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<keyword id="1029687" type="PERSON" weightage="100" keywordseo="Ajay-Bhushan-Pandey">Ajay Bhushan Pandey</keyword>, CEO of Unique Identification Authority of India has expressed complete confidence in the <a href="http://www.businessinsider.in/pm-modi-officially-launches-bhim-on-br-ambedkars-anniversary/articleshow/58178474.cms">BHIM</a>-Aadhaar Pay system, saying that it is more secure than any debit card or credit card network. Talking to ET, Pandey also spoke about the benefits that merchants who accept payment through Aadhaar would get from the governments. On being asked about the total amount that the merchants would get, he said that even though the amount is being still estimated, the government has made the commitment and is working on it. Also talking about the government’s aim behind launching BHIM-Aadhaar, he said that the app is for those unable to use other means of <keyword id="1399736" type="UNKNOWN" weightage="100" keywordseo="Digital-Payment">digital payment</keyword>, either because of lack of mobile phone or being financially illiterate to handle <a href="http://www.businessinsider.in/markets/economy/swipe-machine-numbers-up-by-10-lakh-post-demonetisation/articleshow/58123731.cms">all the information</a> that these digital payment apps demand. They would be able to use their fingerprint and Aadhaar number for <a href="http://www.businessinsider.in/markets/economy/shop-scan-simple-pay-your-shopping-bills-by-scanning-qr-codes/articleshow/57938337.cms">shopping</a> at local kirana stores, medicine shops, hospitals, fertilizer shops and ration shops. Also read: <a href="http://www.businessinsider.in/fair-price-shop-owners-are-discouraging-digital-payments/articleshow/58142728.cms">Fair price shop owners are discouraging digital payments</a> By September 2017, there will be 20 lakh merchants on <keyword id="4419021" type="UNKNOWN" weightage="100" keywordseo="BHIM-Aadhaar-pay">BHIM-Aadhaar Pay</keyword>, and they won't have to pay any MDR (merchant discount rate). Rather, they will receive an incentive of 0.25% of the transaction value (limited to certain caps). Customers too will not be charged anything, and to top it all, this would be an extremely safe method of digital payments. The application that merchants will use will be developed by the bank, which would then be security tested by the <keyword id="193629" type="CITY" weightage="100" keywordseo="NPCI">NPCI</keyword> (National Payments Council of India) and other appropriate security agencies. This would prevent misuse of data, and even if any misuse happens, the person will definitely be caught. Also read: <a href="http://www.businessinsider.in/paytm-freecharge-bhim-etc-have-serious-privacy-concerns-here-are-the-details/articleshow/58109151.cms">Paytm, Freecharge, BHIM, etc have serious privacy concerns. Here are the details</a>

UIDAI CEO confident about BHIM and Aadhaar Pay, says misuse not possible

The <keyword id="6360189" type="COMPANY" weightage="20" keywordseo="Union-Budget">Union Budget</keyword> 2017-18 came across as a big push in India’s transformation from a cash-dependent economy to a truly digital economy. India had been swift in its adoption of smartphones, overtaking the US to become the second-largest market for these devices by the end of 2015. However, the country had not exhibited a similar agility in digital adoption. The <keyword id="6355261" type="POSITION" weightage="20" keywordseo="Finance-minister">Finance Minister</keyword> announced a string of measures to fortify the digital infrastructure, fasten digital adoption and facilitate financial inclusion. 
 
<a href="http://www.businessinsider.in/the-indian-food-tech-industry-grew-at-a-staggering-150-in-order-volumes-in-2016/articleshow/57029094.cms">ALSO READ: The Indian Food-tech industry grew at 150% in order volumes in 2016</a> 
 
Money at Your Fingertips Aadhaar Pay is the merchant version of the Aadhaar Enabled Payment System. Merchants using Aadhaar Pay would be able to receive payments from customers just with their fingerprint. With this app, even people who do not have cards, mobiles or e-wallets would be able to make digital payments. This would boost financial inclusion and increase the tax base. Simpler payment practices will ease the effort currently involved in making transactions. Moreover, it would become easier for small businesses to apply for loans and for <keyword id="2461546" type="UNKNOWN" weightage="100" keywordseo="FinTech">fintech</keyword> lenders to tie loan repayments to payment receipts. 
 
