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<ul><li><keyword id="6355975" type="COMPANY" weightage="20" keywordseo="axis-bank">Axis Bank</keyword> has launched its own line of <keyword id="10907008" type="UNKNOWN" weightage="20" keywordseo="wearable-payment-devices">wearable payment devices</keyword> called ‘Wear N’ Play’ for ₹750 (around $10) a piece.</li><li>India’s largest banking institution, the <keyword id="6354731" type="UNKNOWN" weightage="20" keywordseo="state-bank-of-india">State Bank of India</keyword> (SBI), also launched its own wearable payments device in October last year called Titan Pay.</li><li>The launch of these devices comes on the heels of the <keyword id="6354335" type="ORGANIZATION" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> (RBI) increasing the limit for contactless transactions from ₹2,000 to ₹5,000.</li></ul>After the push on digital payments, Indian authorities now want <keyword id="2510649" type="PERSON" weightage="20" keywordseo="contactless-payments">contactless payments</keyword> to be the new norm for India. And, the country’s banks are following suit. <br /><br />After the State Bank of India (SBI) launched Titan Pay in October last year, Axis Bank has now launched its own line of wearable payment devices called ‘Wear N’ Play’.<br /><br />“The wearables are directly linked to the customers’ bank account and function like a regular debit card,” said Axis Bank. On March 10, India’s third largest private bank launched a band, a key chain and a watch loop, which cost just ₹750 (around $10) apiece.<br /><br /><div type="image" title="image003(1)" msid="81443349" hostid="261" caption="&amp;lt;p&amp;gt;Axis Bank&amp;#39;s new line of wearable contactless payments devices&amp;lt;/p&amp;gt;"></div><br />Just as SBI collaborated with Titan, Axis Bank developed its devices in collaboration with Thales and Tappy Technologies. The new system should allow Axis Bank customers to make a transaction at any merchant who accepts contactless payments. <br /> <br />The move comes within two months of the Reserve Bank of India (<a href="https://www.businessinsider.in/finance/news/rbi-hikes-limit-for-contactless-card-payments-from-2000-to-5000/articleshow/79542969.cms">RBI</a>) announcing that it is raising the limit for contactless payments from ₹2,000 to ₹5,000. However, there are still concerns around the safety of contactless payments. <br /><br /><table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></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;">Type of fees for Axis Bank wearable payments device<br /></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;">Charges<br /><br /></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;">Issuance fees<br /><br /></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;">₹ 750<br /><br /></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;">Annual fees<br /><br /></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;">₹ 500<br /><br /></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;">Replacement fee<br /><br /></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;">₹ 750<br /><br /></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;">Daily purchase limit<br /><br /></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;">₹ 1 lakh<br /><br /></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;">Fraud cover<br /><br /></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;">Fraud cover up to 100% purchase limit<br /><br /></td></tr></tbody></table><em>Source: Axis Bank</em><br /><br /><strong>Direct transactions without OTPs<br /></strong>According to a survey conducted by global research firm <a href="https://assets.kpmg/content/dam/kpmg/in/pdf/2020/08/impacting-digital-payments-in-india.pdf">KPMG</a>, 50% of people are happy about the increase in limits but still have concerns about security and fraud. “This denotes that consumers tend to value security over convenience,” the report said. <br /><br />Leigh-Anne Galloway and Tim Yunusov from Cyber R&amp;D Lab showed how it was possible to bypass multi-factor authentication controls for tap-and-go transactions at a <a href="https://www.blackhat.com/asia-20/briefings/schedule/index.html#first-contact---vulnerabilities-in-contactless-payments-19359">Black Hat Asia</a> event in October 2020. They were able to devise various ways to get around payment limits.