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The total number of <keyword id="14486030" type="General" weightage="20" keywordseo="Tokenised-payment" source="Orion">tokenised payment</keyword> transactions is likely to exceed 1 trillion globally by 2026, from 680 billion in 2022, a new report showed on Monday. This represents growth of 58 per cent over the next four years. The report attributed this growth to the rise of �one-click' solutions, such as Click-to-Pay, using card-on-file <keyword id="7203297" type="General" weightage="20" keywordseo="Tokenisation" source="Orion">tokenisation</keyword> to store a customer's payment credentials; enabling them to auto-fill their checkout details and complete transactions via a single click. Tokenisation protects customers' payment credentials when stored; replacing sensitive data with token values that hold no intrinsic value. This prevents malicious actors from gaining access to payment data in the event of a data breach. The report said that the online and mobile e-commerce tokenised volume will grow by 74 per cent by 2026. This growth is driven by the increasing customer expectation of a frictionless checkout experience, which one-click solutions via tokenisation offer. "Tokenisation growth is being driven by increasing adoption of one-click solutions by merchants within eCommerce to reduce friction, and by card networks, who are encouraging mass adoption of tokenisation at the network level to improve payment approval rates," the findings showed. Growth will also be driven by benefits, including time savings for the end user by eliminating the need for customers to re-enter payment credentials when shopping online, the report mentioned. The research also identified IoT payments as offering the largest growth among the tokenisation market over the next 5 years, with tokenised IoT transactions expected to reach 19 billion by 2027, growing 400 per cent from just 3.8 billion in 2022. "Tokenisation is critical in facilitating IoT payments; enabling transactions to be made via new use cases and form factors, unlocking new revenue opportunities for payment providers," it added. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/adani-wilmar-cuts-fortune-oils-for-the-second-time-by-20/articleshow/92952328.cms">Adani Wilmar cuts Fortune oil’s for the second time, by ₹20</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/jindal-stainless-approved-to-supply-stainless-steel-for-272-km-long-usbrl-tunnel-project/articleshow/92952099.cms">Jindal Stainless approved to supply stainless steel for 272 km-long USBRL tunnel project</a>

Tokenised payment transactions to cross a trillion globally by 2026, says report

<ul><li>Google announced that its bringing tokenisation of credit and debit cards to Google Pay during their annual event, <keyword id="8120597" type="UNKNOWN" weightage="20" keywordseo="google-for-india-2019">Google for India 2019</keyword>. </li><li>This will allow users to mask their real card numbers when making payments to third party merchants using Google Pay. </li><li>Tokenisation shares a random token number rather than the actual number of the card to conduct the transaction. </li></ul>Google Pay’s is finally bringing its tokenisation system to India — a feature which allows you to mask your real debit and credit card numbers before making a payment. It was launched in India four years after it was available worldwide. Yet, Caesar Sengupta, Google’s General Manager and Vice President of Payments and Next Billion Users stated, “India is setting the global standard on how to digitise payments,” during the <a href="https://www.businessinsider.in/google-for-india-2019-everything-you-need-to-know/articleshow/71199981.cms">Google for India 2019</a>. Tokenisation allows users to hide their card numbers by issuing a digital token bound their devices, to make a transaction. Once the transaction is complete, the token ceases to exist. It’s a lot like exchanging money for tokens at a casino, according to <a href="https://www.advantio.com/blog/mobile-payments-with-digital-wallets-and-tokenization-how-google-pay-apple-pay-and-samsung-pay-protect-your-card-details">Advantio</a> — a cyber security research organisation. A visitor is the only person who can exchange their money for tokens and vice versa. Should someone else try and use that token — they would not be able to at another casino. Advantio calls this ‘devaluation’ since it deters crime and limits the thief’s field of action. How does tokenisation work? There are two ways in which tokenisation works. One, is the tap and pay method. Users just have to tap their phones against a Bharat QR or near field connectivity (NFC) terminal to make a payment. If the transaction in under ₹2,000, there’s no need to input their PIN number. In order for this to work, the user’s smartphone needs to be NFC-capable. Even for online transactions, tokenised cards can be used to make payments without disclosing the user’s card number to the vendor or merchant through Google Pay. Only the randomised card number is shared. Each token is unique to the card number that it represents. The randomisation of numbers happens on the user’s mobile device itself, which has an encryption key in memory, that is used to generate and decrypt limited-use and single-use keys. According to Google, this makes the process more secure by adding a layer of security. The feature will initially roll out for VISA cards with HDFC Bank, Axis Bank, Kotak, Standard Chartered, and the State Bank of India (SBI). Later this year, Google will add more banks, RuPay and MasterCard to the process. See also: <a href="https://www.businessinsider.in/google-for-india-2019-everything-you-need-to-know/articleshow/71199981.cms">Google is adapting its technology for India and its many languages</a> <a href="https://www.businessinsider.in/how-to-use-google-pay-for-business-and-google-spot/articleshow/71200402.cms">Google Pay for Business and Google Spot launched to digitise small business owners</a> <a href="https://www.businessinsider.in/google-for-india-2019-google-assistant-for-2g-users-and-multiple-indic-languages/articleshow/71200745.cms">Data starved Indians in remote areas can now call the Google Assistant hotline</a>

