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New Delhi: 78 per cent of consumers now prefer to do most of their banking digitally through <keyword id="19915384" type="General" weightage="20" keywordseo="mobile-apps" source="keywords">mobile apps</keyword> or websites, according to the Alkami report. This shift is part of a broader trend towards <keyword id="21227659" type="General" weightage="20" keywordseo="cashless-transactions" source="keywords">cashless transactions</keyword> and <keyword id="21012835" type="General" weightage="20" keywordseo="contactless-payments" source="keywords">contactless payments</keyword>, which have become the default for many, especially since the COVID-19 pandemic. According to the report, nearly 80 per cent of financial institutions have seen an increase in cashless transactions over the past two years. This change has been accelerated by the pandemic, with many consumers opting for digital payments to avoid handling cash. About 60 per cent of these institutions noted that the volume of cashless transactions has surged by more than 20 per cent. Cashless payments aren't a new concept--personal checks and credit cards have been around for decades. However, today's digital payments, whether made through a smartphone, laptop, or tablet, are quickly becoming the standard. The convenience and safety of these transactions, especially in a post-pandemic world, have made them more popular than ever. Allison Cerra, Chief Marketing Officer at Alkami Technology, said, "The banking leaders of the future will be those that can harness data for the best use, gain a holistic view of their relationships, and meet the rapidly changing needs of digital consumers." With more people turning to <keyword id="20028215" type="General" weightage="20" keywordseo="digital-banking" source="keywords">digital banking</keyword>, there's been a noticeable decline in the use of ATMs and checks. Chad Rogers, Executive Vice President at Connexus Credit Union, noted that even millennials are moving away from traditional banking methods. "What we're seeing, even with our millennial users, is that they're no longer ordering checks, or making cash withdrawals from our ATMs as we would expect. Instead, they are self-serving from home or wherever they are. They're moving money through our digital banking platform," he said. Interestingly, even though fewer people are visiting bank branches in person, their overall engagement with banks has increased. Thanks to the ease of mobile and <keyword id="19998466" type="General" weightage="20" keywordseo="online-banking" source="keywords">online banking</keyword>, customers are now interacting with their banks more frequently, often on a daily basis. While cashless transactions are on the rise, the adoption of cryptocurrency is growing more slowly. Around 21 per cent of financial institutions reported that their customers are asking for Bitcoin products and services. Although this is still a relatively small percentage, 35 per cent of banks believe that offering cryptocurrency options could give them a competitive edge. Banks are also feeling the heat from fintech companies like PayPal, Stripe, and Venmo. Jamie Dimon, CEO of JPMorgan Chase, has called these fintechs "enormous competitive threats" to traditional banking. The popularity of fintechs has only increased during the pandemic, with many consumers turning to these platforms for their financial needs. Despite the competition, some banks are partnering with fintechs to stay relevant. According to the report, 50 per cent of banks and 40 per cent of credit unions have teamed up with fintech companies in the past three years to enhance their digital offerings. Looking ahead, many experts believe that the future of banking will revolve around personalised experiences. However, only about a quarter of financial institutions are currently using hyperpersonalization to gain a competitive advantage. There's a growing opportunity for banks to leverage personalised recommendations and offers to better serve their customers. Data is also playing a crucial role in this digital transformation. Most banks are now using data analysis to improve customer experiences, guide decision-making, and reduce development time and costs. By unlocking the potential of customer data, banks can better anticipate their clients' needs and offer tailored solutions. Allison Cerra Chief Marketing Officer at Alkami Technology, said, "We are now at a place where technology has democratised financial advice and counsel. It is no longer just the privileged upper class who can afford to get financially fit and prepare for the future."

