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Union Minister of Labour and Employment <keyword id="19906409" type="General" weightage="20" keywordseo="mansukh-mandaviya" source="keywords">Mansukh Mandaviya</keyword> and Chairperson of the Central Board of Trustees, EPF, have given the green light to the proposal for a Centralised <keyword id="23037839" type="General" weightage="100" keywordseo="Pension-Payment-System" source="keywords">Pension Payment System</keyword> (<keyword id="23039389" type="General" weightage="20" keywordseo="CPPS" source="keywords">CPPS</keyword>) under the Employees' Pension Scheme, 1995. According to the Ministry of Labour and Employment, this initiative represents a major advancement by establishing a national-level centralised system, allowing pension disbursement through any bank or branch across India. Commenting on this development, Mandaviya stated, "The approval of the Centralised Pension Payment System (CPPS) marks a significant milestone in the modernization of the <keyword id="19966712" type="General" weightage="20" keywordseo="EPFO" source="keywords" meta.keywordsubtype="org" meta.entityname="EPFO" meta.hostid="83" meta.entityid="EPFO">EPFO</keyword>. By enabling pensioners to receive their pensions from any bank, any branch, anywhere in the country, this initiative addresses the long-standing challenges faced by pensioners and ensures a seamless and efficient disbursement mechanism." He added, "This is a crucial step in our ongoing efforts to transform the EPFO into a more robust, responsive, and tech-enabled organisation, committed to serving the needs of its members and pensioners better." The CPPS is expected to benefit over 7.8 million <keyword id="21992385" type="General" weightage="20" keywordseo="EPS-Pensioners" source="keywords">EPS pensioners</keyword> of EPFO. By leveraging advanced IT and banking technologies, it aims to provide a more efficient and user-friendly experience for pensioners. The CPPS will also ensure seamless pension disbursement across India, eliminating the need to transfer Pension Payment Orders (PPO) when a pensioner relocates or changes their bank or branch. This will be a significant relief for pensioners who move to their hometowns post-retirement. This facility will be launched on January 1, 2025, as part of EPFO's ongoing <keyword id="23015602" type="General" weightage="20" keywordseo="IT-Modernization" source="keywords">IT modernization</keyword> project, Centralised IT Enabled System (CITES 2.01). In the following phase, CPPS will enable a smooth transition to an <keyword id="20028363" type="General" weightage="20" keywordseo="Aadhaar-based-Payment-System" source="keywords">Aadhaar-based payment system</keyword> (ABPS). The CPPS marks a significant departure from the current decentralised pension disbursement system, where each EPFO Zonal/Regional Office maintains separate agreements with only 3-4 banks. Pensioners will no longer need to visit branches for verification at the start of their pension, as it will be credited immediately upon release. Additionally, EPFO anticipates a significant reduction in disbursement costs with the new system.

EPS Pensioners to get pension from any bank, any branch, anywhere in India from January 1, announces Mansukh Mandaviya

