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<ul><li><keyword id="193629" type="General" weightage="20" keywordseo="NPCI" source="Orion">NPCI</keyword> has issued a circular on <keyword id="4536765" type="General" weightage="20" keywordseo="interchange-fees" source="Orion">interchange fees</keyword> on <keyword id="6358921" type="General" weightage="100" keywordseo="upi" source="Orion">UPI</keyword> transactions done via prepaid payment instruments.</li><li>Additionally, the circular also mentions that wallet providers like PhonePe, Paytm and others will have to pay a fee when users load more than ₹2,000 into their <keyword id="727091" type="General" weightage="20" keywordseo="wallets" source="Orion">wallets</keyword> via UPI.</li><li>Here’s a complete breakdown of which <keyword id="3679109" type="General" weightage="20" keywordseo="UPI-payments" source="Orion">UPI payments</keyword> will attract charges, who will have to pay these charges and more.</li></ul>The National Payments Corporation of India (NPCI) has introduced an interchange fee of up to 1.1% on UPI transactions done via prepaid payment instruments (PPI) from April 1. The charge will be applicable on payments of over ₹2,000, but it has caused confusion amongst users as to who will be charged for these transactions and which payment modes will be chargeable. “The interchange charges introduced are only applicable for the PPI merchant transactions and there is no charge to customers, and it is further clarified that there are no charges for the bank account to bank account based UPI payments (i.e. normal UPI payments),” NPCI said in a statement on Wednesday. We try to cut through the jargon and decode exactly what will happen from April 1 and how it will affect you. <cmsannotation type="cmsannotation" annotationid="What does the NPCI circular say?" comment="subhead" text="What does the NPCI circular say?">What does the NPCI circular say?</cmsannotation> According to the NPCI circular, first reported by<a href="https://www.cnbctv18.com/business/ppi-charges-upi-rural-india-digital-payments-16285871.htm"> CNBC-TV18</a>, UPI transactions done via prepaid payment instruments will now attract an interchange fee of up to 1.1%. This fee will be applicable on transactions of over ₹2,000. This will also be applicable on loading money in wallets via UPI. <cmsannotation type="cmsannotation" annotationid="Will this affect payments to friends, family or any other person via UPI?" comment="subhead" text="Will this affect payments to friends, family or any other person via UPI?">Will this affect payments to friends, family or any other person via UPI?</cmsannotation> Payments made via UPI to friends, family or any other individual or a merchant’s bank account will not be affected by this interchange fee. Essentially, peer-to-peer (P2P), and peer-to-peer-merchant (P2PM) transactions remain unaffected. You will be able to send money from your bank account to another person or merchant’s bank account via UPI without any charges. <cmsannotation type="cmsannotation" annotationid="What is a prepaid payment instrument?" comment="subhead" text="What is a prepaid payment instrument?">What is a prepaid payment instrument?</cmsannotation> Wallets, preloaded gift cards are prepaid payment instruments (PPI). Some examples of wallets include <keyword id="3032681" type="General" weightage="20" keywordseo="paytm-wallet" source="Orion">Paytm Wallet</keyword>, PhonePe Wallet, Amazon Pay, Freecharge Wallet, etc. Gift cards include <cmsannotation type="cmsannotation" annotationid="What is a PPI payment via UPI?" comment="subhead" text="What is a PPI payment via UPI?">What is a PPI payment via UPI?</cmsannotation> A PPI payment via UPI means a transaction done via a wallet, like Paytm Wallet, through a UPI QR code. For instance, if you have money in your Paytm Wallet and want to make a payment via a merchant’s UPI QR code, then on transactions above ₹2,000, an interchange fee of up to 1.1% will be levied. <cmsannotation type="cmsannotation" annotationid="What is the interchange fee?" comment="subhead" text="What is the interchange fee?">What is the interchange fee?</cmsannotation> Interchange fee is a fee that is charged by the receiver bank/payment service provider to the merchant. <cmsannotation type="cmsannotation" annotationid="Who will pay these charges?" comment="subhead" text="Who will pay these charges?">Who will pay these charges?</cmsannotation> For example, if you are making a PPI payment via UPI at a store, and the QR code is that of PhonePe, then PhonePe will receive the applicable interchange fee from the merchant. This is similar to how merchants are charged for payments made by users via credit cards – also known as merchant discount rate (MDR). Users will not be charged for these transactions. In case of loading money in wallets via UPI, you will not have to pay any charges just yet – that is of course until wallet providers like Paytm and PhonePe, among others, decide to pass on the charge to users. <cmsannotation type="cmsannotation" annotationid="Which transactions will be affected because of this?" comment="subhead" text="Which transactions will be affected because of this?">Which transactions will be affected because of this?</cmsannotation> <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Merchant category </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Interchange fee </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Max. charges </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Convenience stores </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.1% </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">NA </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Statutory payments </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.0% </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹10 </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mutual fund </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.0% </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹15 </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Insurance </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.0% </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹10 </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Railways </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.0% </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹5 </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Supermarket </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.9% </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">NA </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Telecom </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.7% </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">NA </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Utilities </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.7% </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">NA </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Education </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.7% </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹15 </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Agriculture </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.7% </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹10 </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Real estate </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.7% </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">NA </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Fuel </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.5% </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">NA </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table> SEE ALSO: <a href="https://www.businessinsider.in/business/telecom/news/increased-competition-delayed-tariff-hikes-could-effectively-lead-to-a-jio-airtel-duopoly/articleshow/99065537.cms">Increased competition, delayed tariff hikes could effectively lead to a Jio-Airtel duopoly</a> <a href="https://www.businessinsider.in/business/corporates/news/adani-group-stocks-tumble-eroding-53291-crore-market-capitalisation-today/articleshow/99057169.cms">Adani group stocks tumble, eroding 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Will UPI payments now attract charges? Decoding NPCI’s interchange fee on UPI transactions via prepaid payment instruments

