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Are you an avid credit card user? Are you up to speed with all the changes that have come into effect starting today, which is all set to impact your credit card usage, and your pocket. Here's a quick snapshot of all the changes that you should be well aware of: <h2><keyword id="19900482" type="General" weightage="20" keywordseo="ICICI-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="ICICI Bank" meta.hostid="261" meta.entityid="ICICI Bank">ICICI Bank</keyword> </h2>Starting today, ICICI bank has done away with fees for many services, which include request for a charge slip, which was earlier chargeable at Rs 100/slip and cash and cheque pick up, which also carried a fee of Rs 100 earlier. Earlier, for outstation cheque processing and duplicate bank statement (for three months), a fee of Rs 100 was payable. Now, all those charges have been waived. However, going ahead, you'll have to dish out Rs 200 instead of Rs 100, if you wish to get your credit card replaced. <h2><keyword id="19952948" type="General" weightage="20" keywordseo="Axis-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="Axis Bank" meta.hostid="261" meta.entityid="Axis Bank">Axis Bank</keyword></h2>If you hold a <keyword id="19941660" type="General" weightage="20" keywordseo="Citibank" source="keywords" meta.keywordsubtype="org" meta.entityname="Citibank" meta.hostid="261" meta.entityid="Citibank">Citibank</keyword> credit card, this is for you. The migration of all Citibank <keyword id="19953671" type="General" weightage="100" keywordseo="credit-cards" source="keywords">credit cards</keyword> to Axis bank will be complete by 15th July, 2024. Post that, you will receive new credit cards from Axis bank .However, until then, your existing Citibank cards will continue to work just fine. All your unredeemed points will be converted into EDGE miles. After migration, they will have an expiration period of 3 years. Starting today, RBIs new rules mandate that all credit card transactions in the country be processed through <keyword id="20779381" type="General" weightage="20" keywordseo="Bharat-Bill-Payment-System" source="keywords">Bharat Bill Payment System</keyword> (BBPS). This means that if your bank has not come on board with BBPS, you will not be able to make payment through their credit card on other third-party platforms. Out of 34 banks that can issue credit cards, 12 banks have come onboard the BBPS. These include SBI, <keyword id="19938728" type="General" weightage="20" keywordseo="kotak-mahindra" source="keywords">Kotak Mahindra</keyword>, IndusInd, Federal, HDFC, ICICI and IDFC bank. Indian Overseas bank and <keyword id="45660" type="General" weightage="20" keywordseo="yes-bank" source="Orion">YES Bank</keyword> are expected to go live soon. <h2>SBI Bank</h2>Starting July 15th, if you hold one of the 22 specified SBI credit cards, you will no longer accrue any reward points while making certain transactions, particularly if they are related to government services. These include Air India SBI Platinum Card, Air India SBI Signature Card, Central SBI Select+ Card, Chennai Metro SBI Card, Etihad Guest SBI Card, Fabindia SBI Card SELECT, IRCTC SBI Card, Mumbai Metro SBI Card and more. <h2>YES Bank </h2>If you hold a YES Bank credit card, the criteria for you to qualify for complimentary lounge access has changed. Starting today, you will have to spend at least Rs 35,000 from your credit card in the previous quarter, in order to be able to get a complimentary access to domestic airport lounges in the next quarter. Earlier, this threshold was set at Rs 10,000. This will impact YES Marquee, YES SELECT, YES Reserv, YES First Preferred, YES Bank ELITE, YES BYOC, and YES Wellness Plus cards. <h2>HDFC Bank</h2>Starting August 1st, if you make rent, or education related payments via platforms like Cred and Paytm, you will have to pay a fee of upto 1% of the transaction, which will be a maximum of Rs 3,000. However, if you make the payment directly through your school or college's website, you will be able to save on this charge. Similarly, on all fuel expenses of over Rs 15,000, a 1% fee will be applied, which can be a maximum of Rs 3,000.

What has changed for your credit cards, starting today?