In a bid to bolster the safety and security of <keyword id="19989657" type="General" weightage="20" keywordseo="digital-payments" source="keywords">digital payments</keyword> and enhance regulatory frameworks, the Reserve Bank of India (<keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords">RBI</keyword>) unveiled a series of proposals aimed at fostering innovation, inclusivity, and efficiency in the financial ecosystem. These initiatives, announced by RBI Governor <keyword id="19913110" type="General" weightage="20" keywordseo="shaktikanta-das" source="keywords">Shaktikanta Das</keyword>, signify the central bank's commitment to fortifying India's digital infrastructure and promoting a conducive environment for financial transactions. One of the key announcements made by Governor Das pertained to the establishment of a Digital Payments <keyword id="21971766" type="General" weightage="20" keywordseo="intelligence-platform" source="keywords">Intelligence Platform</keyword>. This platform, leveraging advanced technologies, aims to mitigate payment <keyword id="19898489" type="General" weightage="20" keywordseo="fraud" source="keywords">fraud</keyword> risks and enhance the safety of digital transactions. According to the annual report released by the Reserve Bank of India (RBI) on May 30, there was a significant surge in the number of financial frauds reported by banks, increasing by 166 per cent year-on-year in the financial year 2023-24 to reach 36,075 cases. This figure starkly contrasts with the 13,564 cases reported in the previous fiscal year, FY23. Despite the notable rise in the number of fraud cases, there was a substantial decrease in the total amount involved in these incidents. The amount of money associated with total bank frauds plummeted by 46.7 per cent year-on-year in the financial year 2023-24, totaling Rs 13,930 crore. In comparison, the amount recorded in FY23 stood at Rs 26,127 crore. RBI has proposed a revision of the limit of bulk deposits for Scheduled Commercial Banks (SCBs) and Small Finance Banks (SFBs). This move, aimed at enhancing flexibility and aligning with evolving market dynamics, underscores the RBI's commitment to fostering a conducive environment for the banking sector. Currently, banks have the discretion to offer differential rates of interest on bulk deposits based on their requirements and Asset-Liability Management (ALM) projections. The existing bulk deposit limit for SCBs (excluding Regional Rural Banks) and SFBs, set at 'Single Rupee term deposits of Rs 2 crore and above,' was established in 2019. However, following a comprehensive review, the RBI has proposed to revise this definition to 'Single Rupee term deposits of Rs 3 crore and above' for SCBs and SFBs. In addition to the proposed revision for SCBs and SFBs, the RBI has also suggested defining the bulk deposit limit for Local Area Banks (LABs) as 'Single Rupee term deposits of Rs 1 crore and above,' mirroring the criteria applicable to Regional Rural Banks (RRBs). RBI has also unveiled plans to rationalize export and import regulations under the Foreign Exchange Management Act (FEMA), 1999. This initiative, driven by the imperative of progressive liberalization and operational flexibility, underscores the RBI's commitment to fostering a conducive environment for international trade and investment. By eliminating redundancies, enhancing clarity, and reducing procedural complexities, the RBI aims to promote ease of doing business for all stakeholders involved in cross-border trade. The RBI aims to streamline and simplify operational procedures related to export and import transactions, thereby reducing administrative burdens and enhancing efficiency for businesses and authorized dealer banks. By aligning regulations with international best practices and market realities, the RBI seeks to create a business-friendly environment conducive to fostering trade and investment growth. Simplified regulations will facilitate smoother trade transactions, encouraging businesses to explore new markets and expand their global footprint. While promoting ease of doing business, the RBI remains committed to ensuring compliance with regulatory requirements and safeguarding the integrity of the financial system. The proposed rationalization will uphold the principles of transparency, accountability, and risk management in cross-border transactions. As part of the process, the RBI plans to publish draft regulations and directions on its official website by the end of June 2024. In a bid to enhance the convenience and efficiency of digital payments, RBI has unveiled plans to expand the e-mandate framework to include recurring payments for Fastag, National Common Mobility Card (NCMC), and similar services. This initiative, aimed at modernizing payment systems and promoting financial inclusion, underscores the RBI's commitment to fostering innovation and leveraging technology to meet evolving consumer needs. The current UPI Lite service permits customers to load their UPI Lite wallets with up to Rs 2000/- and conduct transactions of up to Rs 500 from the wallet. To enhance the seamless usage of UPI Lite for customers, and in response to feedback from various stakeholders, it is suggested to integrate UPI Lite into the e-mandate framework. This integration would introduce an auto-replenishment feature for UPI Lite wallets, automatically refilling the wallet balance when it falls below a predetermined threshold set by the customer. Since the funds remain under the customer's control (transferring from their account to the wallet), it is proposed to eliminate the need for additional authentication or pre-debit notifications. Relevant guidelines pertaining to this proposal will be issued shortly. RBI has embarked on a mission to foster innovation and transformation in the financial sector with the launch of its third edition of the global hackathon, "HARBINGER 2024 - Innovation for Transformation." It would feature two primary themes: 'Zero Financial Frauds' and 'Being Divyang Friendly.' Solutions aimed at bolstering the safety and security of digital transactions, with a specific emphasis on identifying, preventing, and combating financial frauds, will be solicited. Additionally, there will be a focus on fostering inclusivity for individuals with physical disabilities. Further details regarding the hackathon will be unveiled shortly. SEE ALSO:<a href="https://www.businessinsider.in/tech/news/indian-smartwatch-shipments-remain-flat-in-q1-2024-the-year-expected-to-end-in-a-decline/articleshow/110789121.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/indian-smartwatch-shipments-remain-flat-in-q1-2024-the-year-expected-to-end-in-a-decline/articleshow/110789121.cms" target="_blank">Indian smartwatch shipments remain flat in Q1 2024, the year expected to end in a decline</a><a href="https://www.businessinsider.in/tech/news/computex-2024-intel-debuts-lunar-lake-chips-with-focus-on-microsofts-ai-ambitions-for-pcs/articleshow/110745670.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/computex-2024-intel-debuts-lunar-lake-chips-with-focus-on-microsofts-ai-ambitions-for-pcs/articleshow/110745670.cms" target="_blank">Computex 2024: Intel Debuts Lunar Lake Chips With Focus On Microsoft’s AI Ambitions For PCs</a><a href="https://www.businessinsider.in/business/auto/news/may-auto-sales-tata-motors-and-hyundai-continue-to-fight-for-the-second-spot-as-car-sales-grow-by-4/articleshow/110649713.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/may-auto-sales-tata-motors-and-hyundai-continue-to-fight-for-the-second-spot-as-car-sales-grow-by-4/articleshow/110649713.cms" target="_blank">May Auto Sales – Tata Motors and Hyundai continue to fight for the second spot as car sales grow by 4%</a>