<a href="http://www.businessinsider.in/here-are-some-quirky-covers-for-your-new-iphone-7-and-7-plus/articleshow/56998857.cms">ALSO READ: Here are some quirky covers for your new iPhone 7 and 7 Plus</a> 
 It was encouraging to see the rapid adoption of the <keyword id="1461878" type="PERSON" weightage="20" keywordseo="Bhim">BHIM</keyword> app. In roughly a month, this digital payment app has been downloaded by almost 125 lakh people. The <keyword id="25455" type="ORGANIZATION" weightage="20" keywordseo="finance">Finance</keyword> Minister announced two new schemes related to this – one providing cashback to merchants using BHIM and the other as a referral bonus to consumers recommending the app. As more merchants are encouraged to use BHIM and consumers play a role in spreading awareness of the app, more transactions will become digitalized. 
 
Building the Infrastructure 
Without infrastructural support, no amount of incentives can cause change. In recognition of this, banks have been asked to launch 1 million new PoS (point-of-sale) terminals by March and 2 million Aadhaar-based PoS terminals by September. Apart from banks, post offices and fair price shops will be promoting cashless transactions, taking digital payments to the grassroots. 
 
All duties have been waived for manufacturers of PoS devices, fingerprint readers, iris scanners and other biometric payment devices. Additionally, ₹10,000 crores have been allocated to Bharat Net, a project that is taking high-speed broadband to Gram Panchayats in India. 
 
All these strategically-designed measures would strengthen the resilience of India’s digital economy. The ramp in digital payments would not only increase the tax base but would help small business secure more loans for their working capital needs. Fintech companies would have the needed information to approve loans even faster and offer a variety of financial products based on frequency and type of receipts. 
 
<a href="http://www.businessinsider.in/get-50-off-on-food-and-alcohol-with-dineouts-great-indian-restaurant-festival/articleshow/57006971.cms">ALSO READ: Get 50% off on food and alcohol with Dineout’s Great Indian Restaurant Festival</a> 
 
Discouraging Cash 
While encouraging digital transactions, Budget 2017-18 simultaneously discourages cash transactions. Transactions above ₹3 lakhs are no longer permitted to be made in cash. 
 
The Finance Minister announced a reduction of presumptive tax for SMEs with the annual turnover of up to ₹2 crores, from 8% to 6%. However, this reduction is valid only for receipts by non-cash means. 
 
<a href="http://www.businessinsider.in/how-to-save-money-and-make-it-a-habit-while-travelling/articleshow/57029300.cms">ALSO READ: How to save money and make it a habit while traveling</a> 
 
Moving Online The seriousness of the government to take everything online is quite evident, from the <keyword id="6360345" type="ORGANIZATION" weightage="20" keywordseo="FIPB">FIPB</keyword> (<keyword id="62529" type="ORGANIZATION" weightage="20" keywordseo="Foreign-Investment-Promotion-Board">Foreign Investment Promotion Board</keyword>) permitting the e-filing of FDI applications to the withdrawal of service charge on e-tickets booked through IRCTC. GST, which the Finance Minister announced would be implemented as per schedule, would allow registration and payment online. 
 
<keyword id="4160201" type="UNKNOWN" weightage="20" keywordseo="advantage-digital-india">Advantage Digital India</keyword> 
The government is targeting over ₹2,500 crore digital transactions for FY18 through BHIM Aadhaar Pay, IMPS and debit cards. The importance of the success of digitalization can be sensed by the tax figures released. Of 4.2 crore people in the organized sector, only 1.74 crores filed tax returns and of 13.94 lakh companies, only 5.97 lakh have filed returns. 
 
These figures indicate how skewed the system currently is. The initiatives being proposed by the government will increase the tax base, the tax rate can be reduced without impacting government revenue. A further reduction in the tax rate would be beneficial for businesses and the economy; thus beginning a virtuous cycle of growth. 
 
