">e-commerce payments</keyword> in the <keyword id="20122305" type="General" weightage="20" keywordseo="Asia-Pacific-region" source="keywords">Asia-pacific region</keyword> from 20.4% in 2018 to 58.1% in 2023 as per a report by GlobalData, a data and analytics company. Options for payment other than traditional cash include <keyword id="19900911" type="General" weightage="20" keywordseo="UPI" source="keywords">UPI</keyword>, <keyword id="6354770" type="General" weightage="20" keywordseo="debit-cards" source="Orion">debit cards</keyword> and <keyword id="6387037" type="General" weightage="20" keywordseo="credit-cards" source="Orion">credit cards</keyword> among others. "This significant uptake of alternative payment solutions can be attributed to the widespread usage of <keyword id="21223853" type="General" weightage="20" keywordseo="mobile-wallets" source="keywords">mobile wallets</keyword>, largely driven by UPI, which facilitates mobile payments in real-time simply by scanning <keyword id="19993724" type="General" weightage="20" keywordseo="QR-codes" source="keywords">QR codes</keyword>," GlobalData report elaborated. The report highlights that in the Asia-Pacific (APAC) region, the payment solutions such as mobile and digital wallets have displaced traditional payment methods like cash and bank transfers for e-commerce payments. The report states that such alternative payments are already immensely popular in countries like <keyword id="1334" type="General" weightage="20" keywordseo="china" source="Orion">China</keyword> and India and are also gaining traction in other APAC markets as well. However, China led the way in 2023, with alternative payments accounting for nearly two-thirds of the total e-commerce payments value in 2023 that took place in the entire Asia Pacific region. However, India is also not far behind, with a significant surge in alternative payment methods since 2018. The e-commerce analytics by the company revealed that even traditionally cash-intensive countries in APAC such as the Philippines, Malaysia, and Indonesia, are witnessing a similar trend. "While most Asian markets are traditionally cash-dominated, the adoption of alternative payment methods for both online and in-store payments is growing across many markets in the region, even outpacing the West. This trend is driven by the rising smartphone and internet accessibility, increasing convenience of electronic payments, and the proliferation of mobile and QR code-based payment solutions" said Shiv Gupta, Senior Banking and Payments Analyst at GlobalData. The report also highlights that within the Asia-Pacific region, China and India have a higher adoption rate of alternative payment methods as compared to their peers. According to the company's 2023 Financial Services Consumer Survey, alternative payment solutions account for more than 65% of the e-commerce transaction value in China, the largest e-commerce market globally. It represents a significant increase from 53.4% in 2018. Other Asian markets like Indonesia, Hong Kong, Singapore, and the Philippines are also seeing higher adoption of alternative payment solutions. "Alternative payment solutions accounts for lion share in e-commerce markets across many APAC countries, supported by rising internet and smartphone penetration, and growing acceptance of digital payments by merchants. With the convenience, speed, and security they offer, coupled with high expected growth in the overall e-commerce market in the region, these payment tools are anticipated to further gain traction and disrupt the consumer payment space in the region" said Gupta.

India's non-cash payments on e-commerce platforms surge to 58.1% in 2023

<ul><li>Digital payments in Southeast Asia will cross $1 trillion by 2025 according to the e-Conomy SEA 2019 report.</li><li>E-wallets will grow at a faster rate to hit $114 billion by 2025.</li><li>Digital remittances, lending, investments and insurance are expected to piggyback on the success of digital payments.</li></ul>Digital payments in Southeast Asia have reached their inflection point, and are set to cross $1 trillion mark by 2025. That means almost one in every $2 spent in the region is an online transaction according to Google, Tamasek and Bain &amp; Company's e-Conomy <a href="http://think.storage.googleapis.com/docs/e-Conomy_SEA_2019_report.pdf">SEA 2019 report</a>. "These technology-enabled business models are best positioned to give Southeast Asia's underbanked population access to financial services," it said. The report also estimates that e-wallets, a subset of digital payments, will grow even faster to reach $114 billion by 2025 — a five-fold increase over the current value of e-wallets at $22 billion. 
	