<ul><li><keyword id="19902762" type="General" weightage="20" keywordseo="Google" source="keywords" meta.keywordsubtype="org" meta.entityname="Google" meta.hostid="261" meta.entityid="Google">Google</keyword> announced the launch of the <keyword id="20702287" type="General" weightage="100" keywordseo="Google-Wallet" source="keywords">Google Wallet</keyword> app in India on Wednesday.</li><li>Google Wallet is a <keyword id="20546945" type="General" weightage="20" keywordseo="digital-wallet" source="keywords">digital wallet</keyword> platform that allows users to store their <keyword id="21409411" type="General" weightage="20" keywordseo="loyalty-cards" source="keywords">loyalty cards</keyword>, gift cards, boarding passes and more.</li><li>Here’s everything you need to know about the Google Wallet.</li></ul> The Google Wallet has finally been launched in India, after being spotted on the Play Store a few weeks ago. While Google had then dismissed speculation around the launch of the app in India, it has now officially launched the app. For those unaware, Google Wallet is a digital wallet platform that allows users to store their loyalty cards, gift cards, boarding passes and more. Google has partnered with over 20 brands in India and has said that other brands will be added in the coming months. <cmsannotation type="cmsannotation" annotationid="What is Google Wallet?" comment="subhead" text="What is Google Wallet?">What is Google Wallet?</cmsannotation> The Google Wallet was first launched in 2011 in the US as a payment app and was relaunched as a digital wallet app in 2022. With Google Wallet, you can store digital versions of your transit passes, office badges, vaccine records, car keys, boarding passes, and even student IDs. Now, nearly two years later, the app has made its way to India, albeit with some changes. While the app in the US allows users to add their debit and credit cards, Indian users will not be able to do so. <cmsannotation type="cmsannotation" annotationid="Google Wallet for India" comment="subhead" text="Google Wallet for India">Google Wallet for India</cmsannotation> To cater to India, Google has partnered with over 20 of the country’s leading brands, including PVR &amp; Inox, Air India, Indigo, Flipkart, AbhiBus, Kochi Metro and more. For India, the Google Wallet app will only work as a digital wallet and users will not be able to add their debit or credit cards. For this purpose, Indian users can continue to use the <keyword id="19907218" type="General" weightage="20" keywordseo="Google-Pay" source="keywords">Google Pay</keyword> app. "The arrival of Google Wallet in India marks an important milestone in Android's India journey, bringing innovative and convenient experiences to simplify peoples' daily lives. We are delighted to partner with many of India's top brands to offer a comprehensive solution that helps you securely access and manage your everyday essentials. From boarding passes to loyalty cards, and event tickets to public transport passes - they're there when you need them,” said Ram Papatla, GM and India Engineering Lead, Android at Google. <cmsannotation type="cmsannotation" annotationid="Google Pay to continue" comment="subhead" text="Google Pay to continue">Google Pay to continue</cmsannotation> In February 2024, Google announced that it would replace the Google Pay app with the Google Wallet in the US. While Google has now launched the Google Wallet in India, the Google Pay app will continue to work as usual in the country. The Google Pay app already has a huge user base in the country, alongside PhonePe. As per NPCI data, over 5 billion transactions were done on Google Pay in April 2024. "Google Pay is not going anywhere. It will remain our primary payment app. Google Wallet is specifically tailored for non-payment use cases," Papatla added. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/google-has-silently-launched-the-pixel-8a-in-india-starting-at-52999/articleshow/109937286.cms">Google has quietly launched the Pixel 8a in India starting at ₹52,999</a> <a href="https://www.businessinsider.in/business/auto/webstories/top-selling-cars-in-india-in-april-2024-tata-punch-continues-to-dominate/slidelist/109909744.cms">Top-selling cars in India in April 2024 – Tata Punch continues to dominate</a> <a href="https://www.businessinsider.in/tech/mobile/news/global-smartphone-shipments-grow-by-6-in-q1-2024-samsung-retakes-the-top-spot/articleshow/109817280.cms">Global smartphone shipments grow by 6% in Q1 2024, Samsung retakes the top spot</a>

Google Wallet launched in India – store your loyalty cards, boarding passes and more

<ul class="summary-list"><li>As of September, US credit-card delinquency rates were at the highest rate in a decade.</li><li>The Federal Reserve Bank of Philadelphia said 3.2% of card balances were at least 30 days past due.</li></ul>Americans are having a harder time paying off their credit cards. A report from the Federal Reserve Bank of Philadelphia found credit-card delinquency rates have surpassed pre-pandemic levels, with the share of balances 30 days past due hovering at the highest mark since late 2012. In the second quarter of 2021, credit card delinquency rates were at historic lows. Those figures have steadily climbed since then, however, and the spending behavior reflects "greater consumer fragility," Philadelphia Fed economists said. Total revolving credit card balances have also increased from pandemic lows, the economists said. "Revolving balances as a share of the overall balance climbed from 65 percent in 2021 to 70 percent in the third quarter of 2023," the report states. "During the same period, the share of accounts making the full payment has moderated, driven by strong consumer spending and dwindling government support. While the share of full payment accounts declined, it remains high compared with pre-pandemic levels."<div type="image" title="Credit card performance deteriorating, 2024" height="758" width="1221" msid="106779240" hostid="261" sizebytes="53334"></div>In response to the deterioration, the economists noted banks are granting fewer credit line increases, and reducing credit lines more frequently. The Philadelphia Fed said roughly 10% of credit-card borrowers owed more than $5,000. "The average American's budget doesn't have a whole lot of wiggle room, so when prices go up to the degree they have in recent years, it's a big deal," said LendingTree's chief credit analyst Matt Schulz. A January 8 report from <a href="https://www.lendingtree.com/debt-consolidation/debt-payments-study/" target="_blank" rel="noopener">LendingTree</a> found that in the largest 100 US metros, 29.6% of Americans were behind on at least one debt payment between July 1 and September 30, 2023. Just over 27% of consumers had payments delinquent by 90 days or more. "Higher interest rates have a real impact on people's ability to pay," Schulz said. "The massive, constant rise in rates over the past two years has shrunk people's financial margin for error even further."