<ul><li>The Payments Council of India (<keyword id="302625" type="General" weightage="80" keywordseo="pci" source="Orion">PCI</keyword>) has written to the government, seeking its intervention against a central bank directive.</li><li>The central bank had barred payment companies from loading <keyword id="485408" type="General" weightage="20" keywordseo="credit-lines" source="Orion">credit lines</keyword> onto wallets and prepaid payment instruments.</li><li>The PCI has urged the government to treat wallets on par with bank accounts.</li></ul>The Payment Council of India (PCI), a trade body consisting of various payment and settlement players from the country has written to the government, urging it to step in and resolve the issues created due to a recent directive by the Reserve Bank of India (<keyword id="30067" type="General" weightage="20" keywordseo="rbi" source="Orion">RBI</keyword>). The central bank had recently barred payment companies from loading credit lines onto wallets and prepaid payment instruments (PPIs). This effectively stops companies like <keyword id="657366" type="General" weightage="20" keywordseo="slice" source="Orion">Slice</keyword>, Unicards, <keyword id="4009819" type="General" weightage="50" keywordseo="amazon-pay" source="Orion">Amazon Pay</keyword>, LazyPay and others from offering lines. RBI had issued the circular after commercial banks had approached it over a likely breach of rules, including KYC guidelines and anti-money laundering regulations by the fintech companies and credit-card challenger brands. According to a <a href="https://economictimes.indiatimes.com/tech/technology/pci-fintech-firms-urge-government-to-step-in-to-resolve-fallout-from-recent-rbi-directive/articleshow/92476188.cms">report</a> by Economic Times, the PCI has requested the government to treat wallets that comply with full know your customer (KYC) norms on par with bank accounts, allowing them to offer credit lines. “A drawdown by the customer from a non-revolving credit line (which has been given by a regulated lender) should be allowed to be disbursed into a full KYC <keyword id="6408323" type="General" weightage="20" keywordseo="ppi" source="Orion">PPI</keyword>,” the PCI said in its letter to the government. In addition to asking the government to treat wallets that comply with full KYC guidelines on par with bank accounts, the PCI has also asked the government to allow non-revolving credit lines in full KYC PPIs. <cmsannotation type="cmsannotation" annotationid="What is non-revolving credit?" comment="subhead" text="What is non-revolving credit?">What is non-revolving credit?</cmsannotation> A non-revolving credit is a situation where an amount or credit facility is granted on a one-off basis and is non-replenishable. Unlike credit cards, such facilities do not have the feature of a minimum due amount and come with a clear payment schedule. <cmsannotation type="cmsannotation" annotationid="There are over 10 million active credit lines" comment="subhead" text="There are over 10 million active credit lines">There are over 10 million active credit lines</cmsannotation> The PCI, in its letter, has claimed that at present there are more than 10 million active credit lines where the amount has been disbursed into a PPI wallet and a card has been issued. It further added that such companies have processed over INR 3,500 crore worth of transactions in May 2022. The PCI has used these numbers to say that PPIs have led to greater financial inclusion, helping the country move towards a cashless future. SEE ALSO: <a href="https://www.businessinsider.in/tech/apps/news/google-has-termed-slice-as-a-harmful-app-recommending-users-to-uninstall-it/articleshow/92429265.cms">Slice payments app spies on photos, audio records and call history, says Google</a> <a href="https://www.businessinsider.in/tech/mobile/news/nothing-phone-1-invite-system-goes-live-how-to-get-an-invite-how-to-order-the-phone-and-everything-you-need-to-know/articleshow/92434869.cms">Nothing phone (1) invite system goes live – how to get an invite, how to order the phone and everything you need to know</a> <a href="https://www.businessinsider.in/business/auto/news/okinawa-electric-scooter-showroom-in-mangaluru-catches-fire-several-scooters-destroyed/articleshow/92433747.cms">EV fire – Okinawa electric scooter showroom in Mangaluru catches fire, several scooters destroyed</a>

Payments Council of India approaches government over central bank’s directive on credit lines

<ul><li>The Reserve Bank of India went public on 19 October with its disagreement regarding a proposal from the central government to establish an independent regulator to oversee all <keyword id="6359540" type="PERSON" weightage="20" keywordseo="payments">payments</keyword> systems. </li><li>The proposal was put forth last month by an inter-ministerial committee as an amendment to the the Payment &amp; Settlement Systems Act of 2007. </li><li>The <keyword id="30067" type="ORGANIZATION" weightage="20" keywordseo="RBI">RBI</keyword> explained that since payments systems come under the umbrella of currency, it made sense for them to be overseen by the central bank since it was a currency regulator and monetary authority. </li></ul> In a rare move, the Reserve Bank of India went public on 19 October about its disagreement with a proposal from the central government to establish an independent regulator to oversee all payments systems in the country. The move comes a few days after the central bank’s 15 October deadline for payment companies to demonstrate their compliance with local data storage norms expired. The <a href="https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=45287">“dissent note”</a>, as it was termed by the central bank, comprised a list of reasons why it was against the government’s decision to take the regulation of payments outside its current scope of responsibilities. The proposal was put forth last month by an inter-ministerial committee as an amendment to the the Payment &amp; Settlement Systems Act of 2007. The RBI explained that since payments systems came under the umbrella of currency and all issues related to currency, it made sense for their regulation to be overseen by the central bank since it was a currency regulator and monetary authority. Furthermore, as the settlement of payment transactions involves entries in the books of banking entities, it negates the need for dual regulators. Payments systems are currently dominated by banks. The RBI has moved to make it easier for non-banking financial institutions and mobile wallet instruments from participating in the payments industry. Infact, last week it released <a href="https://www.businessinsider.in/the-rbis-new-guidelines-will-allow-you-to-transfer-funds-between-different-mobile-wallets/articleshow/66256349.cms">guidelines </a>for the transfer of funds between different “pre-paid instruments”. The central bank emphasised that since the banking system and payment system are two sides of the same coin it will be easier for the same regulator to oversee both, instead of creating another body - which would lead to greater costs and a potential overlap of responsibilities between different regulators. The RBI has regulated payments for several years. After drawing attention to the international model under which most central banks are payments regulators, the RBI concluded by saying that the current system was “well-functioning” and there wasn’t any need to change it at the moment. As a compromise, the RBI said that an payments regulator committee should be established which should be headed by the governor of the central bank and made up of three nominees each put forth by the RBI and central government.

The RBI is butting heads with the central government over a proposal to establish an independent payments regulator

<ul><li>The new changes will affect companies like <keyword id="6357120" type="DEFINITION" weightage="20" keywordseo="paytm">Paytm</keyword>, <keyword id="6357886" type="UNKNOWN" weightage="20" keywordseo="phonepe">PhonePe</keyword>, <keyword id="143842" type="COMPANY" weightage="20" keywordseo="Mobikwik">Mobikwik</keyword>, and <keyword id="2750705" type="PERSON" weightage="20" keywordseo="Google-Pay">Google Pay</keyword> among others.</li><li>These mobile wallet operators had certain leeway with <keyword id="167905" type="COMPANY" weightage="20" keywordseo="KYC">KYC</keyword> whereas banks had to meet full KYC requirements.</li><li>To cushion the need for new compliance, the <keyword id="30067" type="COMPANY" weightage="20" keywordseo="RBI">RBI</keyword> has also doubled the amount of money that can be stored in these wallets to ₹2 lakh.</li><li>The RBI had earlier in October 2018 announced that KYC and interoperability will be voluntary for PPIs.</li><li>Check out the latest news and updates on <a href="https://www.businessinsider.in/">Business Insider</a>.</li></ul><keyword id="6354335" type="COMPANY" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> governor Shaktikanta Das today said that prepaid mobile wallet operators like Paytm, PhonePe, Mobikwik, and Google Pay among others will also need to implement full KYC (Know Your Customer) process soon. KYC guidelines are mandatory mobile companies and financial services companies to identify and verify their customers, which is done at the time of opening an account and repeated at regular intervals. Currently, <keyword id="6368227" type="UNKNOWN" weightage="20" keywordseo="Mobile-Wallets">mobile wallets</keyword> had some leeway, whereas similar products issued by banks had to meet all the KYC norms. The RBI had earlier in October 2018 announced that KYC and interoperability will be voluntary for prepaid payment instruments (PPIs) such as cards, wallets etc. This has been made mandatory now. “As migration towards interoperability has not been significant, it is now proposed to make interoperability mandatory for full payment acceptance infrastructure. To incentivise migration of PPIs to full KYC it is proposed to increase the current outstanding balance from ₹1 lakh to ₹2 lakh,” said Das. The apex bank’s statement said that the move was being brought in ‘to promote optimal utilisation of payment instruments, and given the constraint of scarce acceptance infrastructure (like PoS devices, ATMs, QR codes, bill-payment touch points, etc.)’. The new KYC norms for mobile wallets will not kick off immediately. The central bank said that detailed instructions for the same would be released soon. Additionally, the RBI has also put forth another benefit for non-bank PPIs. "As a confidence-boosting measure, it is proposed to allow the facility of cash withdrawal, subject to a limit, for full-KYC PPIs of non-bank PPI issuers as well," said the statement from RBI. With this, wallets like that of Paytm, Mobikwik can be used to withdraw cash from ATMs. Earlier, banking PPIs like Yono app from SBI had this facility.