 <div type="image" title="googlesea_edited" msid="71575402" hostid="261" caption="&amp;lt;p&amp;gt;Growth trajectory of digital payments in Southeast Asia &amp;lt;/p&amp;gt;"></div>





 Other digital financial services like remittances, lending, investments and insurance are expected to grow at least two to three times their current value, in the next five years. "While new entrants and established players are competing and partnering to tackle this opportunity, supportive regulations will play a critical role," said the report. No monopoly in the fintech space Not only are digital financial services set to grow along with digital payments, they also involve a diverse set of players with no clear leader. Banks, remittance companies and insurance companies have the most experience in the area, but are struggling with the new-age digital services. They're also held back by legacy IT systems that have been in place for years, taking away agility. In comparison to the traditional players, challengers like e-commerce companies, telecos, social media platforms and ride hailing services are comfortable with the technology. But, their customer acquisition costs are higher as they penetrate new markets. Their ability to scale and stay financially sustainable is also yet to be proven. "Digital payments are rapidly spreading online and offline. But talent remains a pressing constraint despite all efforts by Internet economy companies to 'fill the gap'," noted the report. Improvement over last year Until last year, digital payments were a challenge in the Southeast Asian Internet economy. The lack of adoption was hindering the growth of other digital goods like gaming and music subscription services. Last year's e-Conomy SEA report stated that the digital payments ecosystem was largely fragmented, since the solutions weren't compatible with each other and merchants were reluctant to adopt the solution for both online and offline transactions. This year, not only are digital payments expected to grow but digital remittances, lending, investments and insurance are expected to piggyback on its success. See also: <a href="https://www.businessinsider.in/business/news/india-global-competitiveness-index-rank-fall-and-comparison-with-other-countries/articleshow/71574678.cms">India falls 10 places in Global Competitive Index as others race ahead in technology</a> <a href="https://www.businessinsider.in/india-is-as-prepared-as-us-or-australia-to-welcome-the-5g-era/articleshow/71499916.cms">India is as prepared as US or Australia to welcome 5G era</a> <a href="https://www.businessinsider.in/digital-india-mckinsey-report-analysis-of-indias-digital-economy/articleshow/68686474.cms">India is digitising but the pace is leaving many behind</a>

Old players and new challengers battle it out for Southeast Asia's $1 trillion digital payments market

New Delhi, Mar 12 () Handset maker LAVA International on Thursday launched LAVA Pay, a digital payment solution that does not require internet connectivity. "The app comes with the highest security standards and enables feature phone users to conduct digital transactions in a simplified manner. The Lava Pay app will come pre-installed in the company's all upcoming feature phones," a statement said. In order to send or pay money from the app, users have to enter the phone number of the receiver, payment amount and the transaction Pass Code. Once the transaction is complete, both the sender and the receiver will receive an alert immediately. The app will also enable users to check their account balance, the statement said adding that users can visit their bank to configure application and start transacting. *****MultiLiving raises USD 6 mn from Lodha Ventures MultiLiving, a real estate platform, on Thursday said it has raised USD 6 million from Lodha ventures. The platform, which has launched operations in Mumbai, enables tenants to rent curated homes with a personal concierge and added services. "All our apartments are carefully selected in the niche societies and gated communities. We carefully screen every potential tenant who will love and take care of the home like it was their own. However, the final decision stays with the owner," Pankaj Singh, CEO and founder of MultiLiving, said.*****Amazon to enable Indian customers to shop using voice Amazon on Thursday said it will enable Indian customers to shop using voice, powered by Alexa. Customers can now use voice commands to search, add to cart, check order status and proceed to checkout, a statement said. "At launch, the voice offering is available on the Amazon shopping App on Android devices only. Customers have to update the latest version of the app available on the Google Play Store," it added. The statement said that while voice experience launched is primarily in English, Alexa can understand proper nouns and regional words across various languages.****** Swiss Re India appoints Hadi Riachi as India branch CEO Leading global insurance major Swiss Re on Thursday appointed Hadi Riachi as the chief executive of India branch operations to succeed G Satish Raju. The appointment is effective April 1 and subject to regulatory approvals. Riachi joined Swiss Re in 2015 as head of property and specialties for corporate solutions in Shanghai and most recently, he was the head of North Africa. Riachi will be based in Mumbai and will be driving growth across Swiss Re's property &amp; casualty and life &amp; health business lines in India. Swiss Re considers India as a high-growth market in Asia which it feels will drive 50% its total business. SR BEN HRS