Americans are missing credit card payments at the highest rate in a decade

A Delhi consumer forum has directed the <keyword id="13222" type="General" weightage="20" keywordseo="sbi" source="Orion">SBI</keyword> Cards &amp; Payments Services Pvt. Ltd. to pay Rs 2 lakh to a person here for sending him bill even after his card's expiry and blacklisting him for non-payment of the charges. The New Delhi District Consumer Disputes Redressal Forum comprising its president Monika A Srivastava and members Kiran Kausal and Umesh Kumar Tyagi directed the company to pay the amount to M J Anthony, a former journalist, for "deficiency in providing services". The forum noted that the company had blacklisted him in the CIBIL system of the wilful defaulters maintained by the RBI, which resulted in the rejection of his applications for credit cards from another bank where he had maintained regular account for nearly two decades. "This Commission is of the view that the SBI Cards &amp; Payments Services Pvt. Ltd. has been deficient in providing services to the complainant and though the damage/loss occasioned to the complainant in terms of credit rating cannot be measured in terms of money yet punitive damage ought to be awarded against OP (opposite party) therefore, OP is directed to compensate the complainant by paying a sum of Rs 2 lakh as compensation within two months from the date of this order failing which the sum payable would be Rs 3 lakh," the forum said. The forum passed the order on May 20 on Anthony's complaint seeking compensation, claiming that he had requested the company to cancel his card in April 2016 much before its expiry and not to renew it. He did not use the card for any transaction after April 9, 2016 and had destroyed the card according to rules, he said, adding that no payment was due at that time on the card. In September, the complainant received a letter from the company about the cancellation of his card, however, the company continued to send bills relating to the card ignoring his protest e-mails, he said. The bills were to the tune of Rs 2,946 by May 18, 2017 inclusive of late payment charges and penalty, he said. He stated that in the same letter, the company had warned him to pay the bill otherwise it would "have adverse impact on the credit history as maintained by the credit Bureau and may hamper future credit requirement". The company further blacklisted him in the CIBIL system of the wilful defaulters maintained by RBI and he had trouble in getting loans or credit card. During the argument, the company had denied the allegations. SEE ALSO:<a href="https://www.businessinsider.in/personal-finance/news/how-some-companies-are-helping-habitual-borrowers-consolidate-their-loans/articleshow/100494588.cms" target="_blank"></a> <a href="https://www.businessinsider.in/personal-finance/news/how-some-companies-are-helping-habitual-borrowers-consolidate-their-loans/articleshow/100494588.cms" target="_blank">Neck deep in debt? Here’s how some companies are helping habitual borrowers consolidate their loans</a><a href="https://www.businessinsider.in/india/news/indians-want-to-spend-the-2000-note-but-it-doesnt-look-easy/articleshow/100496839.cms" target="_blank"></a> <a href="https://www.businessinsider.in/india/news/indians-want-to-spend-the-2000-note-but-it-doesnt-look-easy/articleshow/100496839.cms" target="_blank">Indians want to spend the ₹2,000 note but it doesn’t look easy</a> <a href="https://www.businessinsider.in/careers/news/highest-number-of-entry-level-jobs-and-salary-in-bengaluru-as-per-foundit-report/articleshow/100499355.cms" target="_blank"></a> <a href="https://www.businessinsider.in/careers/news/highest-number-of-entry-level-jobs-and-salary-in-bengaluru-as-per-foundit-report/articleshow/100499355.cms" target="_blank">Maximum City: Highest number of entry level jobs In Bengaluru &amp; it pays freshers more than other metros</a>

SBI penalised for sending bills to man despite credit card's expiry

The <keyword id="6354321" type="General" weightage="20" keywordseo="Bengaluru" source="Orion">Bengaluru</keyword> <keyword id="6356415" type="General" weightage="20" keywordseo="metro" source="Orion">metro</keyword> <keyword id="6366234" type="General" weightage="20" keywordseo="rail" source="Orion">rail</keyword> project is on track to complete 175 km of commute by June 2025, a top official said here. Addressing a session on the 'future of mobility' at the Bengaluru Tech Summit 2022 on Friday, Anjum Parwez, Managing Director, Bangalore Metro Rail Corporation Ltd (<keyword id="6367448" type="General" weightage="20" keywordseo="BMRCL" source="Orion">BMRCL</keyword>), said as part of the second and third phase of the project, Bengaluru will have 314 km of metro rail connectivity by 2041. He said construction of metro lines is also progressing well on the airport side. He said the biggest challenge in urban mobility is the integration of multi-modal transport systems and moving people to get into public transport from personalised transport modes. Parwez said urban India was the most neglected area until the 1990s, as urban planning was not in sync with connectivity or mobility issues. He said BMRCL is getting a lot of support from startups in mobility to ensure that commuters have last-mile connectivity. He said the corporation is tying up with mobility providers to get people to reach the nodal point and commute to their workplaces. Parwez said the <keyword id="6367447" type="General" weightage="20" keywordseo="Namma-Metro" source="Orion">Namma Metro</keyword> has recently gone digital with its payment options that include the use of QR code scans and UPI-based payment options which has met with good response from commuters. Also, there is no waiting time for passengers who are in a hurry as there is no need to stand in queues to buy tickets or cards now. He said BMRCL is working on a transit-oriented development where commuters live close to the stations and to the workplace. Besides, the BMRCL also intends to integrate all aggregators by bringing out a mobility card for commuters. He said the corporation is in talks with BMTC to have bus stops at metro stations to help commuters hop on and hop off both modes of transport. He said bike taxis and carpooling should be encouraged although the government of Karnataka had put brakes on their operation. The BMRCL is also working on introducing shopping options for commuters inside and outside the metro stations. He said the BMRCL plans to sell office space in metro stations and provide end-to-end solutions to all the stakeholders. Amit Bhatt, Managing Director of the International Council on Clean Transportation (ICCT), said urbanisation in India is 33 per cent while it is about 80-85 per cent in European and American countries. He said about 66 per cent of urban infrastructure is yet to be built in India as the country is set to see a number of cities being built. The biggest challenge is to ensure zero emission, zero exclusion and zero accidents in urban transport, he said. Vadiraj Krishnamurthy, Vice President of Technology and Innovation, Bosch Global Software Technologies, said the future is software-defined fully programmable vehicles. "The key enablers of urban transport are personalised multi-modal mobility, automated mobility, electrified and connected mobility. Connecting vehicles using technology is an engineering challenge of the future," he said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/alstom-bags-rs-2643-crore-order-to-design-manufacture-312-metro-cars-for-delhi-metro-phase-iv/articleshow/95582764.cms">Alstom bags Rs 2,643 crore order to design, manufacture 312 metro cars for Delhi Metro Phase IV</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/2022-jeep-grand-cherokee-is-a-luxury-4x4-adventurer-at-77-5-lakh-heres-all-you-need-to-know/slidelist/95595383.cms">2022 Jeep Grand Cherokee is a luxury 4x4 adventurer at ₹77.5 lakh</a>