RBI announces digital payments intelligence platform to check online frauds

<ul><li><keyword id="3005928" type="General" weightage="20" keywordseo="fastag" source="Orion">FasTag</keyword> technology is adapting to a new market</li><li>Your FasTag can now pay for more transactions like fuel and food</li><li>Startups like <keyword id="4064372" type="General" weightage="20" keywordseo="numadic" source="Orion">Numadic</keyword> are enabling this ecosystem with new products </li></ul> FasTag technology has been around since 2014, with the earliest rendition of the tech being limited to toll tax payments. Like any fast e-commerce technology in India, like UPI, our country was quick to adapt to Fastag as well. Almost 10 years in, Fastag’s adaptation to more payment gateways have been fairly slow, with most famously being adapted to car parkings. This might change soon, and if startups like Numadic are to be followed up, the autonomous vehicular payment sector is a booming business. FasTag as it exists - Let’s talk numbers As per official data as of January 2021 54.6 lakh cars on roads are enabled by FasTag in India. Since then the number has only increased. As of today The FASTag system has expanded its coverage to encompass 1,228 toll plazas, which includes 339 state toll plazas. With a penetration rate of approximately 97 percent, the system has issued over 6.9 crore FASTags to users. What does Numadic do? NUmadic has formed partnerships with Hindustan Petroleum and Indian Oil to implement FASTags for fuel payments. The platform has witnessed significant growth, handling close to $1 million in vehicle transactions on a daily basis. The pilot phase commenced in October 2021. Notably, ICICI and IDFC First Bank have initiated the rollout of FASTag-enabled fuel payments at specific outlets through collaborations with petroleum giants such as Indian Oil and Hindustan Petroleum. Additionally RFID technology streamlines electric vehicle (EV) fleet management. By placing RFID readers in the vehicles and employing RFID tags for driver identification, managers can enhance route optimization, monitor vehicle usage, and boost overall efficiency. The future for gateway payments is only expanding and we will be covering it more moving forward. Our readers can also expect a video depicting the format soon. For more informative content make sure to check out our <a href="https://www.instagram.com/businessinsiderin/reels/">social media</a>.