LAVA launches non-internet digital payment solution

With <keyword id="1929810" type="UNKNOWN" weightage="100" keywordseo="Digital-India">Digital India</keyword> on its way, <keyword id="1021631" type="UNKNOWN" weightage="100" keywordseo="e-health">e-Health</keyword> is one of the most important initiatives. Telecommunications has the potential to provide a solution to medical services to improve quality and access to health care regardless of geography. The expansion and availability of high (mobile) bandwidth <keyword id="405215" type="ORGANIZATION" weightage="100" keywordseo="General-Packet-Radio-Service">General Packet Radio Service</keyword> (GPRS) and Universal Mobile Telecommunications System (UMTS) combined with the ever-advancing miniaturization of sensor devices and com¬puters, will give rise to new services and applications that will affect and change the daily life of citizens. 
 “Medicine is a big challenge in urban as well as rural areas. Government hospitals should be strengthened with the help of Digital India. E-Health is the solution for this digital age,” Munish Dhingra, co-founder and CSO, <keyword id="2647921" type="UNKNOWN" weightage="100" keywordseo="Triotech-Solutions">Triotech Solutions</keyword>, told BI. 
 In keeping with this vision, Triotech Solutions has developed a solution called TrioHealth <keyword id="490467" type="UNKNOWN" weightage="100" keywordseo="RPMS">RPMS</keyword> (Remote Patient Monitoring System), which will develop an innovative value-added mobile health service platform for patients and health professionals. 
 
“The RPMS was created keeping in mind three parameters. One of the parameter was to cover rural India, where people do not have access to the doctors. Second was that the monitoring system can be used for elderly care too. Third parameter was nurse stations. If you install our device to each and every patient room, the monitoring parameters are noted into our device and the nurse sitting at the central system can monitor them,” he said. 
 
Features: 
 
• The service will enable remote patient monitoring through the use of advanced wire¬less communications and integration of sensors to a wireless body area network (BAN). 
 
• It permits remote management of chronic conditions and detection of health emergencies whilst maximizing patient mobility. 
 
• TrioHealth RPMS will be adapted to the needs of the customer and the degree of adaptability is limited by the interaction (i.e. information flow) between the customer and Triotech conducting the customer specific customization. 
 
• The TrioHealth patient or user will be equipped with different sensors that constantly monitor vital signals, e.g. blood pressure, heart rate and electrocardiogram (ECG). These are interconnected via a healthcare body area network (BAN) 1–4. In essence, this will con-sists of sensors, actuators, communication and processing facilities connected via a wireless network. This is worn on the body and moves around with the person, i.e. the BAN is a roaming unit. 
 
Though, many are skeptical about embracing the whole concept of RPMS, where a doctor sits miles away and gives medical advice, Munish thinks this is an absolutely safe app. 
 
“These devices are used all over the world. They are standardised devices. The software used is approved by medical authorities...We have developed a knock system that only the doctors and nurses who are at the knock can see and access. If they find any gap they can report immediately,” he added. 
 
Apart from this, Triotech also launched TrioMoney that would help in easier, faster and smoother money remittance via mobile. 
 Triotech Solution, with a tie-up with <keyword id="215381" type="COMPANY" weightage="100" keywordseo="Amdocs">Amdocs</keyword> to enable <keyword id="6354731" type="CITY" weightage="100" keywordseo="State-Bank-Of-India">State Bank of India</keyword> to offer mobile financial services using BSNL’s network, launched their own mobile wallet. 
 
TrioMoney is a customized payment solution platform which enables various financial transactions to bank and other financial institutions as per the consumer needs. With this, customers can access plenty of services like peer-to-peer transfers/payments, wallet to wallet (NEFT, IMPS), retail payments, domestic/international remittances, bill payments, travel ticketing, movie/concert ticketing, government payments like taxes, tolls etc., donations, subsidy payment, salary/reimbursement payments. 
 