<keyword id="4160200" type="UNKNOWN" weightage="20" keywordseo="digital-india-means">Digital India Means</keyword> a Stronger India 
Most businesses struggle to survive, not because they can’t be profitable, but because they face severe cash-flow constraints for their daily operations. While these businesses struggle, traditional banks are reluctant to offer loans. 
 Budget 2017-18 has tried to address this by doubling the lending target to ₹2.44 lakh crores. This is in addition to the increase in government credit guarantees for SMEs from ₹1 crore to ₹2 crores, as announced by PM <keyword id="6354642" type="PERSON" weightage="20" keywordseo="Modi">Modi</keyword> in December 2016. Moreover, the Finance Minister proposed tax concession on provisions for non-performing assets (NPAs) and ₹10,000 crores of recapitalization for state-owned lenders. 
 
<a href="http://www.businessinsider.in/one-globe-forum-can-make-india-the-epicenter-of-developmental-dialogue/articleshow/57029214.cms">ALSO READ: One Globe Forum can make India the epicenter of developmental dialogue</a> 
 While these measures are welcomed, digitalization and the use of new-age technology are most critical to alleviating the problem. The RBI has already included lending <keyword id="6354598" type="ORGANIZATION" weightage="20" keywordseo="NBFCs">NBFCs</keyword> that are powered by cutting-edge lending platforms into the CGTSME (the credit guarantee scheme for SMEs). Similar initiatives need to be taken to equip FinTech lenders to help meet the unfulfilled credit demand of over $250 billion among SMEs. 
 The provisions in the Union Budget 2017-18 appear startup and fintech friendly. An ever-increasing number of <keyword id="6362513" type="ORGANIZATION" weightage="20" keywordseo="Startups">startups</keyword> are technology-dependent. These startups are likely to experience greater ease of doing business due to the heavy emphasis on the Budget on digitization. Furthermore, technological services will result in digital footprints of SMEs and consumers, which Fintech lenders can leverage to create and offer customized credit solutions. 
 
This article was originally authored by Gaurav Hinduja. Co-founder and Managing Director, Capital Float

Budget 2017-18: Forging a bright future for
Fintech and Startups

The<a href="http://www.businessinsider.in/searchresult.cms?query=+National+Payments+Corporation+of+India&amp;sortorder=effectivedate"> National Payments Corporation of India</a> (<keyword id="193629" type="CITY" weightage="20" keywordseo="NPCI">NPCI</keyword>) launched the Indian Government’s Bharat Interface for Money (<a href="http://www.businessinsider.in/searchresult.cms?query=BHIM&amp;sortorder=effectivedate">BHIM</a>) on <a href="http://www.businessinsider.in/searchresult.cms?query=Apple+app+store&amp;sortorder=effectivedate">Apple app store</a>. 
 The app on <keyword id="75489" type="ORGANIZATION" weightage="20" keywordseo="IOS">iOS</keyword> platform is equipped with features such as pay to <a href="http://www.businessinsider.in/searchresult.cms?query=Aadhaar+number&amp;sortorder=effectivedate">Aadhaar number</a>, customer redressal mechanism with drop down menu, NPCI said. 
 
"The BHIM app will now cater to almost 100% smartphone users in the country with the launch on iOS platform. This will ensure wider acceptance for digital transactions among consumers across all sections," said NPCI managing director and CEO A P Hota. 
 
The languages offered currently are English and Hindi. 
 
BHIM is a smart mobile phone based app that allows simple, easy and quick payment transactions using UPI.

PayTM should be worried as BHIM app comes to iPhones; tops chart on debut

Last month, details like mobile numbers, addresses, bank account numbers and <a href="http://www.businessinsider.in/finance/keep-your-aadhaar-number-ready-while-filing-income-tax-return/articleshow/57777330.cms">Aadhaar numbers </a>of more than 100,000 beneficiaries of a welfare scheme were made public by a government department. 
 
The government officials had revealed the information keeping in mind the <a href="http://www.businessinsider.in/transportation/Now-RTI-appellate-authority-hasasked-PMO-how-the-Prime-Ministers-travel-bills-can-be-a-security-threat/articleshow/55130837.cms">Right to Information </a>Act. However, because of citizen confidentiality, details like name, address and amount could have been sufficient. 
 
Also read: <a href="http://www.businessinsider.in/Your-Aadhar-card-will-be-replacing-all-your-cashless-transaction-methods-very-soon-heres-how/articleshow/55725532.cms">Your Aadhar card will be replacing all your cashless transaction methods very soon, here’s how</a> 
 
Understanding this gap between public and private information is a tough task, and even though the information has now been taken down, who knows what all information has reached the hands of harmful elements. 
 