Bengaluru metro rail on track to complete 175 km of commute by June 2025: BMRCL MD

<ul><li>43% of retail credit inquiries were made by consumers in the 18-30 year age group. </li><li>From a location perspective, most inquiries (31%) still come from metro areas, but this proportion is slowly declining. </li><li>Nearly one-third (32%) of consumers hold a prime credit score, up four percentage points from the same period in 2021. </li></ul>As <keyword id="3658" type="General" weightage="20" keywordseo="india" source="Orion">India</keyword>’s youngest adults are going for credit cards, consumer durable loans and personal loans – it has fuelled the number of inquiries, as per a report by <keyword id="4053635" type="General" weightage="80" keywordseo="transunion-cibil" source="Orion">TransUnion CIBIL</keyword>. In the quarter ending September 2022, for the very first time, those between the ages of 18-30 accounted for the largest proportion of inquiries – a measure of consumers applying for new credit cards, said the report named Credit Market Indicator (<keyword id="271053" type="General" weightage="80" keywordseo="cmi" source="Orion">CMI</keyword>). “The fact that 43% of retail credit inquiries were made by consumers in the 18-30 year-old age group, compared to 38% in the same quarter in 2021, and 33% in the year before, indicates a major milestone in the evolution of India’s credit market, which now has stronger participation of younger consumers in the credit ecosystem,” says <keyword id="2793" type="General" weightage="80" keywordseo="rajesh-kumar" source="Orion">Rajesh Kumar</keyword>, managing director and CEO of TransUnion <keyword id="6380215" type="General" weightage="20" keywordseo="CIBIL" source="Orion">CIBIL</keyword>. Kumar added that increased access to credit is directly related to quality of life and financial empowerment of India’s youth – who he says are drivers of the country’s economic engine. In the second quarter of FY23, credit demand remained robust, with a corresponding increase in originations as lenders continued to provide credit opportunities for millions of consumers across India, the report said. Most of this is fuelled by consumption-led lending. Positive lender sentiment and consistent improvement in credit performance year-over-year also helped. Where is the credit? The most in-demand credit products during the quarter were personal loans, followed by credit cards. Inquiry volumes for personal loans increased by 109% YoY, while inquiry volumes for credit cards increased by 102% YoY. A continued feature of the retail credit evolution has been increased credit penetration. Between September 2019 and September 2022, credit penetration has improved across age groups. Consumers in the 18-30 years age group who availed at least one credit product increased from 14% to 19%. In the 31-45 year age group, it increased from 26% to 35%. And among the 46+ year cohort, it rose from 23% to 32% The number of inquiries emanating from rural areas has increased by one percentage point each year, from 20% in September 2020 to 22% of all inquiries in September 2022. Inquiries from urban and semi-urban areas have remained consistent at 21% and 26% respectively over the last three years. Analysis of the latest CMI also shows a marked improvement in borrower profiles, with nearly one-third (32%) of consumers holding a prime credit score, up four percentage points from the same period in 2021. Over the same time, 38% of near-prime consumers improved their status to prime in the September quarter. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/budget/news/budget-for-the-amrit-kaal-powered-by-capex-rooted-in-fiscal-consolidation/articleshow/97551916.cms">Budget for the Amrit Kaal: Powered by capex, rooted in fiscal consolidation</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/budget/news/indias-rich-to-shell-out-more-for-luxury-cars-global-travel-but-may-have-more-to-invest/articleshow/97551072.cms">India’s rich to shell out more for luxury cars, global travel but may have more to invest</a>

Credit cards, personal loans & more – India’s youngest adults lead in credit inquiries

<ul><li>India on Monday launched a smart card that aims to link all modes of public transport in the country.</li><li>The RuPay-powered card is an amalgamation of all the other cards. People will be able to book tickets, use it for metro in any city and pay for parking. </li><li>It will also let users withdraw money using the card.</li></ul> In a bid to promote hassle-free and cashless transportation, India on Monday unveiled ‘One-Nation-One-Card,’ a smart card valid for all modes of public transport in the country. 
	
	
	<div type="twitter" handle="narendramodi" handlename="Narendra Modi" image="http://pbs.twimg.com/profile_images/718314968102367232/ypY1GPCQ_normal.jpg" favoritecount="9050" retweetcount="2215" status="Here is how the dream of ‘One Nation, One Card’ was fulfilled today, furthering ‘Ease of Living’ for several citize… https://t.co/PQ371C28tf" createdat="1551721823000" id="1102627360656904192"></div>







 The card will run on the government-backed payment platform RuPay, and will be valid at metros, buses or trains, as well as for toll and parking. The card draws inspiration from existing services connecting transport in Singapore and London. India’s capital, New Delhi, has already been running a pilot project of a common smart card “One Card” connecting city buses and the Delhi metro. 
	