You need to do full KYC for mobile wallets too – but you can store twice the amount of money

The guidelines issued by the <keyword id="6354335" type="CITY" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> (<keyword id="30067" type="ORGANIZATION" weightage="100" keywordseo="RBI">RBI</keyword>) for prepaid payment instrument (PPI) licence holders are not going well with the mobile wallet companies. Reportedly, the <keyword id="6368227" type="UNKNOWN" weightage="20" keywordseo="Mobile-wallets">mobile wallets</keyword> have raised several concerns over RBI’s proposed guidelines. One of the issues that these companies have is of the know your customer (KYC) norms. "Some clarifications were sought on certain clauses, while PPIs discussed issues around KYC, especially since it could be an overkill for small transactions," one of those at the meeting told ET. The <keyword id="4128581" type="UNKNOWN" weightage="20" keywordseo="payment-council-of-india">Payment Council of India</keyword> and the Internet and <keyword id="592650" type="ORGANIZATION" weightage="20" keywordseo="Mobile-Association-of-India">Mobile Association of India</keyword> (IAMAI) had organised a meeting in which they gave out feedback on the proposed norms. As per RBI’s draft guidelines, the PPIs will have to move to full KYC details within 60 days of the PPI licence being issued. Presently, e-wallets and other such prepaid payment instruments can only hold up to Rs 20,000 per user with minimum KYC. "In the feedback given to RBI, the main request is that minimum KYC be retained or that the deadline for implementing full KYC be extended to 18-24 months, since by then telecom companies would have done Aadhaar linking of mobile numbers. That will help mobile wallets do full KYC for all customers," one industry member told ET, adding “The other ask is that RBI should publish the interoperability guidelines for wallets.” Some of these concerns, especially full KYC compliance, were raised at the meeting, according to those present. PPIs are currently seeing monthly transactions of Rs 6,000 crore, of which about Rs 4,000 crore is from money transfers while corporate solutions such as smart cards for expense management constitute about Rs 500 crore, ET quoted people with knowledge of the matter.

Mobile wallets are not happy with RBI’s latest draft guidelines. Here’s why

<ul><li><keyword id="19945904" type="General" weightage="20" keywordseo="Ola" source="keywords" meta.keywordsubtype="org" meta.entityname="Ola" meta.hostid="261" meta.entityid="Ola">Ola</keyword> is reportedly looking to re-enter the <keyword id="19963428" type="General" weightage="20" keywordseo="quick-commerce" source="keywords">quick commerce</keyword> business.</li><li>The company is also planning to offer UPI services to customers.</li><li>The company’s earlier quick commerce service, <keyword id="22710114" type="General" weightage="20" keywordseo="ola-dash" source="keywords">Ola Dash</keyword> was shut in 2022.</li></ul> Ola tried its hand in the quick commerce business with Ola Dash but failed to crack the market and wind up operations in 2022. Amid the rising popularity of quick commerce apps such as <keyword id="20069203" type="General" weightage="20" keywordseo="Blinkit" source="keywords" meta.keywordsubtype="org" meta.entityname="Blinkit" meta.hostid="261" meta.entityid="Blinkit">Blinkit</keyword>, <keyword id="19939135" type="General" weightage="20" keywordseo="Swiggy-Instamart" source="keywords" meta.keywordsubtype="org" meta.entityname="Swiggy Instamart" meta.hostid="261" meta.entityid="Swiggy Instamart">Swiggy Instamart</keyword> and Zepto, Ola is now looking to re-enter the business. According to a<a href="https://economictimes.indiatimes.com/tech/technology/ola-drawing-up-a-route-map-to-join-quick-commerce-party/articleshow/112354202.cms"> report</a> by Economic Times, <keyword id="20138354" type="General" weightage="20" keywordseo="ANI-Technologies" source="keywords" meta.keywordsubtype="org" meta.entityname="ANI Technologies" meta.hostid="261" meta.entityid="ANI Technologies">ANI Technologies</keyword>, the parent company of <keyword id="20138355" type="General" weightage="20" keywordseo="ola-cabs" source="keywords">Ola Cabs</keyword> is planning on setting up <keyword id="21641710" type="General" weightage="20" keywordseo="dark-stores" source="keywords">dark stores</keyword> to ride the quick commerce wave. <h2>What are dark stores?</h2>Dark stores are special warehouses used to fulfil online orders. They are not open to the public and are designed to make packing and shipping items fast and efficient. Dark stores are often used by grocery stores, supermarkets, and other retailers to handle the growing demand for online shopping. The term "dark" refers to the fact that these stores are not open to the public, as they are not intended for in-store shopping. <div type="Article" hostid="261" msid="112288793" title="Electric two-wheeler sales cross the 1 lakh mark after four months, Ola Electric leads the market" mstype="2" mssubtype="0"></div> According to the report, the dark stores will be operated by Ola and the company is planning on deploying robots to minimize human involvement. “It's a dark store as a service where the whole setup will be delivered with significant automation but there will be some people involved,” a source familiar with the matter told ET. <h2>Ola plans to offer UPI services</h2>It’s not just quick commerce, Ola is reportedly planning on offering UPI services to its customers. The company already has the Ola Money app, which has found few takers. The company had converted from a full wallet to a small prepaid instrument (PPI) wallet earlier this year. <keyword id="19914967" type="General" weightage="20" keywordseo="Bhavish-Aggarwal" source="keywords">Bhavish Aggarwal</keyword> is expected to talk about the company’s upcoming initiatives at an event on August 15. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/tata-curvv-ev-with-up-to-585-km-range-launched-starting-at-17-49-lakh/slidelist/112342769.cms">Tata Curvv EV with up to 585 km range launched starting at ₹17.49 lakh</a> <a href="https://www.businessinsider.in/business/auto/webstories/top-10-selling-cars-in-india-in-july-2024/slidelist/112337262.cms">Top 10 selling cars in India in July 2024 – 6 out of 10 are from Maruti Suzuki</a> <a href="https://www.businessinsider.in/stock-market/news/ola-electric-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/112319824.cms">Ola Electric IPO allotment – How to check allotment, IPO GMP, listing date and more</a>

Ola wants to re-enter the quick commerce business to take on Blinkit and Swiggy Instamart