Google Pay’s new tokenisation will mask your real debit and credit card numbers before making payments

The Reserve Bank of India (<keyword id="30067" type="General" weightage="100" keywordseo="rbi" source="Orion">RBI</keyword>) is ready to bring its <keyword id="15011914" type="General" weightage="20" keywordseo="card-on-file-tokenisation-norms" source="Orion">card-on-file tokenisation norms</keyword> into effect from October 1 after various complaints were filed regarding the misuse of debit or credit cards. Several people were cheated in the last few years by cyber frauds because they have stored their card data on the merchants website for future payments. Lets us understand what these new norms are and why you should <keyword id="14818784" type="General" weightage="20" keywordseo="tokenise-your-card" source="Orion">tokenise your card</keyword>. Firstly, <keyword id="7203297" type="General" weightage="20" keywordseo="tokenisation" source="Orion">tokenisation</keyword> means the details of your cards such as 16-digit number, names, expiry dates and codes which you used to save earlier for the future payments will now be replaced by a token. The token is used by the merchant's website for the transaction. The RBI is implementing these norms of tokenisation in order to secure the card details of the customers. Currently, the bank card details are saved by a merchant during a transaction. If, the merchant's website is hacked, the details of the customers will be exposed. Post implementation of these norms all the customers data will be with the bank and not with the merchant website. Securing/Tokenisation also helps you save the hassle of inputting your complete card details each time. Customers need not have to pay any charges for availing this service. Post implementation of these norms, customers have to follow below mentioned steps to get their cards tokenised. Step 1: Visit your favourite online application/website to purchase grocery, pay bills or order food and initiate a transaction. Step 2: In the check-out page, select HDFC Bank Credit/Debit Card and provide CVV Step 3: Tick mark the check box "Secure your Card" or "Save Card as per RBI guidelines" Step 4: Enter the OTP received on your registered mobile number Step 5: Congratulations!!! Your card details are now secured. Once the customer tokenised their cards they will be able to recognise their details on the merchants website using the last 4 four digits of the cards, which is the only data the merchant will be able to save on their portal. Further banks will provide a portal to their customers to view or manage their tokenised cards. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sustainability/article/sustainability-forum-shifting-gears-evaluating-the-road-to-sustainable-mobility/articleshow/94248881.cms">Sustainability forum: Shifting gears — ‘EV’aluating the road to sustainable mobility</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/ujjivan-raises-475-crore-through-qip-strong-participation-from-quality-long-term-investors/articleshow/94245879.cms">Ujjivan raises ₹475 crore through QIP; Strong participation from quality long-term investors</a>

RBI ready to bring card tokenisation norms into effect from October 1

<keyword id="2750705" type="PERSON" weightage="20" keywordseo="Google-Pay">Google Pay</keyword> in collaboration with Visa and banking partners on Monday rolled out tokenisation across its platform, enabling users to safely transact with their cards and use Tap-to-pay feature on near-field communication (NFC)-enabled point of sale (POS) terminals and online merchants. The feature is now available to users of Axis and SBI Card, with Kotak and more banks expected to follow suit very soon. With tokenisation, Google Pay <keyword id="6355645" type="UNKNOWN" weightage="20" keywordseo="Android">Android</keyword> users can use their debit or credit card to make payments through a secure digital token attached to their phone without having to physically share their credit or debit card details. "We are hopeful that the tokenisation feature will further encourage users to transact securely and safely in the current times, and expand merchant transactions both online and offline," said Sajith Sivanandan, Business Head: Google Pay and NBU-India. The feature also works with online merchants, delivering more native and seamless OTP experiences without any redirects to 3D Secure sites. With tokenisation, Google Pay will enable NFC-capable Android devices to make contactless payments at over 2.5 million Visa merchant locations. It will allow users to scan and pay at more than 1.5 million Bharat QR enabled merchants and the customers can pay bills and recharges from within their Google Pay app using their card. "Visa recently crossed over 1 billion token credentials globally and with Google Pay live in India, we expect these numbers to rise significantly. We are excited to partner with Google to further accelerate digital payment innovations in times to come for the Indian market and beyond," said TR Ramachandran, Group Country Manager, Visa, India &amp; South Asia. To enable the tap and pay feature using the smartphone phone, users will have to do a one-time set up by entering their card details and follow it by entering the OTP they get from the bank to add their card to the Google Pay app. After the registration, the feature can be used to make payments at NFC-enabled terminals, the company said. "We are already live for Axis and SBI Card holders with Visa payments network and are working closely with Kotak and other banking partners to further expand the adoption of card-based payments with tokenisation in India," Sivanandan added. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/top-ten-phishing-examples-and-tricks-used-by-companies-to-test-their-employees-cybersecurity-smarts/slidelist/78228072.cms">Top ten phishing tricks that companies are using to test their employees’ cybersecurity smarts</a> <a href="https://www.businessinsider.in/stock-market/markets/news/indian-tech-companies-hcl-tech-wipro-infosys-tcs-share-price-are-green-today/articleshow/78228700.cms">It’s not just the DWS deal, Morgan Stanley's outlook has painted HCL Tech green⁠ — along with TCS, Infosys and Wipro</a> <a href="https://www.businessinsider.in/tech/apps/news/google-hits-back-at-paytm-reiterates-that-repeated-policy-violations-will-lead-to-stricter-actions/articleshow/78229677.cms">Google hits back at Paytm ⁠— reiterates that ‘repeated policy violations’ will lead to stricter actions</a>