	
	<div type="twitter" handle="RuPay_npci" handlename="RuPay" image="http://pbs.twimg.com/profile_images/869581030847639556/2EDZxC--_normal.jpg" favoritecount="39" retweetcount="18" status="RuPay Contactless Card with NCMC is now available with almost 25+ large banks as debit, credit or prepaid. With thi… https://t.co/9pN7qQnBbA" createdat="1551699840000" id="1102535156944916481"></div>







 Here are some key facts about the card: <ol><li>It will be powered by RuPay and <a href="https://timesofindia.indiatimes.com/india/pm-modi-to-launch-one-nation-one-card-for-all-modes-of-travel-today/articleshow/68247992.cms">can be used</a> across all the public transport and retail payments including transit, retail, toll, and parking. In fact, it will let people withdraw money from it. </li><li>The card will be issued by any bank as debit, credit or prepaid. </li><li>The “Made in India” RuPay Card is a contactless card and will allow people to tap-and-go. </li><li>It can be <a href="https://timesofindia.indiatimes.com/india/pm-modi-to-launch-one-nation-one-card-for-all-modes-of-travel-today/articleshow/68247992.cms">used</a> just like any other debit or credit card. The smart card can either be used to get tickets from the counter or to enter the stations like metro. </li><li>The smart card also has a “unique stored value” feature that can be used to make digital payments in offline mode. </li><li>It will also allow the purchase of monthly passes and season tickets. </li><li>The concept of a single card for all public transportation<a href="https://www.businesstoday.in/current/policy/niti-aayog-one-nation-one-card-for-public-transport/story/282009.html"> came from</a> Singapore and London. London’s Oyster card allows travel on any bus, metro or suburban trains. </li><li>India is <a href="https://timesofindia.indiatimes.com/india/pm-modi-to-launch-one-nation-one-card-for-all-modes-of-travel-today/articleshow/68247992.cms">reportedly </a>using its own indigenous technology to support the card. </li></ol> In September, NITI Aayog CEO Amitabh Kant said "The objective of the strategy is to plan for the citizens first, rather than focusing on vehicles alone, by providing sustainable mobility and accessibility by switching to cleaner mode of transportation," reported IANS. (With Agencies)

One-Nation-One-Card: Here’s what you need to know about India’s public transport smart card