78 pc of consumers choose digital banking over cash transactions

<ul class="summary-list"><li>Some retailers and fast-food chains are limiting their operations following a global IT outage.</li><li>McDonald's Japan said some of its stores had temporarily closed.</li></ul>A <a target="_blank" class="" href="https://www.businessinsider.com/major-disruptions-airline-bank-london-stock-exchange-microsoft-outage-2024-7">massive IT outage</a> has taken its toll on some grocery stores, retailers, and fast-food giants around the world.Starbucks' mobile-ordering system appears to be experiencing widespread issues in the US, with stores listing their order-ahead function as "not available."One barista in Atlanta, whose identity has been verified by BI, said that mobile orders weren't operating at their store. "Definitely a weekend that I'm glad to be not working," they said.Various Reddit users, whose identities haven't been verified by BI but who say they're Starbucks baristas, said the disruptions led to chaos at their stores and <a target="_blank" class="" href="https://www.reddit.com/r/starbucks/comments/1e74zsd/is_everyone_surviving_the_outages/">long lines</a> of <a target="_blank" class="" href="https://www.reddit.com/r/starbucksbaristas/comments/1e70xwb/everything_is_down_and_were_still_open_and_doing/">angry and impatient customers</a>. Some said that their stores had closed over the issue.Starbucks did not immediately respond to a request for comment from BI.McDonald's Japan said on Friday some of its stores had temporarily closed or were only running limited operations because of a malfunction of their in-store cash registers. <a target="_blank" class="" href="https://www.bloomberg.com/news/articles/2024-07-19/mcdonald-s-in-japan-hit-by-systems-outage-closing-30-of-stores">Bloomberg</a> reported that about a third of outlets in Japan were closed on Friday.A McDonald's spokesperson later told Business Insider that all its restaurants in Japan were open and operating.The Australian grocery-store chain Woolworths told BI that some stores had been affected by the IT issue. The chain said that all but six stores were open, while some had fewer checkouts functioning.A banner on Woolworths' website said it was "experiencing intermittent technical difficulties instore and online."Coles, another Australian grocery-store chain, told BI it was being "affected by a global technical issue which is disrupting some of our systems in our supermarkets and liquor stores."A spokesperson from the UK grocery-store chain Morrisons told BI that it was "experiencing some issues with payment in some stores." And a spokesperson for Waitrose, another UK grocery-store chain, told BI it had "briefly" experienced issues with contactless payments.Various other companies reported issues with some card payments not working on Friday.Transport for Ireland <a target="_blank" class="" href="https://x.com/TFIupdates/status/1814207452105060808">said</a> that the top-up app for its transport passes had been down for several <a target="_blank" class="" href="https://x.com/TFIupdates/status/1814295821069750528">hours</a>. WWF Australia <a target="_blank" class="" href="https://x.com/WWF_Australia/status/1814212390348894368">said</a> that its credit-card-donation system was down and told people to donate via PayPal instead. Trelissick, a country house in Cornwall, England, <a target="_blank" class="" href="https://x.com/NTTrelissick/status/1814231647945896189">said</a> that visitors couldn't pay by card. A cinema and café in Bristol, England, <a target="_blank" class="" href="https://x.com/wshed/status/1814222356807598554">said</a> that it could only accept cash.<a target="_blank" class="" href="https://www.bloomberg.com/news/live-blog/2024-07-19/microsoft-cloud-technical-outage-updates">Bloomberg</a> reported that staff at the Ocean Park Marriott in Hong Kong were using pen and paper to check guests in. "We are actively working with our vendors to resolve issues that have impacted certain hotel systems," a spokesperson for Marriott International told BI.Major airlines, banks, and supermarkets are experiencing widespread disruptions linked to an IT outage after Microsoft reported problems with its online services, linked to an issue at the cybersecurity firm CrowdStrike.But not all retailers have been affected. Representatives for the UK grocery-store chains Asda, Sainsbury's, and Marks &amp; Spencer told BI that they were operating as normal. And a spokesperson for the US-based chain Kroger said it wasn't experiencing any major issues.

Global IT outage hits Starbucks mobile-order system and card payments at businesses

Homegrown consumer electronics startup <keyword id="6359801" type="General" weightage="20" keywordseo="seven" source="Orion">Seven</keyword> on Wednesday launched an innovative smart wearable ring – called '<keyword id="19159765" type="General" weightage="20" keywordseo="7-Ring" source="Orion">7 Ring</keyword>' for contactless payment. The ring has been crafted using premium Zirconia Ceramic material that gives it a premium look and makes it durable. The 7 Ring comes in seven different sizes, providing a comfortable and customised fit for all users. With its seamless and hassle-free payment technology, users can effortlessly make transactions, from their morning coffee to their evening cocktail, with a simple tap, the company said. "With its chic design, durability, and convenient payment capabilities, 7 Ring is the perfect blend of style and technology, catering to the needs of modern consumers," <keyword id="19430234" type="General" weightage="80" keywordseo="vijay-khubchandani" source="Orion">Vijay Khubchandani</keyword>, Founder &amp; CEO of Seven, said in a statement. According to the company, the ring's contactless payment feature enables users to make secure payments without the need for a wallet, phone, app, pin, or OTP, revolutionising the way transactions are made. The ring is engineered with the latest NFC technology, ensuring a seamless and reliable connection without the need for Bluetooth. Its dustproof and waterproof features make it suitable for everyday wear, enabling users to embrace an active lifestyle without compromising on style or functionality. In addition, its scratch resistance ensures long-lasting beauty and functionality, making it an ideal accessory for daily wear. Managed by an easy-to-use app, users can enjoy a safe and smooth transaction experience, empowering them to embrace a more convenient and secure payment lifestyle. SEE ALSO:<a href="https://www.businessinsider.in/business/auto/webstories/six-out-of-the-top-ten-most-selling-cars-in-india-in-october-are-from-maruti-suzuki/slidelist/105063023.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/webstories/six-out-of-the-top-ten-most-selling-cars-in-india-in-october-are-from-maruti-suzuki/slidelist/105063023.cms" target="_blank">Six out of the top ten most selling cars in India in October are from Maruti Suzuki</a><a href="https://www.businessinsider.in/sports/webstories/double-centuries-in-odis-maxwells-power-packed-200-to-rohit-sharmas-three-double-tons/slidelist/105060032.cms" target="_blank"></a> <a href="https://www.businessinsider.in/sports/webstories/double-centuries-in-odis-maxwells-power-packed-200-to-rohit-sharmas-three-double-tons/slidelist/105060032.cms" target="_blank">Double centuries in ODIs – Maxwell’s power-packed 200 to Rohit Sharma’s three double tons</a><a href="https://www.businessinsider.in/tech/mobile/news/the-average-selling-price-of-smartphones-increased-in-a-flat-market/articleshow/105033814.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/the-average-selling-price-of-smartphones-increased-in-a-flat-market/articleshow/105033814.cms" target="_blank">The average selling price of Indian smartphones has increased despite a flat market</a>