Google Pay partners with Visa bringing tap-to-pay for Indian users

The <keyword id="7656598" type="General" weightage="20" keywordseo="merchant-payments" source="Orion">Merchant Payments</keyword> Alliance of India (MPAI) and the Alliance of <keyword id="1929810" type="General" weightage="20" keywordseo="digital-india" source="Orion">Digital India</keyword> Foundation (ADIF) on Wednesday urged the <keyword id="6354335" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword> (<keyword id="30067" type="General" weightage="20" keywordseo="rbi" source="Orion">RBI</keyword>) to extend the card-on-file (CoF) tokenisation deadline of December 31 for merchants. Citing several operational challenges that will hinder the transition to the token-based payments ecosystem, the industry bodies voiced their concerns over industry readiness on the RBI directive on card-on-file tokenisation. MPAI and ADIF said that 'ecosystem readiness' is a sequential process of going live with stable API (application programming interface) documentation for tokenised transactions. The digital payments ecosystem is a long way from consumer-ready solutions and unless regulated entities are compliant, merchants will not be able to successfully process tokenised transactions, they said in the joint letter. "In the scenario that banks are lax on preparedness, the brunt of that will be borne by merchants in the form of loss of revenue - we are looking at revenues losses of anywhere between 20-40 per cent at the minimum should that be the case," said Sijo Kuruvilla George, Executive Director, ADIF. The RBI in September prohibited merchants from storing customer card details on their servers with effect from January 01, 2022, and mandated the adoption of CoF tokenization as an alternative to card storage. The industry bodies said that if implemented in the present state of readiness, the new RBI mandate could cause major disruptions and loss of revenue, especially for merchants. "This unpreparedness will impact recent digital payments adopters even deeply. The frequency and intensity of phishing attempts will go as entire card details are to be entered for each transaction, causing a significant increase in irreversible fraudulent transactions," said Vishal Mehta, Chair of Governing Council, MPAI. Based on the set of guidelines that have been mandated by the RBI, sensitive customer information is to be stored in the form of an encrypted 'token' to help secure transactions. These tokens then allow payments to be processed without disclosing the customer details or allowing the payment intermediaries to store customer data that could breach security and privacy. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/tiktok-scores-higher-traffic-ratings-than-google-to-become-the-most-popular-domain-in-2021/slidelist/88403667.cms">People looked up TikTok more than Google making the short videos app the most popular domain in 2021</a> <a href="https://www.businessinsider.in/tech/apps/news/upcoming-whatsapp-new-features-will-enhance-admin-control-in-groups-add-shortcut-for-quick-replies-and-more/articleshow/88387262.cms">Upcoming WhatsApp features: New admin controls, shortcuts for quick replies, message reactions and more</a>

Merchant bodies urge RBI to extend card-on-file tokenisation deadline citing operational challenges