Tenants are finally gaining power in the housing marketIt's been a painful couple of years for renters.Discounts from early in the pandemic, for those lucky enough to nab them, <a href="https://www.businessinsider.com/rents-are-rising-rapidly-in-new-york-as-demand-climbs-2022-3">eventually gave way</a> to <a href="https://www.businessinsider.com/new-york-city-cost-of-living-rent-young-people-2022-10">hefty rent hikes</a>. Lines for <a href="https://www.businessinsider.com/renters-finding-new-ways-search-perfect-apartment-2022-7">apartment viewings stretched for city blocks</a>, and <a href="https://www.businessinsider.com/why-cant-find-affordable-nyc-rent-controlled-regulated-vacant-apartments-2022-7">bidding wars erupted</a>. Across the country, the rallying cry remained the same: The <a href="https://www.businessinsider.com/rents-rent-prices-39-percent-higher-than-last-year-2022-8">rent is too damn high</a>. Look closely, though, and you'll see that 2023 is shaping up to be the year that tenants claw back bargaining power from landlords. It may not feel that way just yet, but double-digit rent increases and eye-watering lease demands are now a thing of the past. RealPage, a real-estate-software company, declared in a <a href="https://www.realpage.com/analytics/apartment-demand-turns-negative-for-the-first-time-since-2009/" target="_blank" rel="noopener">report</a> last month that the market was "rapidly shifting in favor of renters." A rise in the number of empty apartments, a decline in the number of people looking for a place of their own, and a coming influx of apartment supply will force landlords to compete more fiercely for tenants. And when landlords compete, tenants win — with concessions like months of free rent, free parking, and gift cards.There's even a chance some Americans will see their rent go down this year. According to housing economists, if apartment demand doesn't pick up, or if the US economy slides into a recession, the rent that landlords ask for new leases could fall nationwide on an annual basis for the first time since the global financial crisis. And renters in some overheated markets with a lot of new supply popping up could see rents drop significantly, even if the economy steers clear of a significant downturn. "If you're looking for a place to live, it should be a lot easier this year to find inventory," Chris Salviati, a housing economist for Apartment List, told me.After a couple of years in which landlords reigned supreme, the tide is turning. Welcome to the year of the renter.<h2>The case for falling rent</h2>Something strange is happening in the apartment market. The US job market <a href="https://www.businessinsider.com/job-growth-unemployment-rate-recession-outlook-january-jobs-report-2023-2">remains healthy</a>, and the unemployment rate hit a 50-year low in January despite a <a href="https://www.businessinsider.com/layoffs-sweeping-the-us-these-are-the-companies-making-cuts-2023">wave of layoffs</a> in high-profile industries. Wage growth is strong, and people have plenty of savings. Yet property managers are having a harder time getting new renters through the front door. The national vacancy rate for apartments jumped to 5% in December, up from a record seasonal low of 2.5% the year prior, according to <a href="https://www.realpage.com/analytics/apartment-demand-turns-negative-for-the-first-time-since-2009/" target="_blank" rel="noopener">RealPage Market Analytics</a>.Most housing economists blame the pullback in rental demand on worries about the future. Despite the strong financial situation in which many Americans find themselves, months of recession warnings and stubborn inflation, as well as the soaring rent prices of the past few years, are persuading would-be apartment hunters to hold off on their searches. A recent college grad or a high earner who's ready to ditch their roommates and get a place of their own, for example, might be surveying the landscape and deciding it's more prudent to stay put or move in with family instead, Jay Parsons, the head of economics for RealPage, told me.With more apartments sitting open and fewer people looking to move into them, landlords could be forced to hold rents steady, or even cut prices, to entice prospective tenants to pick their units. Asking rents, which measure the rents paid by people moving into a new apartment, rose just 2.4% year over year in January, the smallest annual increase since May 2021 and about one-sixth of the rent increase from a year earlier, according to <a href="https://www.redfin.com/news/redfin-rental-report-january-2023/" target="_blank" rel="noopener">Redfin</a>. And as every month passes, the deals are getting better — the median US asking rent fell 1.9% between December and January, from $1,979 to $1,942, Redfin <a href="https://www.redfin.com/news/redfin-rental-report-january-2023/" target="_blank" rel="noopener">reported</a>. Zillow's measures differed slightly, but the takeaway was the same: The last few months of 2022 marked "the biggest monthly declines in rent for any time of year that we had seen in our data going back to 2015," Jeff Tucker, a senior economist at Zillow, told me. "It's a pretty major pullback by renters."A dramatic uptick in new supply over the next couple of years is poised to exacerbate the headaches for landlords and open up more opportunities for renters. More than 971,000 apartment units were under construction across the US at the end of 2022, the second-largest number on record. About 575,000 multifamily units are scheduled to be completed this year, RealPage reported. An additional 39,000 single-family rental homes are also under development, according to Yardi Matrix, a provider of data for commercial real estate."This timing is striking, to see so many units in the pipeline that will try and lease up right as the market has already softened substantially," Tucker said. "That could contribute to rent growth staying softer longer and maybe even seeing some rent declines."In the Nashville, Tennessee, metro area, for example, the 26,757 units that are either under construction or in the lease-up stage will expand the apartment supply there by more than 15% in the next couple of years, RealPage said. Austin, Texas, will see similar growth, with roughly 42,000 units under construction. In Phoenix, the nearly 47,000 units at the same stage of development will expand the supply by 12%. Parsons expects to see more markets where rents fall year over year, he told me, especially high-rent downtown areas where a lot of supply will be coming online. "We've already heard anecdotally that some renters are seeing even rent reductions on renewals," Parsons told me. "I don't think that's going to happen across the board for everybody. But you're going to see pockets where you're seeing more of that." Six markets, including Phoenix and Las Vegas, have seen year-over-year drops in asking rents, according to RealPage. Parsons said he expected more markets to follow suit, including Sacramento, California, and Pensacola, Florida. Apartment List's Salviati agreed that many Sun Belt markets in the South and West, where rents have exploded in recent years, would see "pretty strong cooldowns." Tech hubs like San Francisco, Denver, and Seattle may also face softer rental markets as the industry struggles and the supply of apartments in those areas — especially in the latter two cities — increases. The summer months will offer a more-telling picture of the rental market, since that's when demand for apartments is typically highest, Sheharyar Bokhari, a senior economist at Redfin, told me. Even if more demand does come back, new deliveries of apartments over the next year should leave slack in the market, which will put more pressure on rents to come down, he said."I think, year over year, it is possible that soon we'll see rents fall nationally," Bokhari said. <h2>But a fall is not guaranteed</h2>While local markets face their own ups and downs, it takes a lot for rents to fall nationwide on an annual basis. Unlike for-sale housing, the rental market has been remarkably immune to significant price declines in the past, even during rocky periods for the economy. In the aftermath of the Great Recession, for example, the consumer price index for rent <a href="https://fred.stlouisfed.org/series/CUUR0000SEHA" target="_blank" rel="noopener">flatlined</a> only for a brief period before continuing its march upward. People may cut back on other expenses, but they still need a place to live. For that reason, most housing economists are ultimately projecting modest rent increases this year, rather than a nationwide decline. RealPage forecasts that rents will rise about 3% nationwide this year, in line with a typical year prior to the pandemic. But given the factors already weighing on rents, a continued downturn in the economy or a recession would change that calculus, according to some experts."If we were to enter a recession this year, and unemployment were to rise, I wouldn't be surprised to see rents continue sliding this year," Salviati said. "But assuming that we avoid a recession, then I think there's probably not a strong likelihood that rents are going to keep falling."Even in the event of a sustained downturn in rents, there's no getting around that there's little chance of rents reverting all the way back to pre-pandemic levels — the typical renter is still <a href="https://www.redfin.com/news/redfin-rental-report-december-2022/" target="_blank" rel="noopener">paying 20% more</a> for a new lease than they were before the pandemic. In December 2020, the median rent nationwide was $1,649. That figure has risen more than $300 since then."A lot of people talk about, 'Well, rents have hit a ceiling. There's only so much people are willing to pay,'" said Jon Leckie, a researcher for Rent, a platform that helps landlords market their properties. "The way I look at it is we've set a new floor."There's also reason to believe that apartment demand will come back this year if inflation continues to ease and people get a better idea of where the economy is headed. In that scenario, a recent college grad with a stable job might decide they can afford to get that first apartment of their own after all. If this happens at a large scale, it should keep rents from falling drastically, Parsons told me. "Logic would tell us that, given that job growth is still strong, there's got to be pent-up demand right now," he said.In markets where rents are more likely to fall, the benefits for renters won't be distributed equally. Because the vast majority of new-apartment construction falls within the middle and upper rent tiers, tenants at those price points can expect to have the most options — and the most negotiating power. There's the added risk that apartment developers ditch plans for future projects as they confront higher interest rates and weaker demand for their units, which would worsen the supply shortage in the years ahead. We're already seeing signs that developers are growing more skittish. Developers started construction on only 33,600 multifamily units nationwide in December, the lowest figure in nearly two years, according to <a href="https://fred.stlouisfed.org/series/HOUST5FNSA" target="_blank" rel="noopener">US Census Bureau figures</a>. For now, though, the wave of supply that's already underway should keep rents in check over the next couple of years. The slowdown will be particularly pronounced in downtown areas where cranes dot the horizon and high-rent-building owners are bracing for thousands of new units to hit the market. The competition among landlords will mean better deals for renters — this year, especially, it could pay to shop around when your lease runs out.Even if landlords manage to keep their rent growth positive, tougher competition may entice them to hand out incentives that aren't reflected in asking rents, like a month or two of free rent or a discount on parking. A return to normal rent growth would still be good news for renters who have watched their housing costs skyrocket since the start of 2021. Now, as landlords shift their focus from jacking up rents to filling up units, renters can once again look ahead to better days.<a href="https://www.businessinsider.com/author/james-rodriguez" rel="">James Rodriguez</a> is a senior reporter for Insider.