(Image credits: triotech)

Triotech
launches two new solutions to empower India Digitally: #DigitalIndia

<ul><li><keyword id="6354743" type="COMPANY" weightage="20" keywordseo="Amazon-India">Amazon India</keyword> has plans on rolling out its own Unified Payments Interface (UPI) so that online shoppers don’t have to depend on third-party applications to make payments on the platform. </li><li>With this move, the company is rolling into a space that already has a lot of competition with PayTM, BHIM, PhonePe, <keyword id="2750705" type="PERSON" weightage="20" keywordseo="Google-Pay">Google Pay</keyword> and <keyword id="1106616" type="PERSON" weightage="20" keywordseo="TrueCaller">Truecaller</keyword>. </li><li>With its own UPI as an option, <keyword id="18635" type="CITY" weightage="20" keywordseo="Amazon">Amazon</keyword> India will be able to offer users an ‘end-to-end’ solution for <keyword id="6357762" type="UNKNOWN" weightage="20" keywordseo="online-shopping">online shopping</keyword>.</li></ul>India’s central bank just announced a committee to push more Indians towards digital payments and Amazon has plans of jumping into the ring with its own Unified Payments Interface (UPI). Bankers told <a href="https://tech.economictimes.indiatimes.com/news/internet/amazon-starts-closed-user-group-testing-of-upi-pay-platform/67445483">ETtech</a> that the e-commerce giant is already testing its UPI on a restricted user base, in partnership with Axis Bank. Any digital payments platform needs to adopt <a href="https://www.businessinsider.in/upi-2-0-heres-what-you-need-to-know/articleshow/65444928.cms">UPI 2.0</a>, which was launched in August, 2018, in order to enable online financial transactions in India. That space is currently dominated by the Indian government’s own <a href="https://www.businessinsider.in/UIDAI-CEO-confident-about-BHIM-and-Aadhaar-Pay-says-misuse-not-possible/articleshow/58235536.cms">BHIM app</a>, <a href="https://www.businessinsider.in/thanks-to-demonetization-paytm-is-making-rs-120-crore-per-day-achieves-target-before-deadline-crosses-5-billion-gmv/articleshow/55541691.cms">PayTM</a>, PhonePe, Google Pay and Truecaller. But, Amazon has an edge. Rather being a digital wallet that adapts to being an e-commerce platform like PayTM, Amazon already has its customer base. Setting up its own UPI will help users that are already on Amazon, stay on Amazon, without needing a third-party app to make online payments. Even WhatsApp had <a href="https://www.businessinsider.in/whatsapp-google-yet-to-fully-comply-with-indias-data-localisation-norms-despite-repeated-inquiries-from-the-government/articleshow/66878922.cms">plans</a> of rolling out its own payments platform in June, 2018 but India’s new data localisation policy has them stuck in a rut. How is this going to change how you make payments online? At the checkout stage while shopping online on Amazon, it will have its own UPI handle that you can choose to make payments along with the usual suspects — debit cards, credit cards, net banking or cash-on-delivery. The UPI handle will allow you to make payments directly from your bank account to Amazon. Due to the vast popularity of PayTM, some users assume that all UPI using apps are digital wallets — but they’re not. An e-wallet is where money is transferred from your bank account into a digital wallet, where you can access it to make payments. But an app developed on the UPI platform allows transactions to occur directly between your bank account and the vendor, like a debit card, where the app is only the means of making the transfer without any having to store the money anywhere else in between. That will be the essential difference between Amazon Pay and Amazon’s UPI platform. The introduction of Amazon’s own payment platform will negate the need for consumers to turn elsewhere when they need to access their money. It assures users of an end-to-end solution for their online shopping.