<ul><li>Reserve Bank of India governor Shaktikanta Das today announced that users will soon be able to deposit cash using <keyword id="6358921" type="General" weightage="20" keywordseo="upi" source="Orion">UPI</keyword> at ATMs.</li><li>Users will also be able to make UPI payments via PPI wallets through third-party apps.</li><li>The governor-led MPC also proposed the launch of a dedicated mobile app for retail investors to access the G-sec market.</li></ul>Forgot to carry your debit card while visiting the ATM? Don’t worry, the Reserve Bank of India (RBI) understands your pain. On Friday, RBI governor Shaktikanta Das announced that bank account holders will soon be able to deposit money at ATMs using UPI, or Unified Payments Interface. Earlier, in January, RBI had announced that it would allow users to withdraw cash from ATMs using UPI. At the moment, cash deposits at ATMs can be done via two methods – using debit cards and manually entering the savings account number. Das announced RBI’s latest Monetary Policy Committee (MPC) meeting, where the central bank left the key repo rate unchanged. <cmsannotation type="cmsannotation" annotationid="Enhancing UPI features" comment="subhead" text="Enhancing UPI features">Enhancing UPI features</cmsannotation> Thanks to UPI’s widespread use, RBI has been expanding its features to include various options from setting autopay instructions for bill payments to creating mandates for IPO applications and more. After the previous MPC meet in January, RBI governor announced that cash withdrawals would be made possible through UPI ATMs. “This measure will further enhance customer convenience and make the currency handling process at banks more efficient,” said Das. In addition to this, RBI also announced that it will allow the use of third-party UPI apps for making UPI payments via prepaid payment instrument (PPI) wallets, like Paytm and GooglePay. With today’s announcement, the central bank looks keen on slowly but steadily replacing debit cards with UPI. <a href="https://www.businessinsider.in/business/news/size-does-matter-debit-cards-for-large-payments-upi-for-smaller-ones/articleshow/109002682.cms">Recent reports suggest that</a>, while UPI usage is growing exponentially, people continue to use Debit Cards, especially for large payments. <cmsannotation type="cmsannotation" annotationid="New app for G-sec market" comment="subhead" text="New app for G-sec market">New app for G-sec market</cmsannotation> RBI’s aim with this is to make it more convenient to use digital payments for small-value transactions. Lastly, the MPC also proposed the launch of a dedicated mobile app to access the Retail Direct portal. Das believes this will enhance convenience to retail investors and improve the reach of the government securities (G-sec) market. RBI launched the Retail Direct scheme in 2021 to make it possible for retail and individual investors to participate in the government securities market. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/markets/news/markets-trade-flat-after-rbi-mpc-leaves-repo-rate-unchanged-at-6-5/articleshow/109055645.cms">Status quo: Markets trade flat after RBI MPC leaves repo rate unchanged at 6.5%</a> <a href="https://www.businessinsider.in/finance/news/rbis-mpc-keeps-rates-unchanged-to-be-actively-disinflationary/articleshow/109053104.cms">We want the elephant of inflation to walk back to the forest: Shaktikanta Das</a> <a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-and-airtel-add-nearly-5-million-subscribers-in-january-2024/articleshow/109040220.cms">Reliance Jio and Airtel add nearly 5 million subscribers in January 2024</a>

Not just withdraw, you can soon deposit cash using UPI at ATMs, promises RBI

<ul><li>Over the years, India has changed from a cash-led economy to a smartphone-led payment economy, says SBI Ecowrap. </li><li>Lower currency in circulation results in less leakage of deposits and it will impact monetary transmission positively, it adds. </li><li>In FY16, the share of currency in circulation (CIC) in payment systems was at 88%. This has come down to 20% in FY22. </li></ul> For the first time since 2002 – that’s 20 years – currency in circulation has declined during the Diwali week, says a report by SBI Ecowrap. This is, however, barring a marginal decline seen in the same period in 2009 because of economic slowdown. “Indian economy is undergoing a structural transformation. The innovations in technology have changed the Indian payment system. Over the years, the Indian cash-led economy now has changed to (a) smartphone-led payment economy,” the report said, calling it a remarkable development. This coincides with a record high in terms of value of UPI transactions in October 2022 – 7.3 billion transactions to the tune of ₹12.11 trillion – growing by 73% year-on-year <a href="https://www.business-standard.com/article/finance/upi-processes-over-7-bn-transactions-in-oct-record-high-since-inception-122110100569_1.html"> in volume terms</a>. Digital transactions turn faster, cheaper and easier Over the years, digital payments have become cheaper and easier and even brought those without bank accounts into the system. Moreover, the interoperable payment systems like UPI, wallets and prepaid payment instruments or PPIs have made the process simpler. As per the report, small retail payments done through UPI/e-wallets account for around 11-12% of the payment industry. Moreover, the share of cash in payment systems has reduced drastically in the last six years. In FY16, the share of currency in circulation (CIC) or cash transactions in payment systems was at 88% - this was prior to the launch of UPI in 2016. This share has come down to 20% in FY22. Moreso, it’s estimated to go down to 11.5% by FY27. Subsequently, the share of digital transactions that have been defined as IMPS, UPI and PPI by the report – have increased substantially. These transactions were at 11.26% in FY16 - and went up to 80.4% in FY22. It is expected to touch 88% in FY27. Clearly, digital transactions are taking the place that cash once held. “The success of the digital journey is primarily due to the relentless push by the Government to formalise and digitalise the economy. Over the years, the system has expanded rapidly with new innovations like QR code, NFC etc and has also seen the swift entry of big tech firms in this industry,” the report said. Less cash to print India has always been an economy with high cash in circulation. It comes next only to Japan and Hong Kong in terms of currency <a href="https://timesofindia.indiatimes.com/business/india-business/high-cash-in-circulation-aids-current-rbi-policy/articleshow/92641909.cms">in circulation (CIC) as a percentage </a>of GDP, which was at 14.2% in FY22, as per RBI data. As this percentage reduces and the economy is formalised, it can aid the banking system. “In simple terms, it implies that the RBI has to print less of currency given that UPI transactions impact currency in circulation with a lag. This is a win-win for both RBI and government, as it results in saving of seigniorage costs and also a less cash economy,” the report said. Currently, liquidity estimation of the country is impacted by a high amount of cash in the system, which is not easy to account for. Without a currency leakage, this estimation can now see a fundamental reorientation, the report says. “A lower currency in circulation also is akin to a CRR cut for the banking system, as it results in less leakage of deposits and it will impact monetary transmission positively,” the report said. CRR or cash reserve ratio is a specified minimum fraction of the total deposits of customers, which commercial banks have to hold as reserves either in cash or as deposits with the central bank. Apart from encouraging digital payments via UPI, the RBI is also currently working on piloting a Central Bank Digital Currency (CBDC) or the digital rupee. The RBI governor Shaktikanta Das said that it can transform the way the business is done. “It was indeed a landmark moment in the history of money, in the history of currency in our country. Going forward, it will be a landmark achievement so far as the functioning of the entire economy is concerned,” Das said on November 2.

Diwali week cash circulation declines for the first time in 20 years: SBI Ecowrap