Landlords aren't just lowering rents &mdash; they're handing out perks like gift cards and free parking

Ever since the pandemic broke out, digital offerings have gained greater growth momentum. Among these, one popular category has been <keyword id="9522245" type="General" weightage="100" keywordseo="bnpl" source="Orion">BNPL</keyword> (buy now, pay later) credit products. This is an interesting phenomenon as <keyword id="6368202" type="General" weightage="20" keywordseo="credit-card" source="Orion">credit card</keyword> usage has never quite caught on in <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword> as one would have expected it to, especially in non-tier 1 cities. As per GlobalData, the country has only five credit cards for every 100 persons. Nonetheless, the <keyword id="13591588" type="General" weightage="20" keywordseo="BNPL-credit" source="Orion">BNPL credit</keyword> option has been finding increasing favour among various cohorts across India. RedSeer Consulting estimates the segment will touch almost $50 billion by 2026. Given its tremendous potential, multiple players from diverse domains have entered the space, including fintech/payment players, <keyword id="2619064" type="General" weightage="20" keywordseo="e-commerce-entities" source="Orion">e-commerce entities</keyword>, a ride-hailing aggregator and banks. <cmsannotation type="cmsannotation" annotationid="BNPL Benefits and Changing Consumer Habits" comment="subhead" text="BNPL Benefits and Changing Consumer Habits">BNPL Benefits and Changing Consumer Habits</cmsannotation> Thanks to the instant digital credit offering, millennials and other younger cohorts have been using BNPL while shopping online, which includes first-time digital payment users. Towards catering to the rising demand, many e-commerce and smaller D2C (direct-to-consumer) brands, which wouldn’t otherwise be in a position to offer credit facilities to consumers due to the costs involved, are also using BNPL. The popularity of BNPL can be best gauged from the response of banks that were initially apprehensive about entering the sphere but are now active participants. BNPL provides a maximum credit of a couple of thousands up to one lakh only. Conversely, credit card limits can extend up to five lakh or more, depending on the service provider and the creditworthiness of an individual. Yet, given the typically higher interest rates of credit cards, many consumers avoid using their cards regularly for small ticket purchases. It is these cohorts in metros and non-metro regions that BNPL players are servicing. The best part is that borrowers can avail of short-term credit via BNPL even if they don’t have a credit history, which is next to impossible with credit cards where hard inquiries are made via credit bureaus before a card is approved, with possible impact on credit scores. As a result, the shopping habits of consumers who were previously reluctant to credit are now changing. The demand for BNPL is being fuelled by the low penetration of credit cards in the country and the surge in e-commerce transactions during the past few years, particularly after the outbreak of COVID-19. Market analysts believe there is tremendous scope for credit products such as BNPL as the 15 to 45 days’ credit period allows people to manage their monthly purchases and monthly budgets better. Depending on the BNPL offered, the credit period could extend up to a few months. During this time, the credit amount can be repaid in installments. However, there are late fee penalties and interest charges if the payment is not made within the predetermined date. Accordingly, service providers earn revenue through the commissions paid by merchants as well as via late fee charges, though the latter is not a core revenue-driver as such. <cmsannotation type="cmsannotation" annotationid="Tailwinds and other advantages" comment="subhead" text="Tailwinds and other advantages">Tailwinds and other advantages</cmsannotation> With people being confined within their homes for prolonged periods since March 2020 due to intermittent lockdown restrictions, the simple, convenient and instant credit option has come as a boon, particularly for new-to-credit borrowers, shopping online. Acknowledging the demand, e-commerce portals and apps are providing the BNPL option to buyers. Earlier, when people required an almost interest-free credit for buying or other recurring expenses, they were inclined to borrow from family, friends or relatives. But the pandemic closed this route, since liquidity constraints affected almost all families. In such a scenario, BNPL gained faster acceptance among shoppers during this period. Whereas the credit offering, first, found favour with young professionals and millennials, people from all age groups also gradually began using BNPL schemes in the lockdown phase. To leverage the changing consumer habits, some BNPL players have joined hands with kirana stores to provide their customers with a convenient credit option. This is possible since BNPL offers can be approved online within minutes with the help of intelligent tech resulting in minimal paperwork, unlike other credit products which consist of tedious documentation and elaborate credit approval processes. What’s more, BNPL’s real-time credit option has lower chances of rejection compared to personal loans or cards. It should be noted that BNPL offers ‘without interest’ and ‘with-interest’ options. In offerings with an interest component, in some cases, customers can avail of higher credit ranging between INR25,000 and INR100,000, which is useful for high-value purchases. Here, the interest-based EMIs (equated monthly instalments) could typically be spread over one to three months and in some cases even beyond. In India, BNPL is used for both daily shopping needs such as personal care products, health and food items as well as high-value goods, including electronics, appliances, cellphones, consumer durables and beyond. Besides facilitating small-ticket purchases without additional charges, the service offers a swift and safe checkout process, making it most convenient for both merchants and online shoppers. Finally, considering the transparency regarding interest rates, late payment fees, etc. consumers are assured there are no hidden charges in BNPL. Going by these benefits, there is no doubt whatsoever that BNPL is bound to gain greater traction with every passing year. The author is the founder and chief executive officer (CEO) of payments platform Simpl. Disclaimer: The opinions expressed are of the author and do not necessarily reflect the views of the Business Insider India.