While on one hand the government is pushing for digitisation, many departments have forgotten to undertake measures for digital security. This is worrying even more when biometric details like <a href="http://www.businessinsider.in/finance/fingerprint-enabled-aadhaar-pay-may-soon-become-a-reality-in-rural-areas/articleshow/56730245.cms">finger prints </a>and iris scans go public, because there is no limit on the misuse of these data. 
 
Also read: <a href="http://www.businessinsider.in/UIDAI-CEO-confident-about-BHIM-and-Aadhaar-Pay-says-misuse-not-possible/articleshow/58235536.cms">UIDAI CEO confident about BHIM and Aadhaar Pay, says misuse not possible</a> 
 
With the increasing number of digitally literate Indians using smartphones, adopting measures for digital security has become even more critical. 
 
"When the number of people using technology was small, the service-spend on technology and security correspondingly was very little," Saket Modi, CEO of Lucideus, a digital security services provider firm, told <a href="http://economictimes.indiatimes.com/news/industry/tech/internet/with-digitisation-an-the-forefront-government-departments-need-to-be-cautious-about-digital-security/articleshow/58504211.cms">ET</a>. 
 
Also read: <a href="http://www.businessinsider.in/MS-Dhonis-Aadhar-details-leaked-wife-demands-action-from-Ravi-Shankar-Prasad/articleshow/57894793.cms">MS Dhoni's Aadhar details leaked; wife demands action from Ravi Shankar Prasad</a> 
 
Everything changed after the <a href="http://www.businessinsider.in/topic/demonetisation">demonetisation </a>drive, which led to more and more people using <a href="http://www.businessinsider.in/small-business/tech/increasing-competition-whatsapp-may-come-up-with-its-digital-payment-services-in-india/articleshow/58006444.cms">digital payment interfaces</a>. Banks thus increased their budgets-and cyber-security investments, but that doesn’t necessarily mean improvement in data security practices. 
 
Attention to security has never been a priority for the government, but it has started to worry people only now, after they have been forced to go digital. 
 
(Image source ThingLink)

Govt wants digital India, but what about digital security?

New Delhi, Dec 28 () In a bid to promote digital payments, Finance Minister Nirmala Sitharaman on Saturday said no MDR charges will be applicable on transactions through homegrown RuPay and UPI platforms beginning January 1, 2020.
Department of Revenue (DoR) will soon notify RuPay and UPI as the prescribed mode of payment for digital transactions without any Merchant Discount Rate (MDR), she said after meeting with CEOs of public sector banks here.
Accordingly, all companies with a turnover of Rs 50 crore or more will be mandated by DoR to provide the facility of payment through RuPay Debit card and UPI QR code to their customers, she said.
MDR is the cost paid by a merchant to a bank for accepting payment from their customers via digital means. The merchant discount rate is expressed in percentage of the transaction amount.
"After extensive consultation with stakeholders, banks and so on. I'm happy to say that announcement which was made in the budget will see the notification coming on January 1, 2020 whereby those modes which are getting notified will not have charges under the MDR being levied on them," she said.
Indigenously developed digital payment medium like RuPay and BHIM UPI will now have edge over the payment gateway promoted by foreign companies.
In her Budget speech in July, Sitharaman had proposed that businesses should offer low cost digital modes of payment such as BHIM UPI, UPI QR Code, Aadhaar Pay, Debit Cards, NEFT, RTGS etc. to their customers, and no charge or MDR shall be imposed on customers to promote digital payment.
"I, therefore, propose that the business establishments with annual turnover more than Rs 50 crore shall offer such low-cost digital modes of payment to their customers and no charges or Merchant Discount Rate shall be imposed on customers as well as merchants.
"RBI and banks will absorb these costs from the savings that will accrue to them on account of handling less cash as people move to these digital modes of payment," she had said.
She further said that all banks will also start a campaign to popularise RuPay Debit card and UPI in order to strengthen the digital payment eco-system and move towards less-cash economy.
The finance minister said the government has already amended two laws -- Income Tax Act and the Payments and Settlement Systems Act, 2007 -- to give effect to these provisions.
The meeting was attended chief executive of Indian Banks' Association and representatives of leading private sector banks.
Finance Secretary, Revenue Secretary, Electronics and Information Technology Secretary, CBI Director, RBI representative and the chief executive officer of NPCI were also present in the meeting.
Besides, the minister launched a common e-auction platform to sell attached assets of defaulters for improved realisation of value.
The platform is equipped with property search features and navigational links to all PSB e-auction sites, provides single-window access to information on properties up for e-auction as well as facility for comparison of similar properties, and also contains photographs and videos of uploaded properties.
As per the latest data, a total of 35,000 properties have been uploaded on the platform by PSBs.
PSBs have attached assets worth over Rs 2.3 lakh crore over the last three financial years.
To strengthen banks, in addition to the recent infusion of Rs 60,314 crore, additional infusion of Rs 8,855 crore (Rs 4,360 crore to Indian Overseas Bank, Rs 2,153 crore to Allahabad Bank, Rs 2,142 crore to UCO Bank and Rs 200 crore to Andhra Bank) has been approved and would be released shortly.
Having improved asset quality and internal resource generation, PSBs are now fully poised to support prudential credit growth towards a USD 5 trillion economy by 2025. DP DP BAL
BAL