<ul><li>WhatsApp finally received the approval to operate <keyword id="3679109" type="PERSON" weightage="20" keywordseo="UPI-payments">UPI payments</keyword> from the National Payments Council of India.</li><li>WhatsApp’s payments feature has been rolled out in ten Indian regional language versions of WhatsApp. </li><li><keyword id="4878801" type="PERSON" weightage="20" keywordseo="whatsapp-pay">WhatsApp Pay</keyword>’s entry in payments also comes with a major blow to two of its biggest competitors – <keyword id="2750705" type="PERSON" weightage="20" keywordseo="Google-Pay">Google Pay</keyword> and <keyword id="6357886" type="UNKNOWN" weightage="20" keywordseo="phonepe">PhonePe</keyword> as NPCI has doled out a 30% cap for third party payment operators.</li><li>Amidst all of this, a beneficiary from WhatsApp Pay’s entry would be Mukesh Ambani’s JioMart.</li></ul>After a long wait, WhatsApp finally received the approval to operate the Unified Payments Interface (UPI) payments from the National Payments Council of India (NPCI). With this, WhatsApp Pay is set to roll out initially with a cap of 20 million users, to make payments ‘as easy as sending a message’. A day after securing the approval, WhatsApp is launching the payments feature in ten Indian regional languages. WhatsApp’s UPI entry begins with a partnership with five banks – ICICI Bank, HDFC Bank, Axis Bank, the State Bank of India, and Jio Payments Bank. “With UPI, India has created something truly special and is opening up a world of opportunities for micro and small businesses that are the backbone of the Indian economy. India is the first country to do anything like this. I’m glad we were able to support this effort and work together to help achieve a more digital India,” said Facebook CEO Mark Zuckerberg in a statement. But WhatsApp Pay’s entry in payments that was touted to be a <a href="https://www.businessinsider.in/business/news/google-pay-has-a-solid-lead-over-phonepe-paytm-and-amazon-pay-in-india-but-its-biggest-challenge-is-yet-to-come/articleshow/76542701.cms">death card</a> for many others has been accompanied by a major blow to two of its biggest competitors – Google Pay and Walmart-owned PhonePe. NPCI setback for Google Pay, Phone Pe According to the NPCI’s official statement, <keyword id="4052276" type="PERSON" weightage="20" keywordseo="UPI-transactions">UPI transactions</keyword> on third party payment apps cannot exceed 30% of the overall volume of transactions processed in UPI during the preceding three months. Both Google Pay and PhonePe which are third-party apps will be hit as they currently together hold 40% market share in the UPI segment which has recently crossed the 2 billion transaction count. <div type="image" title="UPI transactions final." msid="79076877" hostid="261"></div> " Digital payments in India is still in its infancy and any interventions at this point should be made with a view to accelerate consumer choice and innovation. A choice based and open model is key to drive this momentum. This announcement has come as a surprise and has implications for hundreds of millions of users who use UPI for their daily payments and could impact the further adoption of UPI and the end goal of financial inclusion," said Sajith Sivanandan, Business Head, Google Pay and Next Billion User initiatives, India on the NPCI cap issue. UPI transactions on PhonePe and Google Pay in October 2020 <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">PhonePe </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">835 million </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Google Pay </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">820 million </td></tr></tbody></table>Source: <a href="https://economictimes.indiatimes.com/tech/technology/whatsapp-pay-gets-green-light-to-go-live-on-upi/articleshow/79066734.cms">media reports</a> While the cap will be effective from January 1, 2021, existing third party operators like Google Pay and PhonePe have been given until 2022 to comply with the new rules. UPI’s growth in India and its interoperability has left behind other players who focussed on mobile payments alone. “PPI’s (pre-paid instruments like mobile wallets) which were once expected to scale up rapidly in the retail digital payments industry have clearly not achieved the success that they were expected to achieve. While there could be several explanations for this, one of the main reasons we believe is due to strong competition from UPI,” said a report by JM Financial from September 2020. However, players like Paytm which isn’t a big shareholder in UPI, won’t be affected by the new capping as it is a PSP (Payment service provider). WhatsApp Pay’s potential India is the first country where Facebook had begun its tryst with payments back in 2018 when WhatsApp began beta testing payments in the country. Since then, the company had met with several regulatory hurdles relating to data localisation, which was followed by a promise of storing data locally and WhatsApp Pay submitting revised data localization compliance this year. However, even while it hadn’t officially rolled out, experts have been betting on its popularity because of its existing 400 million user base in India. Analysts at Bernstein (from a June 2020 report) expected WhatsApp Pay’s penetration to increase to 30% (from the current 10%) by FY25. Abhijit Bose, WhatsApp India head, had also shared plans for the company’s foray into financial services in India in July 2020. WhatsApp will soon be driving its financial inclusion push in India with its foray into lending, micro-insurance, and micro-pension products. WhatsApp is currently running pilot programs for the same. “Based on the results, we will co-invest and scale. Even a small conversion of the demand will translate into an infusion of significant savings into the financial system,” <a href="https://techcrunch.com/2020/07/22/whatsapp-to-pilot-projects-to-deliver-credit-insurance-and-pension-to-users-in-india/">said Bose</a> then. JioMart – the silent winner Amidst all of this, a beneficiary from WhatsApp Pay’s entry would be India’s richest man’s e-commerce bet – Mukesh Ambani’s JioMart. “Payments remains the missing link, the tie up could be a potential game changer with WhatsApp Pay integration with JioMart,” said the report by Bernstein. WhatsApp Pay’s UPI approval and potential tie-up with JioMart after Facebook pumped $5.7 billion in Reliance earlier this year, will see JioMart gain by offering easy ordering and payment facility to its users through WhatsApp. “RIL’s foray into the space leveraging its large ofﬂine distribution capabilities, and integration of ability to order groceries through WhatsApp, a platform with &gt;400 mn MAUs in India,” said a Goldman Sachs report. SEE ALSO: <a href="https://www.businessinsider.in/finance/news/whatsapp-pay-upi-services-gets-the-green-signal-from-npci-but-rollout-will-be-in-a-graded-manner/articleshow/79068908.cms">WhatsApp Pay UPI services gets the green signal from NPCI, but rollout will be in a 'graded' manner</a>

WhatsApp Pay UPI is now live while Google Pay, PhonePe have already got the first sting