Cars and commerce - How payment gateways in cars are changing

<ul class="summary-list"><li>Over 100 basic income pilots in the US have offered no-strings-attached cash payments to low-income families. </li><li>Aimed at combating poverty, GBI faces political challenges and funding constraints.</li></ul>Michael Tubbs wants to turn <a target="_blank" href="https://www.businessinsider.com/which-states-cities-have-guaranteed-basic-income-programs-low-income-2024-4">basic-income pilot</a> programs into long-term policy — and the movement may be making progress.The 2019 pilot Tubbs launched as the mayor of Stockton, California, at the time offered 125 people $500 a month for two years. It's often credited as part of the <a target="_blank" href="https://www.businessinsider.com/universal-basic-income-works-red-state-blue-state-2023-10">first of a wave</a> of over 100 guaranteed basic income pilots that have launched across the US since then in cities from Durham, North Carolina, to Birmingham and the Bay Area."It was every single thing that I prayed for," a <a target="_blank" href="https://www.businessinsider.com/chicago-basic-income-pilot-approved-2021-10">Chicago participant</a>, who used her GBI money to secure housing, told Business Insider.Basic income has become a trending strategy to combat poverty in cities nationwide. The pilots typically offer participants cash payments of $100 to $2,000 for one to five years. They differ from traditional social services like <a target="_blank" href="https://www.businessinsider.com/snap-benefits-eating-less-skipping-meals-pandemic-funding-cut-2023-9">SNAP</a>, <a target="_blank" href="https://www.businessinsider.com/government-assistance-food-stamps-snap-doesnt-help-low-income-dinks-2024-5">Medicaid</a>, or <a target="_blank" href="https://www.businessinsider.com/universal-basic-income-emergency-cash-rent-homes-government-housing-aid-2024-1">rental assistance</a> because the programs place no requirements on how participants spend their money. Instead, families have the agency to choose what they need most.Participants in programs like Stockton's have reported using their cash payments to <a target="_blank" href="https://www.businessinsider.com/universal-basic-income-ubi-denver-participants-turn-their-lives-around-2023-10">pay rent</a>, buy groceries, afford prescriptions, drop second jobs, pay off debt, or <a target="_blank" href="https://www.businessinsider.com/san-antonio-ubi-guaranteed-basic-income-pay-housing-expenses-work-2024-3">support their children's education</a>."My life was always just a couple hundred dollars short," a San Antonio participant <a target="_blank" href="https://www.businessinsider.com/guaranteed-basic-income-san-antonio-texas-woman-afford-food-housing-2024-4">recently told BI</a>. "For the first time, I can breathe."Tubbs — who has since become the founder and chair of Mayors for a Guaranteed Income, a network of local leaders that advocate for GBI — said cities have "piloted themselves to a conclusion:" basic income works.Now, he is looking toward the future."We have the data set, now it's about political will," Tubbs told BI.Indeed, politics is one of the biggest threats to more widespread GBI, along with budget concerns. But, amid skyrocketing <a target="_blank" href="https://www.businessinsider.com/americans-moving-abroad-cost-of-living-too-expensive-debt-retirement-2024-4#:~:text=The%20Bureau%20of%20Labor%20Statistics,were%20living%20paycheck%20to%20paycheck.">costs of living</a>, nearly half of Americans are struggling <a target="_blank" href="https://www.businessinsider.com/middle-class-americans-earning-above-poverty-live-paycheck-to-paycheck-2024-4#:~:text=ALICE%20is%20an%20acronym%20for,US%20measures%20who's%20struggling%20economically.">paycheck to paycheck</a>. Basic-income pilots in <a target="_blank" href="https://www.businessinsider.com/san-antonio-ubi-guaranteed-basic-income-housing-finances-austin-rent-2024-3">San Antonio</a>, Denver, <a target="_blank" href="https://www.businessinsider.com/seattle-ubi-guaranteed-basic-income-low-income-poverty-housing-employment-2024-4#:~:text=A%20Seattle%20basic%20income%20pilot,noteworthy%20success%2C%20despite%20conservative%20opposition.">Seattle</a>, and more have shown that GBI is a way to help low-income families build a stronger financial future — even if the aid is temporary.Following a wave of city-level programs, community leaders and state legislatures are gearing up to take the movement to the next level."This is about yourself and your neighbors," Tubbs said. "And this is a way to make sure that we live in a civilized place where everyone has a floor."It may also be possible to implement basic income-inspired policies beyond local programs. In fact, states like California and New Mexico are already trying. State-level policies could help ensure sustainable program funding and allow basic income to reach even more families.These policies are likely to face barriers in state legislatures and budgets, but experts across the country are working on solutions.<h2 id="e76a14e0-77c1-4d46-8caf-318d7165282b">New Mexico and California are case studies in state-level basic income</h2>New Mexico and California are leading state-level basic income efforts and provide insight into potential longer-term policies.In New Mexico, 330 low-income immigrant families across the state were given $500 a month for a year beginning in February 2022. Fifty randomly selected families had their cash payments extended for an additional six months. <a target="_blank" href="https://www.nmvoices.org/wp-content/uploads/2023/12/2023_GI-Pilot-Report_web.pdf">Results from the program </a>show participants, who had mixed household citizenship status, used the money to pay for housing, and their children saw improved educational outcomes.Marcela Díaz, executive director of Somos Un Pueblo Unido — the economic justice organization that administered the pilot — said the program allowed basic income to reach mixed-status immigrant families who are often left out of government assistance programs because of their citizenship status. The state-level scope of the program also helped more families in rural areas see benefits, she said."We thought: 'let's put together a pilot and see how it how these folks that are often excluded from all of these other cash benefits systems — that the rest of us are not excluded from — use that funding. How does it help stabilize their families?'" Díaz told BI.California, too, has continued to be a national leader in basic-income research. In 2021, <a target="_blank" href="https://www.businessinsider.com/california-approves-guaranteed-income-program-for-residents-2021-7?utm_medium=referral&amp;utm_source=yahoo.com">the state pledged $35 million</a> for more GBI pilots over five years. This follows a <a target="_blank" href="https://www.businessinsider.com/sacramento-basic-income-pilot-ubi-cash-payments-housing-poverty-2024-3">series of basic-income programs</a> directed toward low-income families, students, foster youth, and <a target="_blank" href="https://www.businessinsider.com/homeless-people-monthly-stipend-california-study-basic-income-2023-12">people experiencing homelessness</a> that have already been piloted across the state in the wake of Stockton's success."The lessons from those pilots are infusing the whole ecosystem of support," she said. "People are really seeing the power of those pilots, and the power of giving people money and trusting them," Teri Olle, director for Economic Security California, told BI.The success of these programs is leading to legislation. A state-funded pilot cash program for people enrolled in workforce training programs <a target="_blank" href="https://www.grantcountybeat.com/news/2024-nm-legislative-session/82629-house-passes-bill-to-support-new-mexicans-in-workforce-training">passed in the New Mexico House</a> in February.