Now, a '7 Ring' for contactless payment – Here's how it will work

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

New Delhi [India], February 15 (ANI): The <keyword id="19899810" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="keywords">Reserve Bank of India</keyword> on Thursday restrained a <keyword id="20601951" type="General" weightage="20" keywordseo="card-network" source="keywords">card network</keyword> that had an arrangement to enable businesses to make card payments through certain intermediaries to entities that do not accept card payments. The central bank, however, did not specify the name of the card network. "It has come to the notice of <keyword id="19922074" type="General" weightage="20" keywordseo="reserve-bank" source="keywords">Reserve Bank</keyword> of <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword> that a Card Network had an arrangement that enables businesses to make card payments through certain intermediaries, to entities that do not accept card payments. Under this arrangement, the intermediary accepts card payments from corporates for their commercial payments and then remits the funds via IMPS/RTGS/NEFT to non-card accepting recipients," the <keyword id="19899808" type="General" weightage="20" keywordseo="rbi" source="keywords">RBI</keyword> said in an official statement. "On closer scrutiny, it was observed that this arrangement qualified as a payment system. Under the provisions of Payment and Settlement Systems (PSS) Act, 2007, such payment system requires authorization under Section 4 of PSS Act, which has not been obtained in the instant case. The activity was, therefore, without legal sanction," it added. The central bank further said, "The arrangement has also raised following concerns: i) The intermediary in the above arrangement pooled large amount of funds into an account which is not a designated account under PSS Act and; ii) Transactions processed under this arrangement did not comply with the originator and beneficiary information requirements, as stipulated under Master Direction on KYC issued by the Reserve Bank." The RBI further stated that only one card network has operationalized this arrangement in the country so far. "As the matter is under detailed examination, the Card Network has been advised to keep all such arrangements under abeyance, till further orders," it said. Meanwhile, the central bank also clarified that it has not placed any restriction with respect to normal usage of business credit cards. (ANI)

RBI asks card network to restrain unauthorised commercial payment system

<ul><li>The government has warned about a new way <keyword id="19962622" type="General" weightage="20" keywordseo="scammers" source="keywords">scammers</keyword> are trying to obtain <keyword id="20189059" type="General" weightage="20" keywordseo="personal-information" source="keywords">personal information</keyword>.</li><li>Users have reportedly received an SMS asking them to update their PAN to unblock their <keyword id="20417750" type="General" weightage="20" keywordseo="bank-account" source="keywords">bank account</keyword>.</li><li>Here's everything you need to know about the <keyword id="22918614" type="General" weightage="100" keywordseo="fake-PAN-SMS" source="keywords">fake PAN SMS</keyword> and how to stay safe.</li></ul>Increased usage of the internet has also resulted in an increase in <keyword id="20025584" type="General" weightage="20" keywordseo="online-fraud" source="keywords">online fraud</keyword>. Scammers are finding new ways to fool people and steal from them. A new method has now been revealed, which preys on users with an account in <keyword id="19985316" type="General" weightage="20" keywordseo="India-Post-Payments-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="India Post Payments Bank" meta.hostid="261" meta.entityid="India Post Payments Bank">India Post Payments Bank</keyword>. According to a post by PIB Fact Check, several users have received an SMS which claims to be from India Post Payments Bank. However, the message is fake and is an attempt to steal user data. “This claim is #Fake. @IndiaPostOffice never sends any such messages. Never share your personal &amp; bank details with anyone,” PIB Fact Check said in its post on X. <div type="twitter" handle="PIBFactCheck" handlename="PIBFactCheck" favoritecount="0" retweetcount="0" id="1825494609881170290"></div> <h2>What is the fake PAN SMS?</h2> In the SMS, the user is warned that their India Post Payments Bank account has been blocked. It then asks the users to update their PAN to get their account unblocked. The user is then given a link, asking them to click on the link to update their PAN. <div type="Article" hostid="261" msid="111512587" title="Jio vs Airtel vs Vi recharge plans comparison – plan benefits and price comparison after tariff hike" mstype="2" mssubtype="0"></div> The link then redirects the user to a <keyword id="20182216" type="General" weightage="20" keywordseo="phishing" source="keywords">phishing</keyword> page, aimed at stealing user data such as their bank account login details to gain access to their account. Once you enter your bank account login details, they will be sent to the scammer. <h2>What is phishing?</h2>Phishing is a cyber-attack where attackers impersonate legitimate organisations or individuals to trick people into revealing sensitive information like passwords or credit card details. This is usually done through deceptive emails, messages, or fake websites. <h2>How to stay safe from phishing attacks?</h2>Here are some ways you can identify phishing attacks and stay safe: <ul><li>Verify the sender: Check the sender’s email address or phone number carefully. Phishers often use addresses that look similar to legitimate ones but have small differences.</li><li>Look for red flags: Be wary of unexpected messages, especially those requesting sensitive information or containing urgent or threatening language.</li><li>Verify before opening: Only open attachments from trusted sources. Phishing emails often contain malware disguised as legitimate files.</li><li>Add two-factor authentication: Enable two-factor authentication on your accounts. This adds an additional layer of security even if your password is compromised.</li><li>Contact directly: If you receive a request for sensitive information, verify the request by contacting the organisation directly through known and trusted channels.</li><li>Report phishing attempts: Report phishing emails to your email provider or the relevant authorities. This helps in tracking and stopping phishing schemes.</li></ul>SEE ALSO: <a href="https://www.businessinsider.in/tech/how-to/how-to-add-music-to-instagram-profile/articleshow/112732934.cms">You can now add music to your Instagram profile – here's how</a> <a href="https://www.businessinsider.in/business/auto/webstories/2024-tvs-jupiter-vs-honda-activa-6g-which-110cc-scooter-should-you-buy/slidelist/112730069.cms">2024 TVS Jupiter vs Honda Activa 6G – which 110cc scooter should you buy?</a> <a href="https://www.businessinsider.in/tech/mobile/webstories/iqoo-z9s-pro-vs-moto-edge-50-fusion-which-is-the-best-smartphone-under-25000/slidelist/112703633.cms">iQOO Z9s Pro vs Moto Edge 50 Fusion – which is the best smartphone under ₹25,000?</a>