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div></div></div>Visa is rolling out a piece of financial technology known as "tokenisation" in Europe, <a href="http://thenextweb.com/apple/2015/02/24/visa-announces-credit-card-tech-that-could-speed-up-apple-pays-arrival-in-europe/?utm_source=feedburner&amp;utm_medium=feed&amp;utm_campaign=Feed%3A+TheNextWeb+%28The+Next+Web+All+Stories%29">The Next Web reports, paving the way for the introduction of Apple Pay in Europe</a>.Apple Pay is Apple's cardless payments system. In participating retailers, users can simply touch their iOS device to the payment terminal to make a purchase. So far, it's not available outside of the United States, although Apple is planning to expand.When someone makes a purchase with Apple Pay, they don't actually share their card details with the retailer. Instead, a "token" which corresponds with their account details is issued to authorise a payment. It helps keep the users bank details more secure. (When someone makes a payment with a contactless card, in contrast, it uses their bank details.)This "token" technology hasn't previously been available in Europe, hampering the rollout of Apple Pay. <a href="http://www.visaeurope.com/media/pdf/20989.pdf">But Visa announced today</a> that it will be launching tokenisation in European markets in mid-April this year.<a href="http://www.telegraph.co.uk/finance/newsbysector/mediatechnologyandtelecoms/telecoms/11312574/UK-banks-in-talks-over-Apple-wave-and-pay.html">Bank sources had previously told the Telegraph</a> that Apple Pay is expected to launch in the <keyword id="6354868" type="COUNTRY" weightage="60" keywordseo="UK">UK</keyword> in the "first half of 2015." Visa's announcement looks like further confirmation of this. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/apple-pay-credit-cards-payments-iphone-2014-10">How Apple Pay Could Destroy The Credit Card</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="o4MnY4cTpqFMojV9Y0itQImqMettpnv_" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

Visa has removed one of the last hurdles for Apple Pay in Europe

<keyword id="6355629" type="DEFINITION" weightage="20" keywordseo="google">Google</keyword> on Friday denied the claims made in certain media reports that its <keyword id="2750705" type="PERSON" weightage="20" keywordseo="Google-Pay">Google Pay</keyword> app is sharing Indian customers' transaction data with third parties. Citing an affidavit filed before a bench of Chief Justice D.N. Patel and Justice Prateek Jalan in Delhi High Court, a section of the media said that Google has told the court that it is allowed to share customers transaction data with third parties with the prior permission of the National Payments Corporation of India (NPCI) and payment service providing (PSP) banks. The affidavit was filed in response to a public interest litigation (PIL) seeking action against Google Pay for allegedly violating the Reserve Bank of India (RBI) guidelines related to data storage and sharing. "This is to clarify that press reports on the basis of the affidavit filed by Google before the Delhi High Court, do not represent the complete facts," a Google spokesperson said in a statement. "We would like to put it on record that Google Pay is in full compliance with Unified Payment Interface (<keyword id="6358921" type="COMPANY" weightage="20" keywordseo="upi">UPI</keyword>) procedural guidelines, issued by the National Payments Corporation of India (NPCI) and the applicable laws and does not share customer transaction data with any third party outside the payments flow," the company spokesperson added. The high court has listed the matter for hearing on November 10. Earlier this week, Google Pay in collaboration with <keyword id="6359421" type="COMPANY" weightage="20" keywordseo="visa">Visa</keyword> and banking partners rolled out tokenisation across its platform, enabling users to safely transact with their cards and use Tap-to-pay feature on near-field communication (NFC)-enabled point of sale (POS) terminals and online merchants. The feature is now available to users of Axis and SBI Card, with Kotak and more banks expected to follow suit very soon. With tokenisation, Google Pay Android users can use their debit or credit card to make payments through a secure digital token attached to their phone without having to physically share their credit or debit card details. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/bharat-bandh-farmer-unions-begin-their-nationwide-strike-delhi-police-on-high-alert/articleshow/78308504.cms">Bharat Bandh: Farmer unions begin their nationwide strike — Delhi Police on high alert</a>

Google Pay doesn't share Indian customer's transaction data with third parties, says Google