In India, Amazon's fight is not just with Flipkart, but with PayTM, Google Pay and Truecaller

New Delhi, Dec 12 () Global payments technology major Mastercard has joined hands with Federal Bank to provide an additional layer of security for digital transactions.
 Mastercard has entered into a partnership with Federal Bank to offer identity check to the bank's cardholders, it said in an announcement.
 Mastercard Identity Check is a global authentication program that uses the latest authentication standards of EMV 3-D Secure to provide an additional layer of security for digital transactions and facilitate higher approval rates, improving the authentication experience for merchants, issuers and cardholders.
 It provides banks with a secure and user-friendly way to authenticate cardholders without the use of static passwords, increasing approval rates.
 The facility decreases online shopping cart abandonment, reduces fraud and improves conversion rates for e-commerce merchants. Implementation in other regions has shown an increase in digital transaction approvals of nearly 13 per cent.
 "We believe that this new solution will provide a seamless experience and will find instant affinity among our Mastercard cardholders," said Shalini Warrier, chief operating officer, Federal Bank.
 The launch of Identity Check program by Federal Bank and Mastercard will go a long way in providing ease of payments with advanced security to shoppers, said Govind Setlur, chief executive officer, Wibmo, payment solutions partner for Federal Bank.
 "Mastercard is committed to creating innovative payments solutions that deliver enhanced safety and security at every touchpoint, to enable simple, frictionless consumer experiences," said Sujay Vasudevan, vice-president, cyber &amp; intelligence solutions, South Asia, Mastercard. KPM HRS

Mastercard ties up with Federal Bank for identity check security for digital transactions

<keyword id="7561347" type="General" weightage="100" keywordseo="enkash" source="Orion">EnKash</keyword> on Wednesday said it has received in-principle approval from the Reserve Bank of India to operate as a payment aggregator (PA). Founded in 2018, the spending management platform EnKash has helped thousands of businesses to digitize and decentralize their corporate payments. The licence by the central bank will enable the platform to broaden its product offerings to more number of businesses. Payment aggregators are intermediaries playing an important function in facilitating payments in the online space. According to <keyword id="30067" type="General" weightage="80" keywordseo="rbi" source="Orion">RBI</keyword>, these aggregators facilitate e-commerce sites and merchants to accept various payment instruments from the customers for the completion of their payment obligations without the need for merchants to create a separate payment integration system of their own. "We are excited to get in-principle approval from RBI for our payment aggregator license. This will help EnKash offer innovative products and solutions not only to our existing business ecosystem but also to bring about path-breaking and leading technological solutions to the market covering the entire payments flow," said <keyword id="8571523" type="General" weightage="50" keywordseo="yadvendra-tyagi" source="Orion">Yadvendra Tyagi</keyword>, Co-founder of EnKash. "This will help us streamline the cash flow process for businesses where they will be able to seamlessly consolidate their all payable and receivable and make necessary actions around payments," said <keyword id="19991" type="General" weightage="50" keywordseo="tyagi" source="Orion">Tyagi</keyword>, adding that the RBI's approval reiterates the need for digital solutions to manage business cash flows in an efficient way to sustain growth and profitability. EnKash now looks forward to bringing product offerings around corporate payments such as forex collections, cross-border payments, and Software-as-a-service collections. Notably, besides EnKash, several other firms have got RBI's in-principle nod to operate as payment aggregators. In 2020, the RBI issued guidelines saying firms it approves can only acquire and offer payment services to merchants. Existing non-bank entities offering payment aggregator services shall apply for such authorization. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/world-bank-sees-india-growth-slowing-to-6-6-next-fiscal/articleshow/96906506.cms">World Bank sees India growth slowing to 6.6% next fiscal</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/live-ecommerce-startup-working-with-local-artisans-raises-6-million-in-seed-round-led-by-elevar-equity/articleshow/96909740.cms">Live ecommerce startup working with local artisans raises $6 million in seed round led by Elevar Equity</a>