<br /><br />The bigger threat is to data privacy. Contactless systems collect an immense amount of data from users and that data can be used to track a person’s movements. <br /><br />While the systems themselves may be secure, all it would take is one wrong download or malware to sneak on to a user’s smartphone to gain access to whatever part of that data is stored on the device.<br /><br /><strong>How do wearable payment devices work?<br /></strong>Wearables typically use near-field communication (NFC) or radio frequency identification (RFID) technology in order to link the device to a customer’s credit or debit card. This eliminates the need for them to touch public surfaces or the physical point of sale (POS) terminals.<br /><br />The NFC technology only gets activated when there is a minimal distance between the payment terminal and the wearable. <br /><br />Using chip-enabled cards to make the same transaction takes around 45 seconds, but wearables can undercut that time and pull a transaction through in just 10 to 15 seconds.<br /><br />According to global research firm <a href="https://assets.kpmg/content/dam/kpmg/in/pdf/2020/08/impacting-digital-payments-in-india.pdf">KPMG</a>, contactless payments are a key growth factor for digital payments in India going forward.<br /><strong><br />SEE ALSO:<br /><a href="https://www.businessinsider.in/tech/news/kerala-high-court-issues-notice-to-central-government-over-the-chilling-effects-of-indias-new-it-rules-for-digital-news/articleshow/81432730.cms">Kerala High Court issues notice to central government over the ‘chilling effects’ of India’s new IT Rules for digital news</a><br /><br /><a href="https://www.businessinsider.in/science/space/news/this-new-super-earth-is-70-bigger-than-our-planet-but-its-also-more-than-50-times-hotter/articleshow/81429152.cms">This new super Earth is 70% bigger than our planet, but it's also more than 50 times hotter</a><br /><br /></strong><a href="https://www.businessinsider.in/tech/enterprise/news/gartner-forecasts-ai-will-replace-investor-gut-feel-in-stock-market/articleshow/81442285.cms"><strong>Gartner predicts 75% of VCs will be using AI instead of their ‘gut feel’ to make decisions by 2025 — a path that companies are already discovering</strong></a><br />

After SBI, Axis Bank launches its own line of wearable payment devices that only cost $10 a piece

<ul><li><keyword id="1824765" type="COMPANY" weightage="20" keywordseo="Titan-company">Titan Company</keyword> has partnered with country’s largest lender <keyword id="6354731" type="UNKNOWN" weightage="20" keywordseo="state-bank-of-india">State Bank of India</keyword> (SBI) to introduce Titan Pay, a watch that will enable contactless payments.</li><li>With this launch, SBI account holders can tap their Titan Pay watch on <keyword id="2438417" type="PERSON" weightage="20" keywordseo="contactless-payment">contactless payment</keyword> POS machine without the need of swiping or inserting their SBI bank card. </li><li>Payments of up to Rs 2000 can be made without entering a PIN.</li></ul><br />The new normal has enforced upon an urgent need to bring about innovative &amp; safer purchase solutions in the retail space. The fifth largest watch brand in the world, Titan Company Limited has partnered with country’s largest lender State Bank of India (SBI) to introduce Titan Pay powered by <keyword id="7668181" type="UNKNOWN" weightage="20" keywordseo="Yono-Sbi">YONO SBI</keyword>.<br /><br />Through this partnership, Titan and SBI are launching a range of stylish new watches with contactless payment functionality for the first time in India. With this launch, SBI account holders can tap their Titan Pay watch on contactless payment POS machine without the need of swiping or inserting their SBI bank card. Payments of up to<br />INR 2000 can be made without entering a PIN. A secure certified Near-Field Communication (NFC) chip embedded in the watch strap by Tappy Technologies enables all the functionalities of a standard contactless SBI debit card.