No MDR charges applicable on payment via RuPay, UPI from Jan 1: FM

Pune, Mar 1 () Telcos are citing free voice calls to duck action on poor quality of service, but that will not pass regulatory muster, Trai Chairman R S Sharma said on Sunday, assuring users that the issue of call drops remains on its agenda. The Telecom Regulatory Authority of India (Trai) head said the watchdog's earlier provision for a penalty on telcom firms for call drops was successfully challenged in the Supreme Court, but the regulator will continue to work for improving the quality of service. "Most of the telcos are offering voice free, their argument is that if something is free, how much can you (Trai) punish me because I am not getting anything for that, which may not be correct because they are essentially cross-subsidising," Sharma said at the Asia Economic Dialogue here. The comments come amid continuing call drops being experienced by subscribers across the country. After the entry of Reliance Jio in 2016, voice calling has become virtually free as it is getting embedded in the data plans. This has resulted in entrenched operators losing their biggest revenue stream, which has led to financial troubles. Sharma acknowledged the problem of call drops and added that "hopefully" the service quality will get better over time. Trai officials conduct standard tests on roads, trains and other busy spots and any operator found to be giving poor service is punished, he said. Speaking at the conference co-organised by the Ministry of External Affairs and the Pune International Centre, he also urged citizens to come forward by allowing erection of telecom tower infrastructure, adding that there are no health hazards because of the same. He also pitched for last-mile telecom infrastructure to be erected to ensure people get faster connectivity in their apartments in high-rises. In his speech, Sharma also mentioned that the lowest tariffs in the world might be the reason why telecom companies are having a tough time in the country at present, but did not elaborate. On the upcoming 5G technology, Sharma said it requires investment in infrastructure building and marked out optical fibre cable (OFC) laying as a crucial task, stating that there is a heavy dependence on wireless data transfer in India and there is a need for wired access as well. He said there are sufficient number of use cases and applications of 5G which are available. Sharma, who has also been associated with the Aadhaar project, said he has written to Prime Minister Narendra Modi to adopt a "digital diplomacy" strategy, wherein New Delhi extends its know-how on projects like the biometric ID or payment systems to countries in Africa and Asia. Speaking at the same event, National Payments Corporation of India (NPCI) Chief Executive Dilip Asbe said a trial run of its Unified Payments Interface (UPI) is set to be carried out at a Singapore merchant on Sunday, which will herald the internationalisation of the domestic payments system. He said a code will be scanned by a BHIM app to pay at the merchant's end in Singapore and the transaction settled. Asbe also said the NPCI has been generating sufficient revenues to sustain its developmental activities. AA ABMABM

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UIDAI CEO confident about BHIM and Aadhaar Pay, says misuse not possible

BI India Bureau

Budget 2017-18: Forging a bright future for Fintech and Startups

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PayTM should be worried as BHIM app comes to iPhones; tops chart on debut

BI India Bureau

Govt wants digital India, but what about digital security?

BI India Bureau

No MDR charges applicable on payment via RuPay, UPI from Jan 1: FM

PTI

Free voice calls no excuse for poor service quality, says Trai chief

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