Govt warns about fake SMS asking users to update their PAN – what it is and how to stay safe

<ul class="summary-list"><li>The US Department of Justice filed a lawsuit accusing Visa of engaging in <a target="_blank" class="" href="https://www.businessinsider.com/visa-investigation-justice-department-possible-anticompetitive-practices-wsj-2021-3">anticompetitive behavior</a>.</li><li>Prosecutors say the financial giant's monopolistic actions affect "the price of nearly everything."</li></ul>Visa is in the antitrust crosshairs.The US Department of Justice filed a lawsuit on Tuesday arguing that the payment processing giant illegally maintained a monopoly with anti-competitive behavior and imposed unfair costs on customers and merchants."We allege that Visa has unlawfully amassed the power to extract fees that far exceed what it could charge in a competitive market," Attorney General Merrick Garland said in a statement. "Merchants and banks pass along those costs to consumers, either by raising prices or reducing quality or service. As a result, Visa's unlawful conduct affects not just the price of one thing — but the price of nearly everything."Visa did not immediately respond to Business Insider's request for comment on the lawsuit.In the complaint, filed in the Southern District of New York, prosecutors said Visa handles more than 60% of US debit transactions, earning the company more than $7 billion in fees a year.Visa's use of "generous monetary incentives and threatening punitive additional fees" enable the company to maintain an illegal monopoly in the debit card processing market, prosecutors said.The suit follows a yearslong investigation that followed <a target="_blank" class="" href="https://www.businessinsider.com/plaids-blocked-acquisition-was-a-shocking-shift-vcs-say-2021-1">Visa's attempted $5.3 billion acquisition of fintech company Plaid</a>, which the Department of Justice sued to block in 2020. The two companies abandoned the deal the following year.Visa acknowledged that the Department of Justice was planning to investigate its US debit card business in a 2021 <a target="_blank" class="" href="https://www.sec.gov/ix?doc=/Archives/edgar/data/1403161/000140316121000020/v-20210319.htm">filing</a> with the SEC.A key issue under scrutiny is the use of security tokens, which can be used to block the routing of payments to other networks. Rival MasterCard settled a similar matter with the Federal Trade Commission in 2022.While the scrutiny of Visa pre-dates the Biden Administration, this latest action is one of <a target="_blank" class="" href="https://www.businessinsider.com/biden-coporate-monopolies-antitrust-lawsuits-live-nation-amazon-google-meta-2024-5">several crackdowns on middlemen companies</a> that the White House argues are raising costs for American consumers."Anticompetitive conduct by corporations like Visa leaves the American people and our entire economy worse off," Principal Deputy Associate Attorney General Benjamin Mizer said in a statement. "Today's action against Visa reminds those who would stifle competition rather than competing on price or investing in innovation that the Justice Department will never hesitate to enforce the law on behalf of the American people."

US Justice Department hits Visa with antitrust lawsuit over its debit card business

<ul class="summary-list"><li><keyword id="11894021" type="UNKNOWN" weightage="60" keywordseo="apple" source="Orion">Apple</keyword> said it's launching a new <keyword id="12086981" type="UNKNOWN" weightage="60" keywordseo="payment" source="Orion">payment</keyword> feature called Tap to Pay later this year.</li><li>Tap to Pay allows customers to pay businesses by holding their iPhones close together.</li></ul>Apple <a href="https://www.businessinsider.com/reviews/out?u=https%3A%2F%2Fwww.apple.com%2Fnewsroom%2F2022%2F02%2Fapple-unveils-contactless-payments-via-tap-to-pay-on-iphone%2F">announced</a> on Tuesday that it's going to unveil a feature that will allow customers to pay merchants by holding their iPhones close together.Tap to Pay, which is expected to come out later this year, will let businesses process transactions in stores by tapping their <keyword id="11895165" type="UNKNOWN" weightage="60" keywordseo="iphone" source="Orion">iPhone</keyword> on the customer's iPhone or <keyword id="11908479" type="UNKNOWN" weightage="60" keywordseo="apple-watch" source="Orion">Apple Watch</keyword>, the <keyword id="6358815" type="UNKNOWN" weightage="60" keywordseo="tech" source="Orion">tech</keyword> giant said in a statement.Apple said the feature will accept contactless credit and debit cards, as well as <keyword id="12211805" type="UNKNOWN" weightage="60" keywordseo="apple-pay" source="Orion">Apple Pay</keyword>, Visa, American Express, Mastercard, and Discover. It added that no extra hardware or payment terminal would be needed.Apple said Stripe would be the first payment platform to offer Tap to Pay to their customers in spring, with more platforms being added later in the year.Customers' payment data will be protected via Tap to Pay in the same way that it secures transaction data through Apple Pay. The company added that all payments through Tap to Pay would be encrypted so Apple doesn't know who is buying what."Tap to Pay on iPhone will provide businesses with a secure, private, and easy way to accept contactless payments and unlock new checkout experiences using the power, security, and convenience of iPhone," Jennifer Bailey, Apple's vice president of Apple Pay and Apple Wallet, said in the statement.Tap to Pay will only be available in the US when it's launched, Apple said.