EnKash gets RBI's in-principle nod to operate as payment aggregator

New Delhi [India], August 1 (ANI): The <keyword id="6354335" type="General" weightage="20" keywordseo="Reserve-Bank-of-India" source="Orion">Reserve Bank of India</keyword> (<keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords">RBI</keyword>) has released a draft framework on alternative <keyword id="20470059" type="General" weightage="20" keywordseo="authentication" source="keywords">authentication</keyword> mechanisms to supplement the SMS-based OTP system for digital <keyword id="22624644" type="General" weightage="20" keywordseo="payment-transactions" source="keywords">payment transactions</keyword>. The RBI noted, "No specific factor was mandated for authentication, but the <keyword id="19989657" type="General" weightage="100" keywordseo="digital-payments" source="keywords">digital payments</keyword> ecosystem has primarily adopted SMS-based OTP as <keyword id="22624645" type="General" weightage="20" keywordseo="additional-factor-of-authentication" source="keywords">Additional Factor of Authentication</keyword> (AFA). While OTP is working satisfactorily, technological advancements have made available alternative authentication mechanisms." The draft discusses the Additional Factor of Authentication (AFA), which involves using more than one factor to authenticate a payment instruction. It requires that the process validate and confirm the credentials of the customer initiating the payment. Furthermore, the draft specifies that issuers must obtain explicit consent from customers before enabling any new authentication factor. Customers should also have the option to deregister from using the new authentication method. The draft states, "All digital payment transactions, other than card present transactions, shall ensure that one of the factors of authentication is dynamically created, i.e., the factor is generated after initiation of payment, is specific to the transaction and cannot be reused." Additionally, the draft mandates that issuers must have a system to alert customers in near real-time for all eligible digital payment transactions. It also prohibits transaction issuers from entering into exclusive arrangements with any Payment Service Provider or Technology Service Provider, which could limit their ability to implement alternative authentication solutions. RBI has proposed <keyword id="22624646" type="General" weightage="20" keywordseo="e-mandates" source="keywords">e-mandates</keyword> for <keyword id="21970493" type="General" weightage="20" keywordseo="recurring-transactions" source="keywords">recurring transactions</keyword> in mutual funds, insurance premiums, credit card bill payments for values up to Rs 1 lakh and in respect of all other categories for value up to Rs 15,000. The banking regulator also suggests that issuer shall be liable for the process and technology deployed for authenticating digital payments. There should also be a system of alerting the customer in near real time for all digital payment transactions. The draft notes that small value card present transactions up to Rs 5000 per transaction in contactless mode at Point of Sale (PoS) terminals are exempt from the AFA requirement. The central bank has invited comments and feedback on the draft framework until September 15, 2024. The proposed alternative authentication mechanisms aim to provide more choices for authentication factors to Payment System Operators and users.

RBI proposes alternative methods for authentication of digital payments, in addition to SMS-based OTP system