<ul class="summary-list"><li><keyword id="6357017" type="DEFINITION" weightage="60" keywordseo="cryptocurrency">Cryptocurrency</keyword> exchange-traded-funds are being actively considered by US regulators, the Financial Times reported chairman <keyword id="4029488" type="PERSON" weightage="60" keywordseo="jay-clayton">Jay Clayton</keyword> saying at a conference.</li><li>The US Securities and Exchange Commission is working with other financial agencies to establish whose jurisdiction various crypto-products would fall under, he said.</li><li>"Our door is wide open — if you want to tokenise the <keyword id="6357062" type="DEFINITION" weightage="60" keywordseo="ETF">ETF</keyword> product in a way that adds efficiency, we want to meet with you and we want to facilitate that. Of course you have to register it and do what you would do with any other ETF," the chairman said.</li></ul>The US Securities and Exchange Commission is working on <keyword id="50323" type="ENTERTAINMENT" weightage="60" keywordseo="regulations">regulations</keyword> that may one day authorize the use of cryptocurrency exchange-traded-funds, the <a href="https://www.ft.com/content/9f2c1303-678e-486e-b3f1-d4f234f85f47">FT</a> reported chairman Jay Clayton saying at a <a href="https://www.youtube.com/watch?v=h3eKQRT7hbk">conference</a>.The securities regulator is working with other financial agencies like the Office of the Comptroller of the Currency and the Commodity Futures Trading Commission to establish how each body would regulate different crypto-products, Clayton said at the discussion on "Innovation &amp; Regulation of Digital Assets."Clayton is attempting to shed the <keyword id="6362470" type="ORGANIZATION" weightage="60" keywordseo="sec">SEC</keyword>'s image of being rigid about cryptocurrencies. The regulator <a href="https://blockchain.bakermckenzie.com/2020/08/31/u-s-sec-approves-the-first-full-securities-registration-for-a-company-issuing-crypto-tokens/">approved its first securities registration</a> for a company issuing crypto-tokens through a public offering in August this year."Our door is wide open — if you want to tokenise the ETF product in a way that adds efficiency, we want to meet with you and we want to facilitate that. Of course, you have to register it and do what you would do with any other ETF," Clayton said.Read more: <a href="https://www.businessinsider.com/stock-picks-to-buy-jim-osman-investing-expert-3-winners-2020-10" target="_blank" rel="noopener noreferrer">200-plus money managers pay thousands to see which stocks are on Jim Osman's buy list. He details 2 he sees doubling and says one has at least 50% left to soar.</a>Token contracts allow digital assets to represent a single security, like stocks, funds, or ETFs. Firms like Franklin Templeton and WisdomTree have already begun exploring this concept, according to the FT.Clayton said some of the initial crypto pioneers failed to consider investor protection and market efficiency."One of the problems we've had was [that] we got off on the wrong foot in this innovation," he said, adding that there were still members of the financial communties that favored a more unregulated approach.The SEC has previously had to issue cease-and-desist orders to companies for conducting unregistered security offerings in the form of initial-coin-offerings (ICOs), a method of funding via cryptocurrencies."What we don't like is when someone says: 'you know, the function is payments, so you really ought to look past the securities law stuff'," Clayton said. "I can't do that.""Don't tell us it's a payment system when it's actually a financing vehicle."Read more: <a href="https://www.businessinsider.com/stock-picks-to-buy-21-potential-future-index-leaders-goldman-sachs-2020-10" target="_blank" rel="noopener noreferrer">GOLDMAN SACHS: Buy these 21 high-growth stocks that have huge upside potential as future index leaders</a>

Cryptocurrency ETFs could soon be a reality now that regulators are actively studying them, SEC chair Jay Clayton says

Mumbai, Jun 13 () The Reserve Bank on Saturday came up with a modified oversight framework for financial market infrastructure and retail payment systems with a view to ensure safety and stability of payment structure. "This document, by enhancing supervisory transparency and disclosure, would enable better regulatory compliance by payment systems operators, and enhance customer awareness, eventually contributing to the safety and stability of our payment systems," the RBI said while releasing version 2.0 of Oversight for Financial Market Infrastructure and Retail Payment Systems. The RBI, as per the document, will carry out the oversight activity through monitoring existing and planned systems, assessment of the FMIs and RPSs against the oversight objectives, and inducing change for improvements, where necessary. "It is important that FMIs as well as retail payment systems are resilient to disruption, including financial and operational shocks, so that they continue to provide critical service to the economy and support wider financial stability and economic development," the document said. The central bank has an important role to play in ensuring smooth functioning of payments systems, it added. The FMI generally refers to systemically important payment systems (SIPS), Central Securities Depositories (CSDs), Securities Settlement Systems (SSSs), Central Counter Parties (CCPs), and Trade Repositories (TRs) that facilitate the clearing, settlement and recording of financial transactions. RPS refers to transactions effected through mobile phones, internet, ATMs, PoS networks and with contactless technology (card payments and tokenisation), electronic billing and use of various systems and platforms for making instant payments. The Reserve Bank of India had adopted the Principles for Financial Market Infrastructures (PFMI) for supervising and assessing the FMIs regulated by it, and had in June 2013 prepared a document titled "Regulation and Supervision of FMIs regulated by RBI". The scope of the document was limited to oversight activities and tools used for supervision of the Financial Market Infrastructure (FMIs) prevailing then. Over the following years, the supervisory rigour for FMIs – both onsite and offsite – has increased. Additionally, RPSs have assumed importance, given their acceptance, convenience and availability of multiple payment options. National Payments Corporation of India (NPCI), the umbrella organisation for RPSs in the country, has emerged as a System Wide Important Payment System (SWIPS) because of the significant volume of transactions processed in the payment systems operated by it. Reserve Bank undertakes onsite and/or offsite supervision of RPSs like PPI issuers, ATM networks, TReDS platforms, MTSS operators, card networks, etc. The Oversight Framework for Financial Market Infrastructures (FMIs) and Retail Payment Systems (RPSs) has been updated in line with the commitment made in the Reserve Bank's Payment and Settlement Systems Vision 2019-2021, the central bank said. It incorporated the supervisory framework for the payment system entities as well as the supervisory considerations that have arisen since the time of the previous document. It details the oversight objectives and supervisory processes of the Reserve Bank as well as the assessment methodology of FMIs and SWIPS under PFMIs. NKD CS BAL