Apple will let shoppers spend money at stores by holding their iPhones close together

<ul><li><keyword id="6359421" type="UNKNOWN" weightage="60" keywordseo="visa">Visa</keyword> has expanded no-contact payments for public <keyword id="34991" type="ORGANIZATION" weightage="60" keywordseo="transportation">transportation</keyword> systems to 500 cities around the world as the pandemic continues to disrupt how people pay for things.</li><li>The financial-solutions company said <keyword id="2422895" type="PERSON" weightage="60" keywordseo="contactless">contactless</keyword> payments have gone from nice-to-have for speed and convenience, to a must-have for safety reasons.</li><li>"65% of cards on the market will be contactless by the end of this year," a credit industry analyst said.</li><li>Visa said nearly 50% of Americans feel that travelling via public transport poses a high risk of contracting COVID-19.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories</a>.</li></ul>With rising demand for safer ways to travel, Visa <a href="https://usa.visa.com/visa-everywhere/blog/bdp/2020/07/14/transit-riders-are-1594762921880.html">said</a> it is now offering "touchless" payment methods for public transportation in over 500 cities. The payment-solutions company is launching contactless Visa-branded cards with Cubic Transportation Systems in cities including London, Miami, New York, Sydney, and Vancouver.Visa's tap-to-pay project is already live in Brussels, Bratislava, Bucharest, Hong Kong, Santo Domingo, and Turin, with more deploying quickly, it said.Demand for contactless transactions reached a global low in April and were still below pre-virus levels but has substantially recovered over the last two months, Visa said, citing internal data."With open loop, contactless payments, riders can simply tap their contactless card or contactless-enabled mobile device at the terminal and ride," the company said.Citing statistics, Visa said about 50% of US citizens want better safety measures as they think using public transport poses a high health risk during the COVID-19 pandemic.Read More: <a href="https://www.businessinsider.com/stock-market-outlook-trading-strategy-for-elections-and-covid-19-2020-7">JPMORGAN: US stocks are staring down a double whammy of spiking COVID-19 cases and an uncertain election — but traders shouldn't stay away entirely. Here are 3 strategies for those looking to stay invested.</a>The US has been slow to uptake on contactless cards for fear of security breaches and lack of infrastructure to accept such payments, according to Greg Mahnken, a credit industry analyst at Credit Card Insider."65% of cards on the market will be contactless by the end of this year," he said, citing a study that noted a 6% to 8% increase in cards using radio-frequency identification (RFID) because of the pandemic.Coronavirus has spread awareness of contactless payments especially in Europe and non-US <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword>, but popularity in the US has been comparatively low — as was the case with chip cards when first introduced.Chip cards, or EMV — Europay, Mastercard, and Visa — were prompted into payment systems due to a series of significant data breaches in the US.But as consumers struggle with fears for personal health, the technology used in contactless payments will be favorably looked at from here on out, Mahnken said.In case a customer does not have a contactless card, they may still load it into a mobile wallet and put in a fingerprint security for it to go right through, he advised.Read More: <a href="https://www.businessinsider.com/how-to-invest-q2-earnings-stock-market-risks-morgan-stanley-2020-7">Morgan Stanley's wealth-management chief warns investors are misreading the biggest risks to markets right now — and shares 4 ways to maximize returns as earnings roll in</a>

Visa is rolling out contactless payments on public transport in 500 cities as the pandemic-driven demise of cash continues