<br /><br />The payment feature on these watches will be accessible on over 2 million contactless MasterCard-enabled Point-of-Sale (POS) machines in the country. This exclusive collection of elegant watches include 3 styles for men and 2 for women and are attractively priced between Rs 2995 and Rs 5995 to make it widely accessible to all SBI and Titan<br />consumers.<br /><br />Speaking on the occasion, <keyword id="737485" type="PERSON" weightage="20" keywordseo="C-K-Venkataraman">C K Venkataraman</keyword>, Managing Director, Titan Company Limited said, “Titan has always been at the pinnacle of design and innovation. We have always launched products to cater to the changing needs of our consumers. SBI is the perfect partner to introduce a payment solution for the new normal that is fast, secure<br />and seamless. This product will not only satisfy the consumer’s banking needs but will also serve today’s evolving consumers with its classic and sophisticated designs.”<br /><br />Sharing his thoughts on the association, <keyword id="254056" type="PERSON" weightage="20" keywordseo="Rajnish-Kumar">Rajnish Kumar</keyword>, Chairman, SBI said, “We are glad to be a part of the launch of this unique proposition in the contactless payments space by Titan. It gives me immense pleasure to join hands with one of the world’s 5th largest watch manufacturer, to provide a smart and innovative shopping solution for our YONO customers with <keyword id="9949594" type="COMPANY" weightage="20" keywordseo="titan-payment-watches">Titan Payment Watches</keyword>. We believe this innovative offering will redefine the shopping experience for our customers with Tap &amp; Pay technology. With latest technological advancements, State Bank of India has always been striving towards providing innovative, best-in-class banking services for our customers”.<br /><br />Titan Company has always been at the centre of innovation and believes in harnessing technology for convenience and ease of the users. These watches address the needs of the new normal by eliminating payment barriers and making transactions quick, contactless, secure, and easy for consumers. Through constant investment in technology and design, Titan aims to continue advancing the products and offerings for the consumers in the smart segment.<br />

Titan Company partners with SBI to launch watches that will help you make contactless payments

<ul class="summary-list"><li>This story was delivered to Business Insider Intelligence Payments &amp; Commerce Briefing subscribers earlier this morning.</li><li><a href="https://store.businessinsider.com/products/payments-commerce-pro-membership?IR=T&amp;itm_source=businessinsider&amp;itm_medium=content_marketing&amp;itm_campaign=briefing_post&amp;itm_content=top_text&amp;itm_term=bundle_subscription_text_link-coronavirus-pandemic-will-strengthen-contactless-payment-adoption-2020-4">To get this story plus others to your inbox each day, hours before they're published on Business Insider, click here.</a></li><li><a href="https://www.businessinsider.com/coronavirus-business-impact?IR=T">Stay up-to-date with our latest coverage on the impacts of coronavirus on technology, marketing, and the digital economy here.</a></li></ul><p>Payment firms are pushing contactless payments as governments and consumers try to minimize the interactions between people and common surfaces to combat the spread of the virus.</p><p>Mastercard and Visa are raising contactless transaction value limits in several more countries. The card networks are raising the limit in Canada from CA$100 ($71.64) to CA$250 ($179.10), per <a href="https://e.businessinsider.com/click/19959806.4/aHR0cDovL3d3dy5kaWdpdGFsdHJhbnNhY3Rpb25zLm5ldC9jYXJkLW5ldHdvcmtzLXVwLWNhbmFkaWFuLWNvbnRhY3RsZXNzLXRyYW5zYWN0aW9uLWxpbWl0cy10by1saW1pdC1waHlzaWNhbC1jb250YWN0Lw/5d233c18f730436f2414784fB18e41bcd" target="_blank" rel="noopener">Digital Transactions</a>. Mastercard is also raising its limit in Kenya, Mauritius, Tanzania, and Uganda, bolstering the <a href="https://e.businessinsider.com/click/19959806.4/aHR0cHM6Ly93d3cubmZjdy5jb20vMjAyMC8wMy8yNi8zNjYxNzMvdGFibGUtY29udGFjdGxlc3MtcGF5bWVudC10cmFuc2FjdGlvbi1saW1pdC1pbmNyZWFzZXMtYXJvdW5kLXRoZS13b3JsZC8/5d233c18f730436f2414784fB200f7d01" target="_blank" rel="noopener">roster</a> of markets that are having their limits increased by firms or local authorities, per <a href="https://e.businessinsider.com/click/19959806.4/aHR0cHM6Ly93d3cubmZjdy5jb20vMjAyMC8wNC8wNy8zNjYyNjQva2VueWEtdGFuemFuaWEtdWdhbmRhLWFuZC1tYXVyaXRpdXMtdG8taW5jcmVhc2UtY29udGFjdGxlc3MtdHJhbnNhY3Rpb24tbGltaXQv/5d233c18f730436f2414784fBe683053a" target="_blank" rel="noopener">NFC World</a>.