<ul class="summary-list"><li>This is a preview of The Payments Ecosystem research report from Business Insider Intelligence.</li><li><a href="https://store.businessinsider.com/products/the-payments-ecosystem?IR=T&amp;itm_source=businessinsider&amp;itm_medium=content_marketing&amp;itm_campaign=report_teaser&amp;itm_content=full_report_text&amp;itm_term=store_text_link-credit-card-processing-companies&amp;vertical=paycom#!/">Purchase this report.</a></li><li><a href="https://store.businessinsider.com/products/payments-commerce-pro-membership?IR=T&amp;itm_source=businessinsider&amp;itm_medium=content_marketing&amp;itm_campaign=report_teaser&amp;itm_content=top_text&amp;itm_term=bii_subscription_text_link-credit-card-processing-companies">Business Insider Intelligence offers even more consumer coverage with Payments &amp; Commerce Pro. Subscribe today to receive industry-changing payments and commerce news and analysis to your inbox.</a></li></ul>Credit card processors are mostly responsible for data transmission and security when you use your card at a store or online to make a purchase.There are two types of processors in the payment-card system. Front-end processors route transactions from merchants to the cardholder's bank to gain authorization; that is, they make sure a customer has enough available credit or funds to make a purchase. Back-end processors are responsible for a fund's settlement, which ends with the merchant receiving a deposit for transactions. Below, we've outlined the major players in credit card processing and described their major strengths.<h2>Bank of America </h2>Bank of America Merchant Services has the advantage of functioning within the second-largest bank in the U.S. The service promises acceptance of all kinds of payments (credit cards, debit cards, electronic checks, and gift cards), access to funds on the next business day, and mobile support.<h2>Citibank</h2>The consumer division of Citigroup processes transactions in more than 100 currencies. It offers end-to-end processing services, from pricing to transactions, reporting, customer service, and billing.<h2>Wells Fargo</h2> One of the "Big Four" <a href="https://www.businessinsider.com/largest-banks-us-list">U.S. banks</a>, Wells Fargo offers next-business day funding, encryption and tokenization technology, and support for both PIN and signature transactions.<h2>JPMorgan Chase </h2>Chase Paymentech, the payment processing arm of the largest bank in the U.S., authorizes and processes payments in more than 130 currencies. And like its peers, it offers analytics, fraud detection, and security solutions.<h2>Barclays</h2>Barclaycard payment solutions facilitates in-person, phone, web, and even mail order payments through desktop and portable card machines.<h2>Fiserv </h2>In on of the largest fintech tie-ups of 2019, Fiserv acquired First Data for an all-stock deal of $22 billion. Together, the companies provide a range of technology solutions to banks, merchants, and other businesses. Fiserv, a core banking vendor with a client list of 12,000 financial institutions (FIs), offers services including processing credit and debit card transactions for banks, while First Data provides payment processing and technology to over 4,000 FIs.<h2>TSYS</h2>Short for Total System Services, TSYS supports millions of buyers and sellers around the world through four major branches: issuing services, acquiring services, prepaid solutions, and merchant solutions.<h2>Global Payments</h2>Global Payments focuses on ensuring businesses accept all major forms of payments. To that end, its services include credit/debit/purchasing cards, electronic check conversion, money transfer, verification and recovery services, gift/loyalty cards, check guarantee, ACH checks, financial EDI services, and point-of-sale equipment.<h2>FIS</h2>In 2019 Fidelity National Information Services Inc. (FIS) acquired Worldpay for $35.36 billion in the largest-ever fintech deal. UK-based Worldpay is one of the longest-tenured online payment platforms, providing several payment services for both online and in-store channels, as well as many different services across channels, which diversifies its revenue streams. This acquisition could give FIS access to major e-commerce volume, as Worldpay processes <a href="https://www.nytimes.com/2019/03/18/business/dealbook/fis-worldpay-deal.html">40 billion</a> transactions annually.<h2>Galileo</h2>Salt Lake City-based Galileo Financial Technologies Inc offers APIs and a platform powering payment processing, banking, money transfers, and lending services for leading fintechs including Chime, Robinhood, Varo, and Transferwise to develop financial solutions.<h2>Adyen</h2>Adyen provides e-commerce companies with a payment platform that includes gateway, risk management, and front-end processing services. Adyen is a full-stack gateway and has famous merchants like Facebook and Spotify as clients. The company has brought in merchants thanks to its single platform that can support payments in any channel across 100 different payment methods and 200 countries. In early 2018 eBay replaced PayPal with Adyen as its top processor<h2>BC Card</h2>Seoel-based BC Card is South Korea's biggest payment processing company, offering end-to-end payment services including acquiring, local network operation, card issuing, and mobile payment solutions to both financial institutions and merchants. <h2>Nets</h2>Denmark-based payment processor Nets recently closed multiple deals including its merger with major European processor Concardis and acquisition of Poland-based card acquirers Dotpay and eCard for 73 million euros ($84 million).<h2>Kabbage</h2>Digital payment firm Kabbage has developed a solution that is more accessible to SMBs and midmarket sellers, in turn bringing digitization to these segments, which are two of the largest <a href="https://www.gep.com/research-reports/paystream-accounts-payables-insight-2018-report">sets</a> of check users. <h2>Elavon</h2>Formerly known as NOVA, this company is a subsidiary of U.S. Bancorp. Elavon processes payments in more than 30 countries for more than one million merchants.<h2>More to Learn</h2>These card processors handle so much volume and so many dollars every day, but they are still just one piece of the larger payments ecosystem, which includes issuers, merchants, and more.That's why Business Insider Intelligence spent months putting together the greatest and most exhaustive guide on the world of payments entitled The Payments Ecosystem Report.Interested in getting the full report? Here's how to get access:<ol><li>Purchase &amp; download the full report from our research store. &gt;&gt; <a href="https://store.businessinsider.com/products/the-payments-ecosystem?IR=T&amp;itm_source=businessinsider&amp;itm_medium=content_marketing&amp;itm_campaign=report_teaser&amp;itm_content=full_report_text&amp;itm_term=store_text_link-credit-card-processing-companies&amp;vertical=paycom#!/">Purchase &amp; Download Now</a></li><li>Sign up for Payments &amp; Commerce Pro, Business Insider Intelligence's expert product suite keeping you up-to-date on the people, technologies, trends, and companies shaping the future of consumerism, delivered to your inbox 6x a week. &gt;&gt; <a href="https://store.businessinsider.com/products/payments-commerce-pro-membership?IR=T&amp;itm_source=businessinsider&amp;itm_medium=content_marketing&amp;itm_campaign=report_teaser&amp;itm_content=learn_more_text&amp;itm_term=bundle_subscription_text_link-credit-card-processing-companies">Get Started</a></li><li>Join thousands of top companies worldwide who trust Business Insider Intelligence for their competitive research needs. &gt;&gt; <a href="https://www.businessinsider.com/intelligence/corporate?IR=T&amp;itm_source=businessinsider&amp;itm_medium=content_marketing&amp;itm_campaign=report_teaser&amp;itm_content=learn_more_text&amp;itm_term=enterprise_text_link-credit-card-processing-companies">Inquire About Our Enterprise Memberships</a></li><li>Current subscribers can read the report <a href="https://intelligence.businessinsider.com/post/the-payments-ecosystem-the-biggest-shifts-and-trends-driving-short-and-long-term-growth-and-shaping-the-future-of-the-industry-2019-11">here</a>.</li></ol>