OPINION: The demand for BNPL is being fuelled by low penetration of credit cards in India

<ul class="summary-list"><li><keyword id="12280030" type="UNKNOWN" weightage="60" keywordseo="moscow" source="Orion">Moscow</keyword>'s metro has unveiled a facial recognition-based payment system, <a href="https://www.theguardian.com/world/2021/oct/15/privacy-fears-moscow-metro-rolls-out-facial-recognition-pay-system">The Guardian</a> reported. </li><li>Riders can now pay at more than 240 stations without needing a card, cash, or phone.</li></ul><keyword id="12320772" type="UNKNOWN" weightage="60" keywordseo="moscow-metro" source="Orion">Moscow Metro</keyword> rolled out new <keyword id="12320770" type="UNKNOWN" weightage="60" keywordseo="facial-recognition" source="Orion">facial recognition</keyword> technology on Friday, allowing customers to pay for rides using only their faces, <a href="https://www.theguardian.com/world/2021/oct/15/privacy-fears-moscow-metro-rolls-out-facial-recognition-pay-system">The Guardian</a> reported.The new service, Face Pay, requires riders to upload their photo, bank card, and metro card information to a mobile app, enabling riders to pass through turnstiles by simply glancing at cameras positioned nearby, according to The Guardian.Face Pay launched at more than <a href="https://www.mos.ru/news/item/97579073/">240 rail stations</a> across Moscow Metro, Europe's busiest metro system with around <a href="https://www.railway-technology.com/about-us-online/">9 million passengers</a> daily."Moscow is the first in the world to introduce Face Pay on such a scale. The technology is new and very complex, we will continue to work on improving it," Moscow Mayor <a href="https://twitter.com/MosSobyanin/status/1448738116571906051">Sergey Sobyanin</a> tweeted, according to a translation by The Guardian. Maxim Liksutov, Moscow's deputy mayor for transport, said in a press release that his ministry expects 10% to 15% of riders to enroll in Face Pay within the next two to three years but added that other payment systems aren't going anywhere as of now, citing a report by <a href="https://interfax.com/newsroom/top-stories/72903/">independent Russian news agency Interfax</a>.While <keyword id="11894337" type="UNKNOWN" weightage="60" keywordseo="russia" source="Orion">Russia</keyword>n officials touted the technology as a way to reduce wait times, especially during peak hours, privacy advocates raised concerns about Face Pay expanding Russia's state <keyword id="6354565" type="UNKNOWN" weightage="60" keywordseo="surveillance" source="Orion">surveillance</keyword> apparatus."This is a dangerous new step in Russia's push for control over its population," Stanislav Shakirov, founder of digital privacy and government transparency group Roskomsvoboda, told The Guardian."We are moving closer to authoritarian countries like China that have mastered facial technology," Shakirov added. "The Moscow metro is a government institution and all the data can end up in the hands of the security services."Moscow has recently expanded its CCTV camera network, and has installed around 175,000 of its planned <a href="https://www.reuters.com/article/uk-russia-technology-facialrecognition/moscow-court-case-challenges-citys-facial-recognition-use-after-launch-idUKKBN1ZU1HM">200,000 surveillance cameras.</a>But Reuters reported in 2020 that Moscow has used the cameras to <a href="https://www.reuters.com/article/us-russia-politics-navalny-tech-idUSKBN2AB1U2">suppress protests against President Vladimir Putin</a> and is facing multiple lawsuits accusing it of enabling a <a href="https://www.reuters.com/article/russia-privacy-lawsuit-idINL8N2HQ44M">black market that allows ordinary people to spy on others</a> using that same network.

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