<ul class="summary-list"><li><keyword id="22195" type="COMPANY" weightage="60" keywordseo="Inflation">Inflation</keyword> (rising prices) lowers the value of cash savings and fixed-income investments.</li><li>Investing for inflation involves picking assets that appreciate, are tangible, or pay variable interest.</li><li>Good inflation-hedging investments include stocks, TIPS, and tangibles like gold or real estate.</li></ul>If your money isn't moving forward, it's falling back. That's due to <a href="https://www.businessinsider.com/what-is-inflation">inflation</a>, which is almost always with us. Inflation is the term used to describe the steady rise of prices for goods and services that affects all areas of the economy. Over time, inflation can erode the purchasing power of your dollar, and also chip away at your investment returns. But with some foresight and planning, it's possible to protect your money. The solution is investing for inflation - choosing investments that will give you a return greater than the current rate of inflation - or at least keep up with it. Here's how investors can protect themselves from rising prices, and which investments make the best <keyword id="927781" type="PERSON" weightage="60" keywordseo="inflation-hedge">inflation hedge</keyword>.<h2>Understanding inflation</h2>Inflation refers to rising prices on goods and services across an economy over a period of time.We measure inflation with the "inflation rate," calculated as a percentage of change of a price index (a representative sampling of goods and services) from one year to the next. In the US, the most commonly used price index is the consumer price index (CPI), but sometimes economists will also use the producers price index (PPI) and personal consumption expenditures (PCE) price index. Inflation below 2.3% is considered low. It's considered mild between 2.3% and 3.3% and high between 3.3% and 4.9%. Inflation above 4.9% is considered to be very high. Inflation isn't all bad. Economists like to see a low, steady rise in prices, because it means a healthy economy: Companies are producing, consumers are buying, business and employment and wages are all up. Currently, the US Federal Reserve targets an <a href="https://markets.businessinsider.com/news/stocks/federal-reserve-inflation-strategy-boost-stocks-cut-risks-goldman-strategists-2020-9-1029627686#:~:text=The%20Federal%20Reserve's%20new%20target,revenue%20growth%2C%20the%20team%20said.aid." target="_blank" rel="noopener">average annual inflation rate of 2%.</a> In the news: <a href="https://www.businessinsider.com/inflation-consumer-price-index-april-cpi-economic-reopening-price-growth-2021-5" target="_blank" rel="noopener">The CPI rose 4.2% year-over-year in April 2020</a>, marking the strongest inflation since September 2008. <h2>How inflation reduces the buying power of your money </h2>Low inflation may be good for the economy, but it's bad for your wallet. "If annual inflation rates hit 5%, a dollar will only be worth $0.95 cents the following year," says <a href="https://www.bu.edu/questrom/executive-education/our-faculty/mark-williams/" target="_blank" rel="noopener">Mark Williams</a>, master lecturer in finance at Boston University's Questrom School of Business. And it's not just cash that loses value. Williams notes that those with low-interest bank accounts effectively lose money during periods of inflation because the interest they pay is eaten up by the decline in value. Indeed, any investment that generates a <a href="https://www.businessinsider.com/what-is-fixed-income-investing" target="_blank" rel="noopener">fixed rate of return</a> or interest will see diminished returns in real dollars during inflation.So while inflation impacts all investors, it's especially tough on <a href="https://www.businessinsider.com/investment-income-assets" target="_blank" rel="noopener">income-oriented investors</a>. <h2>What types of assets are good for beating inflation?</h2>Several asset classes in particular lend themselves to inflation-oriented investing. <ul><li>Appreciation-oriented assets: Go for investments that offer growth, or appreciation - not simply income. Company stock is a prime example. </li><li>Real assets: Inflation devalues nominal assets, like <a href="https://www.businessinsider.com/personal-finance/what-is-a-cd-certificate-of-deposit" target="_blank" rel="noopener">CDs</a> and traditional <a href="https://www.businessinsider.com/what-is-a-corporate-bond" target="_blank" rel="noopener">bonds</a>, because they're priced based on the fixed interest they pay, which will lose value when inflation is increasing. In contrast, real assets are tangible things with fundamental value. So their worth floats up together with inflation.</li><li>Variable interest-rate assets: If something pays a fixed rate, you'll lose money in an inflationary environment. Assets with fluctuating interest rates give your money more of a fighting chance, as they'll also rise with inflation.</li></ul><h2>Which investments make good inflation hedges? </h2>Certain specific investments do well when inflation is climbing. Choosing among these assets should reflect your own goals, and also how severe the inflationary climate is. <h3>1. Stocks</h3>In general, returns on <a href="https://www.businessinsider.com/what-is-stock">stocks</a> beat inflation. Rising prices can mean more profit for companies, which in turn boosts share prices. No guarantees, of course, but over the long term, the stock market has historically provided returns that beat inflation. <a href="https://www.businessinsider.com/passive-investing">Passive index investing</a> is the easiest way into stocks, and doesn't rely on an aptitude for stock-picking. <a href="https://www.businessinsider.com/how-to-invest-in-tech-stocks">Technology</a> and other <a href="https://www.businessinsider.com/what-is-a-growth-stock">growth stocks</a>, which outperform the overall market, make the most solid hedges against inflation. Consumer goods companies and others in the defensive sector, which produce basics people need, also do well.<h3>2. <keyword id="35149" type="PERSON" weightage="60" keywordseo="commodities">Commodities</keyword></h3>"<a href="https://www.businessinsider.com/what-are-commodities">Commodities</a> tend to have outsized returns during times of high inflation," says <a href="https://www.thedebtreliefcompany.com/">Adem Selita</a>, CEO of the Debt Relief Company. Commodities are a type of real asset, things like crops, raw materials, or natural resources. Their prices go up those of other goods or services that use those goods. In particular, precious metals like <a href="https://www.businessinsider.com/how-to-invest-in-gold">gold</a> and <a href="https://www.businessinsider.com/is-silver-a-good-investment">silver</a> have long been considered an inflation hedge. As physical assets, both gold and silver have intrinsic worth, unlike the dollar or other currencies. Other inflation hedges include energy commodities, like oil and gas.<h3>3. Real estate</h3>Real estate is both a real asset and an appreciation-oriented one. Like commodities, land and property values tend to rise alongside inflation. If you're not ready to buy actual property, you can still invest in real estate through a <a href="https://www.businessinsider.com/what-is-a-reit" target="_blank" rel="noopener">real estate investment trust (REIT)</a>. These are publicly traded portfolios of properties; although technically securities, they are influenced by real estate trends.<h3>4. Alternative investments</h3>Williams notes that some other tangible assets, such as fine art, vintage cars, and other <a href="https://www.businessinsider.com/steve-cohen-collectors-universe-collectables-dan-sundehim-nat-turner-2020-12" target="_blank" rel="noopener">collectibles</a>, also tend to work well as a hedge against inflation. Again, these are real assets that have intrinsic value to collectors. Although their prices can be hard to predict, the value of these items is expected to appreciate over time, providing returns greater than the inflation rate. Quick tip: <a href="https://www.businessinsider.com/what-is-cryptocurrency" target="_blank" rel="noopener">Cryptocurrencies</a>, like <a href="https://www.businessinsider.com/what-is-bitcoin" target="_blank" rel="noopener">Bitcoin</a> and Ethereum, may also protect against inflation because there is a cap on their supply. But since cryptocurrencies are so new, dating back to 2010, it's not clear how they'll perform during times of high inflation - they haven't been around in that sort of environment.<h3>5. US Treasury Inflation-Protected Securities (TIPS) </h3>Most bonds are not good choices to hedge against inflation. The reason is that these investments pay a fixed rate of interest throughout their years- or decades-long lifespans. Their prices on the secondary market might change, but the interest rate they pay is typically not adjusted. But some bonds, like US <a href="http://treasurydirect.gov/indiv/products" target="_blank" rel="noopener">Treasury Inflation-Protected Securities (TIPS)</a>, have interest rates that are indexed to inflation. That means that their interest payments go up with the inflation rate - and down with deflation - ensuring the payments' worth isn't too badly eroded. Because they're backed by the US government, TIPs are highly safe, and a good choice for conservative investors.<h2>You can also use debt to deal with inflation</h2>Debt may seem like the opposite of an investment. But incurring it can also be a good financial move when inflation is rampant. Selita notes that inflation makes it cheaper to service - that is, pay - some types of debt, as long as it has a fixed interest rate. In the same way that inflation eats away at the value of your cash, it also eats away at the value of your loan. This benefits individuals that have acquired loans or mortgages in the past, before the period of inflation set in.For example, $1 in 1990 is equivalent to about $2 today, so a $1,000 mortgage payment 30 years ago would be worth about $2,000 now. But after all that time, you'd still be paying $1,000 per month. So the value of what you need to pay is reduced by about half. Effectively, you're paying half as much each month to service the debt.If you can refinance, try changing your loan or mortgage to a fixed rate rather than a variable rate. That will leverage inflation to your advantage.<h2>The financial takeaway</h2>Investing for inflation is essential for protecting your wealth.Inflation can erode your savings. So, while keeping some cash handy is great for financial security, it's best not to keep too much. If you do, you may find that it just doesn't buy as much as it used to.Instead, plan for inflation by making your money earn. Choose an investment strategy that's likely to give you a return that at least keeps up with the inflation rate. Look for assets that appreciate, that have a fundamental value of their own, or that pay interest at a fluctuating rate. By keeping up with inflation, you can maintain the value of your money. And maybe even grow it. <h2>Related Coverage in <a href="https://www.businessinsider.com/investing-reference" target="_blank" rel="noopener">Investing</a>:</h2><a href="https://www.businessinsider.com/how-to-invest-in-gold" target="_blank" rel="noopener">Beginner's guide to investing in gold: The major ways to buy and trade gold, and the benefits and drawbacks of each</a><a href="https://www.businessinsider.com/what-are-commodities" target="_blank" rel="noopener">What are commodities? Tangible, everyday goods you can invest in, to hedge against inflation or sinking stock prices</a><a href="https://www.businessinsider.com/investment-income-definition" target="_blank" rel="noopener">Investment income is money earned by your financial assets or accounts, and understanding how it works can help maximize your profits</a><a href="https://www.businessinsider.com/what-are-liquid-assets" target="_blank" rel="noopener">What are liquid assets? A guide to the investments that are easiest to cash in, and why they're important</a><a href="https://www.businessinsider.com/growth-investing-definition-strategies" target="_blank" rel="noopener">What is growth investing? A strategy that focuses on high-growth companies in hopes for significant investment returns</a>