RBI modifies framework for financial market infrastructure, retail payment system

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div></div></div>Good morning! Unlike yesterday, it's a rainy day in London. Here's the tech news you need to know today.1. <a href="http://www.businessinsider.com/pebble-time-raises-1-million-in-44-minutes-on-kickstarter-2015-2">Pebble's new smartwatch raised over $5 million in less than five hours.</a> It used a Kickstarter campaign to raise funds and reached its target in just 17 minutes.2. <a href="http://www.businessinsider.com/hp-reports-earnings-2015-2">HP stock was down 7% after reporting its latest earnings.</a> It beat on EPS but missed on revenue.3. <a href="http://www.businessinsider.com/valve-is-making-a-virtual-reality-headset-2015-2">Valve is going to reveal its virtual reality headset next week.</a> The video game company has been developing a headset to rival the Oculus Rift.4. <a href="http://uk.businessinsider.com/r-apple-to-pay-533-million-for-patent-infringement-2015-2?r=US">Apple has been ordered to pay $533 million for patent infringement.</a> The case was over functionality found in iTunes.5. <a href="http://www.businessinsider.com/google-banning-porn-on-blogger-2015-2">Google is banning porn on its Blogger service.</a> It previously stopped users from earning money from porn blogs, but now it's banned completely.6.<a href="http://www.businessinsider.com/apple-acquires-music-plug-in-maker-camel-audio-london-2015-2"> Apple acquired London music software company Camel Audio.</a> The company had gone quiet in 2015, and people were wondering why.7. <a href="http://www.businessinsider.com/apple-pay-to-come-to-europe-after-visa-launches-tokenisation-2015-2">Visa has paved the way for Apple Pay to launch in Europe.</a> It has introduced tokenisation, which is a technology that Apple requires for its mobile payment service.8. <a href="http://uk.businessinsider.com/tim-cook-in-germany-2015-2?r=US">Apple CEO Tim Cook is in Germany.</a> He has visited a glass factory, as well as the head office of the BILD newspaper.9.<a href="http://www.businessinsider.com/apple-itunes-radio-music-streaming-rumours-2015-2"> Apple could relaunch iTunes with a focus on streaming music, rather than downloads.</a> We spoke to a source who is aware of conversations between Apple and musicians.10. <a href="http://uk.businessinsider.com/apple-patent-for-interactive-application-sharing-lets-iphone-ipad-users-collaborate-on-same-app-in-real-time-2015-2?r=US">Apple has won a patent that could allow people to collaborate within one app from multiple devices.</a> You could send your screen from one device to another. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/apple-watch-paris-smartwatch-tim-cook-iphone-2014-9">Apple Crashed A Paris Fashion Show To Promote Its Smartwatch</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="BkdWhzcDob6xfNOSe0oVqkMLgDUyBfGM" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

10 things in tech you need to know today

<ul><li>Google announced a new Google Pay feature, Jobs, to help users find <keyword id="2093247" type="UNKNOWN" weightage="20" keywordseo="Entry-level-jobs">entry level jobs</keyword> in the country during its annual event, <keyword id="8120597" type="UNKNOWN" weightage="20" keywordseo="google-for-india-2019">Google for India 2019</keyword>. </li><li>The Jobs spot on Google Pay will find job opportunities based on user profiles and also supplement training modules to help prepare for interviews. </li><li>The service will initially roll out in Delhi NCR followed by the rest of the country in the coming months. </li></ul>Google’s annual event, <a href="https://www.businessinsider.in/google-for-india-2019-everything-you-need-to-know/articleshow/71199981.cms">Google for India 2019</a>, had a lot of announcements around Google Pay. Most of them had to do with facilitating online digital payments but one — Jobs. Some of the other highlights were the launch of <a href="https://www.businessinsider.in/how-to-use-google-pay-for-business-and-google-spot/articleshow/71200402.cms">Google Pay for Business</a>, <a href="https://www.businessinsider.in/how-to-use-google-pay-for-business-and-google-spot/articleshow/71200402.cms">Google Spot </a>to help small businesses set up store fronts online, and even the <a href="https://www.businessinsider.in/google-pay-new-tokenisation-feature-explained/articleshow/71203148.cms">tokenisation of transactions</a> to make payments more secure. Jobs will be available as a spot on Google Pay. Google already introduced Job Search as a part of Google Search last year. Job Search collates posting for several partners and thousands of organisations to Google’s API. But, they are largely white collar jobs. "Entry level jobs in industries like retail, hospitality, and on-demand is very different and largely unmet," stated Caesar Sengupta, Google’s General Manager and Vice President of Payments and Next Billion Users during Google for India 2019. Aiming at entry level jobs Unemployment is a persistent problem in India. "Right now, a lot of hiring in these sectors is via offline channels like personal referrals, walk in centers, paper applications and so forth. This makes the process super disorganised," said Sengupta. "Many young seekers are unsure how to enter the workforce — from building a CV to finding an appropriate job and gaining the relevant skills they need," Sengupta added. The Jobs spot will use AI and machine learning (ML) to customise the kind of job options that show up for users, depending on their skill set and requirements. Over time, the results will get even more personalised. It will also supplement job opportunities with training modules that can help users prepare for their interview. Google currently has 25 early partners and will initially launch in Delhi-NCR before expanding to the rest of the country. The company has already been working on skilling India’s workforce. Google Digital Unlocked programme for small business owners has reached out to 400,000 people, according to the company. Google also claims to have invested in training two million developers in the country and sponsored over 100,000 scholarships across multiple technologies like virtual reality and augmented reality. "Skilling is one part of the job solution. Connecting people to job opportunities is another," explained Sengupta. See also: <a href="https://www.businessinsider.in/google-for-india-2019-everything-you-need-to-know/articleshow/71199981.cms">Google is adapting its technology for India and its many languages</a> <a href="https://www.businessinsider.in/how-to-use-google-pay-for-business-and-google-spot/articleshow/71200402.cms">Google Pay for Business and Google Spot launched to digitise small business owners</a> <a href="https://www.businessinsider.in/google-for-india-2019-google-assistant-for-2g-users-and-multiple-indic-languages/articleshow/71200745.cms">Data starved Indians in remote areas can now call the Google Assistant hotline</a>