Credit card payments for foreign travel will be brought under the purview of the Liberalised Remittance Scheme (<keyword id="447038" type="General" weightage="100" keywordseo="lrs" source="Orion">LRS</keyword>) of the Reserve Bank, to ensure that such expenses do not escape <keyword id="6357150" type="General" weightage="80" keywordseo="tcs" source="Orion">TCS</keyword> (Tax Collection at Source). While moving the <keyword id="25455" type="General" weightage="50" keywordseo="finance" source="Orion">Finance</keyword> Bill 2023 for consideration and passage in the Lok Sabha on Friday, Finance Minister Nirmala Sitharaman said the Reserve Bank has been asked to look into ways to bring credit card payments on foreign tours under the LRS. "It has been represented that payments for foreign tours through a credit card are not being captured under the Liberalised Remittance Scheme (LRS) and such payments escape tax collection at source (TCS)," she said. The <keyword id="30067" type="General" weightage="50" keywordseo="rbi" source="Orion">RBI</keyword> is being requested to look into this with a view to bringing credit card payments for foreign tours within the ambit of LRS and tax collection at source thereon, she added. The Union Budget 2023 proposed a TCS for foreign outward remittance under LRS other than for Education and medical purposes of 20 per cent applicable from July 1, 2023. Before this proposal, the TCS of 5 per cent was applicable on foreign outward remittances above Rs 7 lakh. <keyword id="735754" type="General" weightage="50" keywordseo="tax-collected-at-source" source="Orion">Tax Collected at Source</keyword> (TCS) is an income tax, collected by the seller of specified goods, from the buyer. TCS is a concept where a person selling specific items is liable to collect tax from a buyer at a prescribed rate and deposit the same with the government. The LRS, introduced in 2004, initially permitted an outflow of USD 25,000. The LRS limit has been revised in stages consistent with prevailing macro and micro economic conditions. LRS permits Indians to freely remit up to USD 250,000 (about Rs 2.05 crore) per financial year for current or capital account transactions or a combination of both. Any remittance exceeding this limit requires prior permission from the RBI. The rules clearly mention that one can remit foreign exchange (forex) only for any permissible current account transactions or capital account transactions or a combination of both. If one wishes to invest abroad in shares, property etc, the LRS rules will define them as capital account transactions. Only certain capital account transactions are allowed under LRS rules such as opening a bank account abroad i.e. a Foreign Currency Account, purchasing real estate property overseas, for making investments overseas which includes investing in shares, mutual funds, and debt instruments amongst others. Authorised dealers, such as banks, enable such transactions between residents and their overseas dependents, using only PAN cards for verification. Besides remittances, LRS can also offer foreign exchange services to Indian citizens for medical expenses or travelling. However, corporates, partnership firms, HUFs, and charitable trusts are not eligible to use the LRS. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/debt-schemes-of-mfs-lose-edge-over-bank-deposits-as-budget-proposes-to-scrap-ltcg-indexation-benefits/articleshow/98965932.cms">Debt schemes of MFs lose edge over bank deposits as Budget proposes to scrap LTCG &amp; indexation benefits</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/canva-just-got-a-major-ai-upgrade-with-new-features-like-magic-eraser-text-to-image-and-moreheres-what-they-do/articleshow/98965377.cms">Canva just got a major AI upgrade with new features like Magic Eraser, Text to Image, and more–here’s what they do</a>

Credit card payments on foreign tours to be brought under LRS to ensure compliance with TCS