<a target="_blank" href="https://legiscan.com/CA/text/SB333/id/2775107">A bill</a> is also being heard in the California Senate that would provide guaranteed income for students experiencing homelessness beginning in August 2025.Olle said there is much more "momentum" for basic income than there was five years ago. Even if future aid programs differ from direct cash assistance, she said lawmakers can learn a lot from GBI's success."This is why putting pen to paper, and moving from pilot to policy, is such important work," Olle said.<h2 id="52bf980d-4502-4ff4-9c0b-9eb10bf75337">Budget limitations and Republican opposition to basic-income programs</h2>Basic income is being <a target="_blank" href="https://www.businessinsider.com/guaranteed-basic-income-ban-ubi-arizona-texas-houston-homelessness-poverty-2024-2">challenged across the US</a> by Republican lawmakers, who have called the programs "socialist" and say cash payments could make participants too reliant on government assistance.The <a target="_blank" href="https://www.businessinsider.com/arizona-gop-ban-guaranteed-basic-income-programs-homelessness-poverty-2024-2">Arizona</a> legislature is hearing a bill that could ban GBI, and <a target="_blank" href="https://www.businessinsider.com/guaranteed-basic-income-program-ban-south-dakota-affordable-housing-groceries-2024-2">South Dakota</a> Republicans are hoping to prohibit all local governments from offering basic income. <a target="_blank" rel=" nofollow" href="https://www.desmoinesregister.com/story/news/politics/2024/04/16/iowa-legislature-ban-on-guaranteed-income-programs-passes/73094377007/">Iowa lawmakers</a> banned GBI across the state in April."Is money a birthright now?" John Gillette, a representative in Arizona, <a target="_blank" href="https://www.businessinsider.com/guaranteed-basic-income-ban-ubi-arizona-texas-houston-homelessness-poverty-2024-2">previously told BI</a>. "Because I think the Founding Fathers would say that is very contrary to our capitalist system and encouraging people to work."In <a target="_blank" href="https://www.businessinsider.com/houston-ubi-guaranteed-basic-income-uplift-harris-housing-finances-rent-2024-4">Harris County, Texas</a>, a GBI program was challenged by state Attorney General Ken Paxton, who called it "unconstitutional." Although participants were scheduled to receive their first payments on April 24, Paxton's lawsuit placed a <a target="_blank" href="https://www.businessinsider.com/guaranteed-basic-income-houston-residents-afford-rent-groceries-housing-2024-4">temporary block</a> on the program until it undergoes further review by the state Supreme Court.Limited budgets could also hinder future basic-income programs. Most current <a target="_blank" href="https://www.businessinsider.com/basic-income-funding-comes-from-philanthropy-federal-budget-housing-taxes2024-4">GBI programs are funded</a> through a combination of <a target="_blank" href="https://www.businessinsider.com/google-alphabet-philanthropy-guaranteed-basic-income-ubi-homelessness-housing-crisis-2024-5">philanthropy</a>, state tax dollars, and federal programs like the 2021 American Rescue Plan Act (ARPA) that is allocated to cities and states for post-pandemic economic recovery.<a target="_blank" href="https://www.businessinsider.com/biden-to-sign-19-trillion-american-rescue-plan-on-thursday-2021-3">ARPA funds</a> have been used to partially or fully fund most US basic-income pilots so far, but funds are set to expire. States and local governments must obligate all funds by the end of December 2024 and spend the money by December 2026.According to <a target="_blank" href="https://www.pewtrusts.org/en/research-and-analysis/articles/2024/01/30/state-fiscal-debates-to-watch-in-2024-substantial-budget-shortfalls#:~:text=After%20two%20straight%20years%20of,through%20fiscal%202025%20in%20California.">Pew Charitable Trusts</a>, budget deficits are growing in many states, which could make additional GBI funding difficult to approve. While <a target="_blank" href="https://www.businessinsider.com/basic-income-funding-comes-from-philanthropy-federal-budget-housing-taxes2024-4">philanthropy and nonprofit work</a> have been central to basic-income pilots, they are not always a long-term or large-scale funding solution.<h2 id="3dc98d35-5036-4225-9fe0-f2e2903bf84a">GBI can target the neediest populations, but it also has a 'community effect'</h2>Basic-income programs are already getting creative about how to make the biggest impact with limited funding. <a target="_blank" href="https://www.businessinsider.com/guaranteed-basic-income-ubi-michigan-ann-arbor-entrepreneurs-gig-workers-2024-5">More GBI programs</a> are electing to focus on specific groups of participants, like low-income parents with children and foster youth. By focusing on these specific groups of participants, programs can direct money that already exists in state and federal budgets toward basic income.Tubbs also said this focused cash assistance allows municipalities to address other issues, like infant and maternal mortality rates or childhood poverty.In <a target="_blank" href="https://www.businessinsider.com/guaranteed-income-program-flint-michigan-new-moms-500-a-month-2024-1">Flint, Michigan</a>, for example, the Rx Kids program is offering pregnant mothers a $1,500 lump sum payment in addition to $500 monthly during their baby's first year. The program is funded through the Temporary Aid to Needy Families Program (TANF), an existing federal cash assistance program for low-income families. The cash payments are available to all new mothers in the city, no strings attached."It's super efficient — you can administer it really effectively," US Country Director for GiveDirectly Dustin Palmer said. A nonprofit, GiveDirectly has helped administer many US basic-income pilots.While the <a target="_blank" href="https://www.businessinsider.com/child-tax-credit-boost-bipartisan-plan-lift-kids-from-poverty-2024-1">child tax credit</a> is not a GBI program, Palmer also called it a "compliment" to other cash assistance families might receive. The credit offers families thousands of dollars in tax breaks if they have dependent children. An <a target="_blank" href="https://www.businessinsider.com/enhanced-child-tax-credit-parents-passes-house-business-tax-relief-2024-1">expanded version</a> of the credit passed in the House of Representatives in January, <a target="_blank" href="https://www.msnbc.com/opinion/msnbc-opinion/child-kids-tax-credit-bill-republicans-senate-rcna147490">but is still stalled</a> in the Senate.Flexible funding programs like <a target="_blank" href="https://www.businessinsider.com/category/stimulus-checks">COVID stimulus checks</a>, ARPA, and child tax credits let states innovate new programs that address poverty, Shafeka Hashash, associate director of Guaranteed Income at the Economic Security Project, told BI. There's a reason basic income has "spread like wildfire," she said."It opened the door for states to be able to demonstrate guaranteed income's effectiveness, and for the federal government to take notice," Hashash added.Hashah said every community and family's circumstances are different. However, guaranteed income has already been shown to have "far-reaching" impacts, helping families improve their housing situations, educational outcomes, job security, and quality of life."I wish that more people understood that guaranteed income has so much more than just an effect on one particular family, but it really has a community effect," Hashah said.GBI has offered insight into what economic help American families need most — and it should be applied to policy — whether it's at the local, state, or federal level, Palmer said. He said the research on cash assistance programs shows the "tremendous upside" of giving low-income families the freedom to choose what's best for them."This is a way of thinking about how we support families, children, all sorts of folks in a way that meets them where they are," Palmer said.Have you benefited from a guaranteed basic income program? Are you willing to share how you spent the money? Reach out to this reporter at <a target="_blank" href="mailto:allisonkelly@insider.com">allisonkelly@businessinsider.com</a>.