Google will now focus on bringing in entry level job opportunities for India

Amid the global crypto meltdown, <keyword id="6356662" type="General" weightage="100" keywordseo="singapore" source="Orion">Singapore</keyword>, which has a clear licensing and regulatory framework, is going to act tough on crypto platforms in the coming months, a top <keyword id="167953" type="General" weightage="50" keywordseo="monetary-authority-of-singapore" source="Orion">Monetary Authority of Singapore</keyword> (<keyword id="281847" type="General" weightage="80" keywordseo="mas" source="Orion">MAS</keyword>) executive said on Tuesday. MAS Managing Director <keyword id="224150" type="General" weightage="50" keywordseo="ravi-menon" source="Orion">Ravi Menon</keyword> said that the key lesson from the upheaval in the global crypto industry is clear: Investing in cryptocurrencies is highly risky. "MAS and relevant government agencies will take firm enforcement action if any entity is found to be conducting illegal activities or performing regulated activities without a license," he said after releasing the central bank's annual report. Menon said that reviews and public consultations are underway, among international standard-setting bodies and regulators, to strengthen regulation in the crypto areas. "MAS is targeting to consult on proposed measures in the next few months," he added. Governments the world over, including in <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword>, are planning tough action against cryptocurrencies as the crypto world faces heightened uncertainties. In India, Union Finance Minister <keyword id="129243" type="General" weightage="50" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword> said in the Lok Sabha on Monday that the <keyword id="6354335" type="General" weightage="50" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword> (RBI) has recommended framing of regulations for cryptocurrencies. The Indian government wants an international collaboration if such a ban has to be put into effect, said <keyword id="679937" type="General" weightage="50" keywordseo="sitharaman" source="Orion">Sitharaman</keyword>. Menon said that some crypto players that have come under strain have been reported by the media as being "Singapore-based". "In reality, these so-called 'Singapore-based' crypto firms have little to do with crypto-related regulation in Singapore," he mentioned. "Vauld is currently not licensed by MAS nor has it sought any exemption from holding a licence under the Payment Services Act. It has submitted a licence application, which is pending review," Menon informed. The crypto industry globally is still evolving and regulation is still catching up with industry trends. MAS has sent repeated warnings against retail investments in cryptocurrencies. Next month, the authority will organise a dedicated seminar to share its strategies to develop Singapore as a digital asset hub. "We will explain our position on cryptocurrencies, stablecoins, blockchains, tokenisation, smart contracts and digital assets, etc -- their risks and opportunities; shortcomings and potential," said Menon. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/food-items-when-sold-loose-wont-attract-any-gst-says-nirmala-sitharaman/articleshow/92993947.cms">Food items when sold loose won't attract any GST, says Nirmala Sitharaman</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/fixed-deposits-back-in-vogue-as-crypto-stock-market-get-hit-by-global-headwinds/articleshow/92983763.cms">Fixed deposits back in vogue as crypto, stock market get hit by global headwinds</a>