<ul><li>In our latest interview series, we talk to brands to understand how they are coping with the new normal and their strategies towards navigating these difficult times.</li><li><keyword id="2998893" type="PERSON" weightage="20" keywordseo="Manasi-Narasimhan">Manasi Narasimhan</keyword>, VP and Head, <keyword id="6354839" type="UNKNOWN" weightage="20" keywordseo="marketing">Marketing</keyword> and Communications, South Asia, <keyword id="6368201" type="UNKNOWN" weightage="20" keywordseo="mastercard">Mastercard</keyword> tells us how the brand has been communicating with its target audience and letting them know about the benefits of contactless payments.</li></ul> With the Covid-19 <keyword id="91743" type="PERSON" weightage="20" keywordseo="lockdown">lockdown</keyword>, there have been innumerable ways in which consumer behavior has evolved and adapted. One of the most prominent things to have happened is a consumer’s need for contactless deliveries and payments, to ensure the virus is not passed on. A recent report by PwC revealed that while <keyword id="1399736" type="PERSON" weightage="20" keywordseo="Digital-Payment">digital payment</keyword> volumes declined in sectors like aviation, tourism, hospitality, hotels, entertainment, e-commerce (non-essentials) and restaurants, there was also an uptick in areas like online grocery stores, online pharmacies, OTT players (telecom and media), EdTechs, online gaming, recharges and utility/bill payments. Another survey of 42,000 respondents conducted by consultancy firm Local Circles revealed that the lockdown benefited digital payment platforms with 42% of Indians having increased the use of digital means during the first few weeks of the lockdown. With an increase in overall digital payments, contactless payments are also seeing a surge and Mastercard has been working on educating consumers about the benefits and importance of contactless payments, Manasi Narasimhan, VP and Head, Marketing and Communications, South Asia, Mastercard tells us. Excerpts: Q) Owing to the lockdown, digital transactions have seen an uptick. How have things been for Mastercard in the period following the lockdown? What kind of impact has the lockdown had on you? We are living in uncharted times. Balancing the need to protect ourselves and maintain our daily lives is the challenge facing everyone around the planet. Due to the uncertainty that lies ahead, people are learning that they must make different choices. This includes how we pay. At Mastercard, we remain committed to accelerate digital payments throughout. With the lockdown we’ve all become conscious about our health and sanitation habits and are avoiding crowded places. Online shopping is becoming the new way of buying essentials. Under normal circumstances, contactless cards would provide an easier and safer way to pay. In unusual times like these, the benefits they provide are even more valuable. Contactless cards are also safe and secure. They work with EMV secure chips and each contactless transaction includes a unique code that changes with each purchase to ensure that your details and transactions are secure. Even if you tap your card more than once for a single purchase, the transaction only takes place once, keeping you covered from unintended usage. You also get instant alerts for every transaction always keeps you notified of your card’s usage. While transacting through contactless cards, you are always in control as you don’t need to hand over the card at the payment counter.This contactless technology also empowers some of the most financially vulnerable with a safe and secure way to make and receive payments.Hence, we continue in our endeavor to educate the customer on the benefits and importance of contactless payments. Q) Have there been any interesting consumer trends you have observed in the lockdown period? In the current environment,it is relatively safe and easy to do online shopping. Hence this is one trend that I see picking up. In physical stores, there is an uptick in contactless payments as well. In fact, a report by Local circles mentions that 42% of Indians have increased digital payments during the lockdown, bringing a lot of first-time users, who were not tech savvy, closer to the digital payment’s ecosystem as well. Consumers are aware of contactless deliveries and are availing such doorstep delivery for their essentials. There is also an increased focus on health, hygiene and well-being. Q) As a marketer, what has your priority been in these last few weeks? My priority remains to be in touch with my teams and agency partnersand I have done this effectively through virtual meetings. Even when life recovers post Covid-19, I think these virtual sessions will be here to stay, ensuring business continuity in the new normal. I am also focused on how our business can serve our customers even during these times. We continue to educate the consumer and merchants on the benefits of contactless cards and digital payments. We also continue to educate the consumer on safety of digital payments and are committed to creating innovative payments solutions that deliver enhanced safety and security at every touchpoint, to enable simple, frictionless consumer experiences. I believe that once consumer and merchant behavior changes, it will transform the ecosystem. Q) How have you been engaging and communicating with your consumers during this period? We have undertaken various initiatives to engage with our consumers in this new normal. We are now comfortable with virtual meetings and calls and are constantly brainstorming on ways in which we can connect with our stakeholders. For us collaboration is key and we are working closely with all our stakeholders including banks and merchants to promote safety of using cards to shop online. We are educating customers through social media campaigns and use of various celebrities and influencers on contactless technology. It works best since there is no physical touch that is required – ensuring personal safety along with minimizing the risk of payment fraud. We also continue to work with small businesses to offer them free tools that will help them better track and manage expenses and help them digitize which will be a requirement in the new normal. We have also come out with various campaigns during this time. Our campaign #ThankYouVyapaariyo was developed specially to thank small merchants. This campaign was an extension of our strategic goal of enabling 10 million merchants with digital payments acceptance infrastructure and financial literacy by end 2020. Similarly, we are exploring new ways of engaging with the audience with snackable content like listicles, videos and webinars. Q) How did your media mix evolve during the period? Most brands are digital and TV heavy right now. Is it the same for you? Our focus continues to be Digital &amp; TV. With any campaign that we undertake, the objective is always to first create awareness, comprehension and then behavioral change. Television has the best track record of behavior change, of salience and brand recall. Digital is also something that is part of the mix especially seeing its growth and reach during the lockdown. We are also open to use influencers to spread our message. I always say that the media mix really depends on the objective.We are open to anything as along as it works for the audience, works for our message and delivers us return on investment. Those are the only three criteria that one would have. Q) What have your key learnings been from this experience so far? The current situation has made me believe more than ever that while marketers need to stay relevant, they cannot be opportunistic but seek more to serve the customer. Brand and corporate reputation while hard to measure becomes an asset in times of crisis. At such times customers turn to what they know and it is critical to maintain the trust of our customers. This will help them to stick by us in good times and bad. Q) There is now hope that things will slowly go back to normal now. How are you, as a brand, preparing for the post-Covid world? I believe this is an opportunity for us as a brand to show that we genuinely care about our customers and stakeholders. We will continue to extend our expertise to all the stakeholders we work with including banks, merchants, retailers, those in the e-commerce industry and help them to transition smoothly to the new normal. Since more than 80% retail transactions in India are below ₹2000, we will continue to educate the consumers that contactless cards are the best way to make super quick, safe and secure payments. We will work towards helping merchants optimize their consumer experience, especially regarding queue management, cashier throughput, cash handling and associated logistics. We will also communicate consistently with timely updates and information on our business continuity plans. This will help us as a brand to evolve and endure during these difficult times. Q) How have you made sure that your marketing communications during this period did not come across as opportunistic? I have been especially focused on this and as a brand I feel we need to continue to support our customers. Consistent communication with a humane approach is the need of the hour. Customers can see through opportunistic communication that only seeks to sell. During these times, every action you take could be good or detrimental to your brand. However, by using empathy to craft an informative social media campaign or internal communication campaign, you could reach your audience in an authentic way and build trust. Q) What are a few things that a marketer should be careful about and keep in mind during times of crisis? As a marketer, one needs to always be vigilant about protecting their brand reputation and more so during times of crisis. While everyone is adjusting to the new normal there are many risks that can arise. This includes brand reputation risks, brand safety risks, privacy risk, cybersecurity risks, financial risk, all within the context of marketing.Moreover, I feel that intelligent brands will realize they need to activate their purpose now. If brands start communicating authentically, they will be perceived as trustworthy and this will help them gain in the long term. Consumers will have less patience for brands that are looking for immediate gains. Brands that understand their customers in a crisis and stand by them will significantly increase affinity for themselves. And as everything goes online and there is a rise in the number of interconnected devices,another thing we will need to keep in mind is the importance of data privacy. There is an imperative and opportunity to protect the digital ecosystem. As a financial brand we recognize the importance of earning and maintaining the trust of our customers, cardholders and consumers and we need to be even more vigilant now.