Over 100 basic-income pilots have run in US cities. Now states are getting creative to fund no-strings-attached cash payments.

<ul class="summary-list"><li>Wole Coaxum is the CEO of MoCaFi, which has distributed over $52 million in basic income payments.</li><li>Coaxum, a former JP Morgan exec, was inspired by social justice movements in the Black community.</li></ul>This is an As Told To essay based on a conversation with Wole Coaxum, the founder and CEO of <a target="_blank" href="https://www.mocafi.com/">MoCaFi</a>, a B Corporation that has distributed over $52 million worth of guaranteed basic income payments nationwide. It has been edited for length and clarity.I was very fortunate in my career to be one of the most senior people at JP Morgan. I was a managing director and the number two guy in business banking nationally when I saw the images <a target="_blank" href="https://www.businessinsider.com/pictures-ferguson-protests-2014-8">coming out</a> of <a target="_blank" href="https://www.businessinsider.com/ferguson-protests-police-tear-gas-michael-brown-shooting-death-2014-8">Ferguson</a>. I thought, "It's 2014, and what we're seeing is no different than what was going on in 1968."The people protesting were making a statement, and it was coming out of a place of wanting change. I thought, "How can I use my time and talents, which is financial services, to bring an economic justice agenda to the social justice agenda?" And that inspired me to start MoCaFi.Martin Luther King, Jr. talked about universal basic income and guaranteed basic income just before he passed away, and I feel that we as a company are very fortunate to be standing on the shoulders of others to bring these powerful ideas into the marketplace.We've done about a dozen UBI and GBI programs around the country. We've facilitated programs in Los Angeles, Atlanta, and San Francisco, among others. Some of them are through MGI, <a target="_blank" href="https://www.mayorsforagi.org/">Mayors for a Guaranteed Income</a>. We're finding that what we're doing resonates with cities and counties. They see the value of it.One of the things I would say in response to the <a target="_blank" href="https://www.businessinsider.com/arizona-gop-ban-guaranteed-basic-income-programs-homelessness-poverty-2024-2">red</a> <a target="_blank" href="https://www.businessinsider.com/basic-income-programs-politics-democrats-republicans-election-2024-3">states opposing this</a> is we're not a political entity. We're just trying to provide a high-quality platform that ensures that a UBI or GBI program fulfills its mission so that the individuals have access to the cash and can move forward. It's hard to argue with the idea of getting resources from government to people more efficiently. Even my most conservative friends can get behind a more efficient government.We are facilitating payments in a way that reduces all the friction. We have a disbursement platform, and then we have a demand deposit account. We're trying to take individuals receiving a UBI and GBI and bring financial coaching and resources to them. They don't have to operate in cash or cash checks. They can create a MoCaFi bank account that's FDIC-insured. We can open up accounts for undocumented people. We can open up accounts for people regardless of their credit score. Now, they've got a pathway to economic stability.There's an old narrative demonizing low-income people who receive government resources. That's the wrong lens in my personal view. Most, if not all, Americans are getting some benefit from the federal government. Why is a universal basic income that much different? Why not streamline the process so the most vulnerable among us can get access to those funds?People use the money for the intended purpose. It increases savings. It decreases poverty. It increases education. It reduces the need for crime. It gives people more dignity. It makes our neighborhoods safer. It enables families to get jobs they couldn't get otherwise because they're paying for childcare or healthcare. The proof is in the pudding.