Singapore to to act tough on crypto platforms in the coming months

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div></div></div>British mobile wallet startup Yoyo has closed a $10 million Series A funding round and is now eyeing the US as part of its "global ambitions," co-founder Alain Falys told Business Insider.Launched at the start of 2014, Yoyo is one of an increasingly crowded field of mobile apps that lets users pay for goods with their smartphones. It distinguishes itself with its narrow focus - university campuses - and its ability to offer deals to its customers and marketing data to retailers.Over the last year or so, Yoyo has seen strong growth and currently processes 150,000 monthly transactions. This makes it the second-largest mobile wallet in Britain, the co-founders say - second only to Starbucks' own app.Like Starbucks' app, it processes payments using QR codes: The user preloads money onto the wallet, and then at the point of sale, a unique QR code is generated for each transaction. The retailer then scans the code to receive the payment. This doesn't require proprietary technology, just a 2D barcode-scanner - already found in around 50% of retailers.First launched at Imperial College London, Yoyo has now spread to 15 other British universities as part of its focus on "closed environments" and is the process of expanding further. (<a href="http://www.cityam.com/1417140113/exclusive-london-startup-yoyo-mobile-payments-app-deal-airasia">A partnership with AirAsia for in-flights payments is another example of one of these "closed environments."</a>) It is growing 25% month-on-month.<div class="KonaFilter image-container display-table float_left"><div><div class="image"></div></div></div>At universities where the app has rolled out, it can account for between 25 and 50% of all transactions on campus. For reference, contactless payments hover far lower, around 5 to 8%. And Yoyo's customers are sticking around: The founders claim a "stickiness" rate of around 80%, and they say Yoyo users spend more than non-users per transaction on average.The benefit of using Yoyo (besides the nominal convenience) is rewards - again, like Starbucks' app, users can accrue points from retailers, which can then be redeemed for offers or shared. And on the retailer side, there's access to a swathe of purchasing data, letting them track and target customers more effectively.<a href="http://techcrunch.com/2013/09/10/yoyo-raises-1-2m-to-launch-new-kind-of-mobile-payment-and-loyalty-platform/">A $1.2 million seed round in 2013 was led by Imperial College-affiliated Imperial Innovations</a> - and the organisation returns again to lead the $10 million Series A. Other investors include a number of figures from London's FinTech Innovation Lab scene, including Taavet Hinrikus, cofounder of money transfer platform TransferWise, the founders of Money20/20, Philip Riese, former President of American Express Consumer Cards, and former TeleCity Group CEO Michael Tobin.Hinrikus in particular has also been a recent beneficiary of VC money, <a href="http://uk.businessinsider.com/transferwise-58-million-andreessen-horowitz-2015-1">with a $58 million funding round earlier this year led by Andreessen Horowitz valuing TransferWise at a rumoured $1 billion</a>. It's part of a wave of Silicon Valley investor cash pouring into London, <a href="http://uk.businessinsider.com/transferwise-1-billion-fintech-revolution-banks-2015-1">targeting FinTech startups at the expense of the established banks</a>.<div class="KonaFilter image-container display-table float_right"><div><div class="image"></div></div></div>With a fresh $10 million in the bank, Yoyo cofounders Michael Rolph and Alain Falys say they are doubling down on their engineering and product, expanding the company's 25-strong workforce. They are also planning international expansion, hoping to launch in five US colleges (they won't yet say where) before the end of the year. The funds provide a 24-month runway to consolidate Yoyo's position and make these "global ambitions" a reality, Falys says.As a university-based payment app with a focus on rewards, comparisons with the infamous Clinkle are perhaps inevitable. <a href="http://www.businessinsider.com/lucas-duplan-raises-25-million-seed-round-for-clinkle-2013-6?IR=T">After massive hype and a record-breaking $25 million seed round</a>, the app succumbed to a quagmire of developmental difficulties and has become a cautionary tale of over promising and under delivering.Rolph says the lessons are clear: "Don't raise too much without a clear vision." He points to the Yoyo team's background in FinTech as evidence they have what it takes. (Rolph has previously worked with money transfer service Azimo and Seedcamp, and Falys has been a Visa exec. Other employees' backgrounds include PayPal and Mastercard.)A more serious threat to Yoyo is the ambitions of Apple and Google. Both mobile giants are working on their own mobile wallets - Apple Pay and Google Wallet respectively. <a href="http://thenextweb.com/apple/2015/02/24/visa-announces-credit-card-tech-that-could-speed-up-apple-pays-arrival-in-europe/?utm_source=feedburner&amp;utm_medium=feed&amp;utm_campaign=Feed%3A+TheNextWeb+%28The+Next+Web+All+Stories%29">Visa recently announced plans to introduce "tokenisation" technology in Europe</a>, one of the last hurdles to the roll-out of Apple Pay on the continent.Yoyo hopes its rewards, combined with the valuable consumer data it can provide to retailers, will help to set it apart from Google and Apple's offerings. Whether the consumers themselves will think it's worth it remains to be seen. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/order-wine-expensive-restaurant-2014-9">Here's How To Order Wine In A Restaurant Without Paying Through The Nose</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="4zamFkcDrK5AIeYom4innxVbMycsokgp" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

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