How to hedge against inflation with investments that keep pace with rising prices

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div></div></div>Financial <a href="http://uk.businessinsider.com/fca-investment-and-corporate-bank-competition-investigation-2015-2">scandals</a> wiped out 60% of Britain's biggest five banks' profits since 2011.According to the accountancy giant KPMG's latest report, entitled "<a href="http://www.kpmg.com/UK/en/IssuesAndInsights/ArticlesPublications/NewsReleases/Pages/UK-bank-profits-up-62-but-must-urgently-tackle-low-return-on-equity-says-KPMG-report.aspx">A Paradox of Forces</a>," the Royal Bank of Scotland, Lloyds Banking Group, HSBC, Barclays and Standard Chartered forked out £38.7 billion ($57.6 billion) in customer remediation, conduct failings and fines since 2011.KPMG warned that while conduct costs fell by 8% last year to £9.9bn, banking scandals "continue to be a major issue."It said that half of the costs related to financial scandal remediation went towards the compensating victims of the mis-selling of <a href="http://uk.businessinsider.com/lloyds-2014-results-show-profit-surge-and-bumper-banker-bonuses-and-pay-and-dividends-2015-2">Payment Protection Insurance (PPI)</a> and <a href="http://uk.businessinsider.com/gutobebb-on-missellingderivatives-irsas-by-rbs-barclays-hsbc-and-lloyds-2015-3">interest rate hedging products</a>.Meanwhile, KPMG said that the impact of conduct costs is exacerbating the banks' need to cut spending and restructure their units to cover its cost of capital. None of the banks surveyed achieved a return on equity of more than 8%, compared with an average 11.6% in 2009.This is despite combined pre-tax profits reached £20.6 billion in 2014, up 62% from the previous year."Banks are undergoing a once-in-a-lifetime change, as they face evolving regulation, technology and society's expectations," said Bill Michael, head of financial services at KPMG in the report.Here's Michael:"At the same time, competition is increasing as <a href="http://uk.businessinsider.com/aldermore-challenger-bank-ipo-march-2015-2015-2#ixzz3TxzzhRhz">new challenger banks</a> and peer-to-peer platforms offer customers new ways to borrow and deposit and technology-led services such as PayPal and e-wallets change the way money is transferred and goods and services paid for."Domestically focused banking arms are focused on restructuring their business. Those with active investment banking arms face significant challenges around ring-fencing their retail and investment banking activities, which will become mandatory in 2019. The <keyword id="6354868" type="COUNTRY" weightage="60" keywordseo="UK">UK</keyword> as a financial centre has largely been built on non-retail banking. If further regulation creates too many strictures on non-retail banking, the industry risks losing its global relevance."Some banks will follow a path of gradual evolution, others will opt for more radical strategic change. In the near-term, banks will continue to focus on cost control and invest in technology to improve services. While it is important to put customers first, embed cultural change and embrace technology, it will be the banks that have a clear and sustainable business model that stand the best chance of success in the future."KPMG added that the report "paints a picture of divergent performance across the banks as they begin to reshape their business plans. For example, profitability at the two state-backed banks continued to rise whereas it fell at the three global banks."For example, <a href="http://uk.businessinsider.com/lloyds-2014-results-show-profit-surge-and-bumper-banker-bonuses-and-pay-and-dividends-2015-2#ixzz3WhkBvW00">Lloyds, which is 23.9% owned by the government, reported a 2014 underlying profit increase of 26% to £7.8 billion</a>. Pre-tax profits rocketed by 325% to £1.8 billion.However, Lloyds paid £2.2 billion in PPI-related compensation and administration charges and £900 million for other litigation-related issues.Meanwhile, RBS, which is 81% owned by the state, <a href="http://uk.businessinsider.com/rbs-ceo-ross-mcewan-on-2014-results-2015-2#ixzz3WhmSVuq8">booked a £3.5 billion loss in 2014 and spent £2.2 billion on litigation and conduct provisions</a>.This included an additional provision of £650 million for PPI redress, £720 million spent related to investigations into the foreign exchange market and £185 million in mis-sold interest rate hedging product compensation. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/intense-circuit-workout-plank-army-crawlers-push-ups-2015-3">Here's an easy fat-burning circuit workout you can do using only a line</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="doNHRsczoq6XDEgpNk0k37IbtfpAiDui" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