I'm a former JP Morgan exec who now works to distribute basic income payments to those in need. Here's why I do it.

<ul class="summary-list"><li>While most retail sales still occur in-store, digital is driving innovation as ecommerce grows.</li><li>Domestic P2P and digital remittance providers will diversify to lure users and monetize solutions.</li></ul>Ongoing ecommerce growth is pushing payment providers to make efficient and inexpensive digital payment solutions their top priority despite the ever-changing post-pandemic landscape. In-store shopping remains the largest US retail channel by both share and dollars. By the end of 2026, brick-and-mortar will still account for $4 in $5 spent in retail—making it a critical investment for payment providers despite being less flashy than ecommerce and emerging digital channels. In order to keep shoppers in-store, merchants must broaden their accepted payment methods by allowing proximity mobile payments; contactless cards; buy now, pay later; and account-to-account payment options. According to Zebra Technologies, as of July 2022, 45% of retailers worldwide were planning to convert cash register space to self-checkouts due to consumer interest, cost-saving potential, and the need to cut or reallocate labor.Though we forecast ecommerce sales will remain above $1 trillion for the second consecutive year in 2023, some changes will need to be made to the purchasing landscape to address declining computer and desktop retail sales. Because consumers have been spending more time on mobile devices, it is predicted that smartphones will generate 87.2% of mcommerce sales this year. As a result of this uptick, payment providers must invest in their mobile shopping and buying experience. Social commerce and connected devices are also showing larger adoption rates and can be expected to continue rising over the next few years.Other payment sectors to watch include domestic peer-to-peer payments, which more than 3 in 5 smartphone users have adopted despite the high level of fraud; digital remittance, which nearly doubled between 2022 and 2027 even with its high fees; B2B payments, which are focused on cutting transaction time and making the shift to digital; B2C payments, which about half of the US population received a disbursement from in 2022, according to PYMNTS.com; and cross-border payments, which are bouncing back after the pandemic despite high inflation rates.Overall, it is clear that in order to retain and build business, companies must shift to focus on digitization and integration. Curious to learn more about payment channels and types of transactions? Click <a href="https://store.emarketer.com/products/payment-channels-and-types-of-transactions-digitization-integration-and-the-economy-are-reshaping-customer-priorities-for-shopping-and-paying" target="_blank" rel="noopener">here</a> to purchase this report directly from Insider Intelligence. Want more data? Click <a href="https://store.emarketer.com/products/the-payments-ecosystem-2023-the-key-trends-changing-how-providers-compete-for-customers-and-transactions" target="_blank" rel="noopener">here</a> to purchase The Payments Ecosystem collection.