A list of the biggest credit card merchants and payment processing companies in 2020

India's leading digital payments platform <a href="http://www.businessinsider.in/Snapdeal-owned-FreeCharge-sets-Rs-20000-crore-business-target-by-March-2017/articleshow/50667008.cms">Freecharge </a>has appointed <keyword id="3339827" type="UNKNOWN" weightage="100" keywordseo="Fareed-Jawad">Fareed Jawad</keyword> as the Vice President for its Principal Product Architect as well as Payments. For this role, Fareed would be required to to build payments technologies at <a href="http://www.businessinsider.in/FreeCharge-wants-to-joinRBIs-bill-payment-system/articleshow/50296635.cms">Freecharge</a>, and lead the efforts on building technologies for solving the unique payments problems that India faces. 
 
Before this, Fareed was serving as Principal Product Architect at Amazon India, building the core payment processing infrastructure as a part of his role. Prior to that, he has worked with Flipkart as Director - Product Management and was also a part of the core team that launched PayZippy. 
 
"Fareed's appointment reaffirms Freecharge's commitment to hiring the industry's best talent. We are on a cusp of a revolution to accelerate the <a href="http://www.businessinsider.in/Fintech-sector-attracting-talent/articleshow/51991900.cms">FinTech </a>capabilities in India. We look forward to Fareed's contribution in strengthening our technical expertise and payments capabilities with his in-depth understanding of payments sector. Fareed will be responsible for developing products for customers and merchants both online and offline, in line with our vision to be the digital OS for the <a href="http://www.businessinsider.in/Attention-please-PayTM-FreeCharge-files-patent-for-OTP-alternative/articleshow/50120232.cms">payments business</a> in India." said Govind Rajan, COO, <a href="http://www.businessinsider.in/Freecharge-gets-fund-booster-as-Snapdeal-readies-to-raise-300-million/articleshow/49565011.cms">Freecharge</a>. 
 
Fareed has had a long stint in the payments industry, being associated with it right from the earliest payment gateways with VeriFone in the US. His career path also included stints with large payment processors like Moneris Solutions in Canada and eFunds/FIS.

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A list of the biggest credit card merchants and payment processing companies in 2020

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