British banking scandals have wiped out 60% of profits since 2011

The <a href="http://www.businessinsider.com/insiderpicks">Insider Picks</a> team writes about stuff we think you'll like. Business Insider has affiliate partnerships, so we get a share of the revenue from your purchase.<div class="KonaFilter image-container display-table"><div><div class="image on-image">Hollis Johnson/Business Insider</div></div></div><ul class="summary-list"><li>The <a href="https://amzn.to/2GJQRZi" target="_blank" rel="noopener">Google Pixel 3 XL</a> ($880) is a sleek, powerful smartphone that offers many ways to streamline your life with Google.</li><li>Most impressive is its 12.2 megapixel camera, which will help you capture clear and beautiful photos. </li><li>The 6.3-inch display's crystal-clear resolution, durable construction, and longer battery life (compared to the Pixel 3) of the Pixel 3 XL are qualities any new user will appreciate. </li><li>Despite a couple drawbacks like a singular USB-C port, we highly recommend this user-friendly smartphone. </li></ul>Camera quality is one of the top factors people consider when shopping for a new smartphone, and I get it. If I'm not messaging people, checking my social apps, or listening to music, you can bet I'm using my phone to take pictures.Though my <a href="https://amzn.to/2EaUm9t" target="_blank" rel="noopener">Samsung Galaxy S9</a> has impressed both me and countless friends with its strong camera, my recent spin with the <a href="https://amzn.to/2GJQRZi" target="_blank" rel="noopener">Google Pixel 3 XL</a> has me even more convinced of the photographic prowess and potential of smartphones today.The <a href="https://amzn.to/2GJQRZi" target="_blank" rel="noopener">Pixel 3 XL</a> is perfect for photo and Google enthusiasts who like the size, display, and feel of a larger phone. It has its drawbacks and it won't come cheap, but you'll love its sleek design, ease of use, and healthy offering of customizable features. <div class="KonaFilter image-container display-table"><div><div class="image on-image"><a href="https://amzn.to/2GJQRZi" target="_blank" rel="noopener"></a>Hollis Johnson/Business Insider</div></div></div><h2>The <a href="https://amzn.to/2GJQRZi" target="_blank" rel="noopener">Google Pixel 3 XL</a> at a glance: large, light, and sleek </h2>The phone has a 6.3-inch display and an impressively light, slim body that feels comfortable in your hand. The 2960 x 1440 resolution and 523 ppi display is clear and crisp (great for video streaming), while the glass back, made with Corning Gorilla Glass 5, not only looks attractive but also resists scratches. The phone is also water- and dust-resistant, with an IP 68 rating. The on-screen notch at the top of the phone is the subject of complaints from many other tech reviewers, but it personally didn't bother me too much. On the back is a responsive fingerprint sensor located as just the right position. Despite the nice look of the rest of the matte back, I'd still recommend getting a case because it can quickly collect fingerprint smudges. <h2>Getting to know the <a href="https://amzn.to/2GJQRZi" target="_blank" rel="noopener">Google Pixel 3 XL</a> (emphasis on Google): </h2>The phone runs on Android 9.0 Pie, so as a long-time Android user, I was able to get accustomed to the operating system quickly. But even if you're jumping ship from iOS, the user experience is intuitive and easy to grasp. To access the main menu of apps, you swipe up from the bottom. You can toggle between in-session apps by swiping left and right, then up to close it.Since it is a Google phone after all, integration with your Google account(s) is a key component of the experience. Photos, Pay, and Drive are a few apps you'll probably use often, as they all make life a little easier. Your photos and files are backed up in the cloud, and it's okay if you leave or forget your wallet at home. Google Home is also pre-installed if you own a Google smart speaker and want a place to control all your connected devices. <div class="KonaFilter image-container display-table"><div><div class="image on-image"><a href="https://amzn.to/2GJQRZi" target="_blank" rel="noopener"></a>Hollis Johnson/Business InsiderThe Google Lens in action.</div></div></div>Google Assistant will be your personal voice assistant, accessed by saying "Hey Google" or squeezing your phone, and you can create automatic "subscriptions" such as weather and stock market alerts to streamline your daily routine. Google Lens is also a cool feature. Like a visual Shazam, it makes use of the camera to help you look up products, books, places (landmarks, notable buildings), barcodes, and more. <h2>The indisputable star of the <a href="https://amzn.to/2GJQRZi" target="_blank" rel="noopener">Google Pixel 3 XL</a> is the camera: </h2>The <a href="https://amzn.to/2GJQRZi" target="_blank" rel="noopener">Pixel 3 XL</a> (like the Pixel 3) has a 12.2 megapixel rear-facing camera and an 8 megapixel front-facing camera. For those front-facing selfies, there's a wide-angle feature that lets you zoom out and squeeze more people into the frame. <div class="KonaFilter image-container display-table"><div><div class="image on-image"><a href="https://click.linksynergy.com/deeplink?id=EHFxW6yx8Uo&amp;mid=38606&amp;murl=https%3A%2F%2Fwww.bestbuy.com%2Fsite%2Fgoogle-pixel-3-xl-128gb-just-black-verizon%2F6303039.p%3FskuId%3D6303039" target="_blank" rel="noopener"></a>Connie Chen/Business InsiderUnedited photos taken with the Auto camera function on the Samsung Galaxy S9 (left) vs. the Google Pixel 3 XL (right). Though the differences are subtle, the Google Pixel 3 XL's image is more crisp and saturated.</div></div></div>Just on Auto mode, photos turn out crisp and vibrant, but you can also adjust for brightness and lighting conditions, plus make use of Panorama, Portrait, Motion (live photos) and Slow Motion modes. Meanwhile, the special Night Sight mode makes the usually tricky task of shooting in low light a relative walk in the park. <div class="KonaFilter image-container display-table"><div><div class="image on-image"><a href="https://click.linksynergy.com/deeplink?id=EHFxW6yx8Uo&amp;mid=38606&amp;murl=https%3A%2F%2Fwww.bestbuy.com%2Fsite%2Fgoogle-pixel-3-xl-128gb-just-black-verizon%2F6303039.p%3FskuId%3D6303039" target="_blank" rel="noopener"></a>Connie Chen/Business InsiderA portrait mode to rival the iPhone's and excellent night/low light shooting features are even more reason to love the Pixel 3 XL's camera.</div></div></div><h2>Other notable features of the <a href="https://amzn.to/2GJQRZi" target="_blank" rel="noopener">Google Pixel 3 XL</a>:</h2>The phone has dual front-firing stereo speakers and three mics, so calls came through clearly and video sound was well-rounded. It comes with Pixel USB-C earbuds, which have good sound quality, but aren't very comfortable. I preferred using <a href="https://www.businessinsider.com/jaybird-tarah-pro-wireless-earbuds-review-2019-1" target="_blank" rel="noopener">wireless Bluetooth earbuds</a> or my wired Samsung ones. To help you learn about your phone usage and cut down on unnecessary screen time, the Digital Wellbeing feature breaks down how you're using your phone, even telling you how many times you've unlocked your phone today. I didn't initially love being confronted with the realities of my phone usage, but it ultimately helped me put my phone away when I didn't really need it. Another thing I've always appreciated about Android is how you can make the phone your own with all the different customizable settings and preferences, from widget arrangements to "Night Light" scheduling that makes it easier to look at your screen in dim light. At the same time, the Pixel 3 XL's custom options weren't so vast that they become overwhelming. Since you use your phone a lot throughout the day, you're probably curious about battery life. The <a href="https://amzn.to/2GJQRZi" target="_blank" rel="noopener">Pixel 3 XL</a> has a 3430 mAh battery (compared to the Pixel 3's 2915 mAh battery) and charges quickly. Depending on your usage, it can last nearly two days. It charges with a USB-C charger.<div class="KonaFilter image-container display-table"><div><div class="image on-image"><a href="https://amzn.to/2GJQRZi" target="_blank" rel="noopener"></a>Hollis Johnson/Business InsiderAccessories include a USB-C to USB-C cable, USB-C 18W Power adapter, Pixel USB-C earbuds, USB-C to 3.5mm headphone adapter, and a SIM tool.</div></div></div><h2>Drawbacks of the <a href="https://amzn.to/2GJQRZi" target="_blank" rel="noopener">Google Pixel 3 XL</a>:</h2>The phone's singular USB-C port is one of my biggest gripes since it means you must use the included Pixel USB-C earbuds if not for a wireless pair. You could also attempt to find another brand's pair, but there aren't as many high-quality USB-C earbuds currently in the market. Luckily, Google stays practical and understanding of this inconvenience - it includes a USB-C to 3.5 mm headphone adapter in the package. My other gripe is that the lock and volume buttons are located directly under each other, instead of on opposite sides. Even after some time using this phone, I couldn't seem to recalibrate and remember this arrangement. The reliable alternative, however, is the fingerprint sensor, and that always resolved my lock-button woes. <h2>The bottom line: </h2>If you want a larger phone, plan on taking lots of pictures, and hate charging your phone often, the <a href="https://amzn.to/2GJQRZi" target="_blank" rel="noopener">Google Pixel 3 XL</a> is the smartphone to buy. It's powerful but simple and intuitive to use, and it has all the features to make you a Google power user. While large, it's also light and slim, so you won't feel saddled down by it. <h3><a href="https://click.linksynergy.com/deeplink?id=EHFxW6yx8Uo&amp;mid=38606&amp;murl=https%3A%2F%2Fwww.bestbuy.com%2Fsite%2Fgoogle-pixel-3-xl-128gb-just-black-verizon%2F6303039.p%3FskuId%3D6303039" target="_blank" rel="noopener">Shop the Google Pixel 3 XL (Verizon), available in 3 colors, for $550 ($22.91/month for 24 months) at Best Buy here</a></h3><h3><a href="https://amzn.to/2GJQRZi" target="_blank" rel="noopener">Shop the Google Pixel 3 XL (Unlocked), available in 3 colors, for $880 at Amazon here</a> </h3><a href="http://e.businessinsider.com/join/ci/insider-picks">Subscribe to our newsletter.</a> Find all the best offers at our <a href="https://coupons.businessinsider.com/">Coupons page</a>. Disclosure: This post is brought to you by the <a href="http://www.businessinsider.com/insiderpicks">Insider Picks</a> team. We highlight products and services you might find interesting. If you buy them, we get a small share of the revenue from the sale from our commerce partners. We frequently receive products free of charge from manufacturers to test. This does not drive our decision as to whether or not a product is featured or recommended. We operate independently from our advertising sales team. We welcome your feedback. Email us at insiderpicks@businessinsider.com.

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