Payment Channels and Types of Transactions

<ul class="summary-list"><li><keyword id="1042120" type="UNKNOWN" weightage="60" keywordseo="uber" source="Orion">Uber</keyword> won't be accepting <keyword id="11895317" type="UNKNOWN" weightage="60" keywordseo="cryptocurrencies" source="Orion">cryptocurrencies</keyword> just yet because they aren't efficient enough, the CEO said on Tuesday.</li><li>An average Uber trip costs between $15 to $20, and <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> isn't yet an efficient exchange of value, <keyword id="12046814" type="UNKNOWN" weightage="60" keywordseo="dara-khosrowshahi" source="Orion">Dara Khosrowshahi</keyword> told Bloomberg.</li></ul>Cryptocurrencies need to become more efficient for ride-hailing company <a href="https://markets.businessinsider.com/stocks/uber-stock">Uber</a> to accept them as payment, CEO Dara Khosrowshahi said."It's demonstrated to be a real store of value, but it has not yet demonstrated its utility in terms of efficient exchange of value," he told <a href="https://www.bloomberg.com/news/videos/2022-03-29/uber-ceo-khosrowshahi-on-app-plans-gas-prices-crypto-video">Bloomberg's Emily Chang</a> in a Tuesday interview at the ShopTalk conference in Las Vegas."Our average trip is a $15, $20 trip. So, we need crypto to become more efficient. We're certainly looking at all choices," he added.Khosrowshahi doesn't expect much progress on this front anytime soon, saying even a month from now his stance on accepting cryptocurrencies would be the same.He made waves in February when he said <a href="https://markets.businessinsider.com/news/currencies/uber-ceo-dara-khosrowshahi-accept-crypto-payment-at-some-point-2022-2">Uber would "absolutely" accept crypto</a> at some point."This isn't the right point," he said at the time.Some factors that are keeping the company from making the leap into crypto, according to the CEO, include the high transaction fees that come with dealing with digital assets and their carbon footprint. This has raised questions as to how the ride-hailing firm might go about accepting crypto in the future.Khosrowshahi has said listing <a href="https://www.businessinsider.com/uber-to-consider-accepting-bitcoin-payments-cryptocurrency-ceo-says-2021-2?r=US&amp;IR=T">bitcoin</a> specifically as payment would be <a href="https://www.businessinsider.com/uber-to-consider-accepting-bitcoin-payments-cryptocurrency-ceo-says-2021-2?r=US&amp;IR=T">good for its business</a> and its customers — and that the company wasn't looking at this from a promotional point of view.Leading cryptocurrency <keyword id="11893902" type="UNKNOWN" weightage="60" keywordseo="bitcoin" source="Orion">bitcoin</keyword> has become so popular that it trends on Twitter daily. Crypto has already become a popular form of payment for many establishments including fast-food chains, big tech firms, and even high-end auction houses.Elon Musk famously announced early last year that <a href="https://www.businessinsider.com/elon-musk-tweets-you-can-buy-a-tesla-with-bitcoin-2021-3?r=US&amp;IR=T">you can now buy a Tesla with bitcoin</a>. <a href="https://www.businessinsider.com/more-companies-accepting-bitcoin-cryptocurrency-paypal-starbucks-2021-4?r=US&amp;IR=T">Burger King, Starbucks, PayPal, and eBay</a> are just some others among <a href="https://www.businessinsider.com/reviews/out?u=https%3A%2F%2Fwww.fundera.com%2Fresources%2Fhow-many-businesses-accept-bitcoin%3Firclickid%3D1-OXQhT0hxyIRBs3f2zLu1xeUkGQM52uj0b71U0%26utm_campaign%3DSkimbit%2520Ltd._10078%26utm_source%3DImpact%26utm_content%3DOnline%2520Tracking%2520Link%26utm_medium%3Daffiliate%26irgwc%3D1%23%3A~%3Atext%3DAfter%2520compiling%2520our%2520list%2520of%2C2%2C352%2520US%2520businesses%2520accept%2520bitcoin">thousands of companies</a> accepting cryptocurrencies for services.Bitcoin slipped slightly on Wednesday to around <a href="https://www.coingecko.com/en/coins/bitcoin?__cf_chl_jschl_tk__=eR7U8uzJwMPyvElVf_fT_pSJLWkTWKcOsOkElAh2Fuw-1641461259-0-gaNycGzNCeU">$47,233</a> after top blockchain gaming platform Axie Infinity's Ronin Network suffered a <a href="https://markets.businessinsider.com/news/currencies/crypto-hack-ronin-network-heist-cybercrime-cryptocurrency-axie-infinity-polynetwork-2022-3">$625 million hack</a>. Bitcoin is up 2.3% so far this year, but is 31% below its record high of $69,000 in November, according to <a href="https://www.coingecko.com/en/coins/bitcoin?__cf_chl_jschl_tk__=eR7U8uzJwMPyvElVf_fT_pSJLWkTWKcOsOkElAh2Fuw-1641461259-0-gaNycGzNCeU">data from CoinGecko</a>. Read more: <a href="https://www.businessinsider.com/altcoin-investing-ftx-crypto-ventures-blockchain-layer-bets-amy-wu-2022-3" target="_blank" rel="noopener noreferrer">Amy Wu heads up FTX's monster $2 billion venture operation. She breaks down the big bets they are making for a cross-chain future — and why GameFi will become a niche category for crypto whales</a>

You Searched For "payment efficiency" and got 7 results

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Payment Channels and Types of Transactions

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Uber CEO says cryptocurrencies need to become more efficient for the ride-hailing company to accept them as payment

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