Marketing in the times of Covid-19: Mastercard

<ul><li><keyword id="6355975" type="COMPANY" weightage="20" keywordseo="axis-bank">Axis Bank</keyword> has launched its own line of <keyword id="10907008" type="UNKNOWN" weightage="20" keywordseo="wearable-payment-devices">wearable payment devices</keyword> called ‘Wear N’ Play’ for ₹750 (around $10) a piece.</li><li>India’s largest banking institution, the <keyword id="6354731" type="UNKNOWN" weightage="20" keywordseo="state-bank-of-india">State Bank of India</keyword> (SBI), also launched its own wearable payments device in October last year called Titan Pay.</li><li>The launch of these devices comes on the heels of the <keyword id="6354335" type="ORGANIZATION" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> (RBI) increasing the limit for contactless transactions from ₹2,000 to ₹5,000.</li></ul>After the push on digital payments, Indian authorities now want <keyword id="2510649" type="PERSON" weightage="20" keywordseo="contactless-payments">contactless payments</keyword> to be the new norm for India. And, the country’s banks are following suit. After the State Bank of India (SBI) launched Titan Pay in October last year, Axis Bank has now launched its own line of wearable payment devices called ‘Wear N’ Play’. “The wearables are directly linked to the customers’ bank account and function like a regular debit card,” said Axis Bank. On March 10, India’s third largest private bank launched a band, a key chain and a watch loop, which cost just ₹750 (around $10) apiece. <div type="image" title="image003(1)" msid="81443349" hostid="261" caption="&amp;lt;p&amp;gt;Axis Bank&amp;#39;s new line of wearable contactless payments devices&amp;lt;/p&amp;gt;"></div> Just as SBI collaborated with Titan, Axis Bank developed its devices in collaboration with Thales and Tappy Technologies. The new system should allow Axis Bank customers to make a transaction at any merchant who accepts contactless payments. The move comes within two months of the Reserve Bank of India (<a href="https://www.businessinsider.in/finance/news/rbi-hikes-limit-for-contactless-card-payments-from-2000-to-5000/articleshow/79542969.cms">RBI</a>) announcing that it is raising the limit for contactless payments from ₹2,000 to ₹5,000. However, there are still concerns around the safety of contactless payments. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Type of fees for Axis Bank wearable payments device </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Charges </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Issuance fees </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 750 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Annual fees </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 500 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Replacement fee </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 750 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Daily purchase limit </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 1 lakh </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Fraud cover </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Fraud cover up to 100% purchase limit </td></tr></tbody></table>Source: Axis Bank Direct transactions without OTPs According to a survey conducted by global research firm <a href="https://assets.kpmg/content/dam/kpmg/in/pdf/2020/08/impacting-digital-payments-in-india.pdf">KPMG</a>, 50% of people are happy about the increase in limits but still have concerns about security and fraud. “This denotes that consumers tend to value security over convenience,” the report said. Leigh-Anne Galloway and Tim Yunusov from Cyber R&amp;D Lab showed how it was possible to bypass multi-factor authentication controls for tap-and-go transactions at a <a href="https://www.blackhat.com/asia-20/briefings/schedule/index.html#first-contact---vulnerabilities-in-contactless-payments-19359">Black Hat Asia</a> event in October 2020. They were able to devise various ways to get around payment limits. The bigger threat is to data privacy. Contactless systems collect an immense amount of data from users and that data can be used to track a person’s movements. While the systems themselves may be secure, all it would take is one wrong download or malware to sneak on to a user’s smartphone to gain access to whatever part of that data is stored on the device. How do wearable payment devices work? Wearables typically use near-field communication (NFC) or radio frequency identification (RFID) technology in order to link the device to a customer’s credit or debit card. This eliminates the need for them to touch public surfaces or the physical point of sale (POS) terminals. The NFC technology only gets activated when there is a minimal distance between the payment terminal and the wearable. Using chip-enabled cards to make the same transaction takes around 45 seconds, but wearables can undercut that time and pull a transaction through in just 10 to 15 seconds. According to global research firm <a href="https://assets.kpmg/content/dam/kpmg/in/pdf/2020/08/impacting-digital-payments-in-india.pdf">KPMG</a>, contactless payments are a key growth factor for digital payments in India going forward. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/kerala-high-court-issues-notice-to-central-government-over-the-chilling-effects-of-indias-new-it-rules-for-digital-news/articleshow/81432730.cms">Kerala High Court issues notice to central government over the ‘chilling effects’ of India’s new IT Rules for digital news</a> <a href="https://www.businessinsider.in/science/space/news/this-new-super-earth-is-70-bigger-than-our-planet-but-its-also-more-than-50-times-hotter/articleshow/81429152.cms">This new super Earth is 70% bigger than our planet, but it's also more than 50 times hotter</a> <a href="https://www.businessinsider.in/tech/enterprise/news/gartner-forecasts-ai-will-replace-investor-gut-feel-in-stock-market/articleshow/81442285.cms">Gartner predicts 75% of VCs will be using AI instead of their ‘gut feel’ to make decisions by 2025 — a path that companies are already discovering</a>

You Searched For "enable contactless card payment" and got 12 results

78 pc of consumers choose digital banking over cash transactions

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

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RBI asks card network to restrain unauthorised commercial payment system

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US Justice Department hits Visa with antitrust lawsuit over its debit card business

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Apple will let shoppers spend money at stores by holding their iPhones close together

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Visa is rolling out contactless payments on public transport in 500 cities as the pandemic-driven demise of cash continues

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Credit card payments on foreign tours to be brought under LRS to ensure compliance with TCS

PTI

Marketing in the times of Covid-19: Mastercard

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After SBI, Axis Bank launches its own line of wearable payment devices that only cost $10 a piece

Prabhjote Gill

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