</p><p>Contactless limits cut down on the number of contactless transactions consumers can make because they can't make purchases that exceed the value caps with only a tap. Raising the limits should encourage more consumers to make contactless payments, especially during the pandemic.</p><p>UnionPay is partnering with banks to issue thousands of contactless cards. The China-based card network <a href="https://e.businessinsider.com/click/19959806.4/aHR0cHM6Ly93d3cucHJuZXdzd2lyZS5jb20vbmV3cy1yZWxlYXNlcy91bmlvbnBheS1pbnRlcm5hdGlvbmFsLWRyaXZlcy1pbmNyZWFzZS1pbi1jb250YWN0bGVzcy1wYXltZW50LWZvci1jb25zdW1lci1zYWZldHktZHVyaW5nLWNvdmlkLTE5LTMwMTAzNTk0OC5odG1s/5d233c18f730436f2414784fBb3fa0e18" target="_blank" rel="noopener">announced</a> it has partnered with a bank in Kazakhstan to send out 100,000 contactless cards in the country in the near future. It also noted that it's undertaking similar initiatives in Mongolia and Russia through other partnerships with banks. Getting contactless cards into more consumers' hands will enable greater adoption of contactless payments as people work to avoid contracting the coronavirus.</p><p>If card networks push for higher limits around the world and convince more issuing banks to distribute contactless cards, the payment method could be favored by a large swath of consumers by the end of the pandemic. Consumers are already working to <a href="https://e.businessinsider.com/click/19959806.4/aHR0cHM6Ly9pbnRlbGxpZ2VuY2UuYnVzaW5lc3NpbnNpZGVyLmNvbS9wb3N0L3RoZS1jb3JvbmF2aXJ1cy1vdXRicmVhay1sb29tcy1vdmVyLTIwMjBzLWNvbW1lcmNlLW91dGxvb2stYWR5ZW4tdm9sdW1lLWdyb3d0aC1hY2NlbGVyYXRlcy1pbi1oMi0yMDE5LXdhbG1hcnQtd29ya2luZy1vbi1hbi1hbnN3ZXItdG8tYW1hem9uLXByaW1lLTIwMjAtMg/5d233c18f730436f2414784fB5e039e5e" target="_blank" rel="noopener">avoid</a> stores, but when they have to visit one they likely want to make the transaction as quickly as possible and minimize their contact with any shared surfaces.</p><p>Contactless payments can help make that possible, so if more consumers gain access to contactless cards and can make larger purchases with them, consumers may use them regularly during the pandemic. And it's possible consumers will continue to use them after the pandemic subsides - they're already very <a href="https://e.businessinsider.com/click/19959806.4/aHR0cHM6Ly9pbnRlbGxpZ2VuY2UuYnVzaW5lc3NpbnNpZGVyLmNvbS9wb3N0L3VrLWNvbnN1bWVycy1wcmVmZXItY29udGFjdGxlc3MtdG8tYW55LW90aGVyLXBheW1lbnQtb3B0aW9uLWFuZC11cy1pc3N1ZXJzLWNhbi11c2UtdGhlLW1hcmtldC1hcy1hLWJsdWVwcmludC10by1zdG9rZS1hZG9wdGlvbi0yMDE5LTg/5d233c18f730436f2414784fB1ae3933c" target="_blank" rel="noopener">popular</a> in the UK and other European markets - out of habit or because they enjoy the convenience they offer.</p><p>However, there appears to be limited change in the contactless environment in the US so far, which could hamper adoption in the market. Contactless adoption has been <a href="https://e.businessinsider.com/click/19959806.4/aHR0cHM6Ly9pbnRlbGxpZ2VuY2UuYnVzaW5lc3NpbnNpZGVyLmNvbS9wb3N0L2hlcmVzLWhvdy1pc3N1ZXJzLWNhbi13YXJtLXVzLWNvbnN1bWVycy10by1jb250YWN0bGVzcy10ZWNoLWFuZC13aHktaXQtY291bGQtZnVlbC1hLWJvb20taW4tMjAxOS0yMDE5LTQ/5d233c18f730436f2414784fB28f0ad50" target="_blank" rel="noopener">slow</a> in the US, and without a push from firms to put out more contactless cards in the market, consumers may not be able to start making contactless payments during the pandemic.</p><p>Contactless transit payments were <a href="https://e.businessinsider.com/click/19959806.4/aHR0cHM6Ly9pbnRlbGxpZ2VuY2UuYnVzaW5lc3NpbnNpZGVyLmNvbS9wb3N0L29tbnktaGl0cy0xLW1pbGxpb24tdHJhbnNhY3Rpb25zLWFsaWJhYmEtZ3Jvd3RoLXJlYm91bmRzLXppcHBpbi1sYXVuY2hlcy1jYXNoaWVybGVzcy1zdG9yZS1pbi1icmF6aWwtMjAxOS04P2NpZD1zZWFyY2g/5d233c18f730436f2414784fB0b953928" target="_blank" rel="noopener">expected</a> to be a major driver of overall contactless adoption in the US, but with transit ridership <a href="https://e.businessinsider.com/click/19959806.4/aHR0cHM6Ly93d3cubnkxLmNvbS9ueWMvYWxsLWJvcm91Z2hzL25ld3MvMjAyMC8wMy8yNi9tdGEtcmlkZXJzaGlwLWFuZC1yZXZlbnVlLXN0aWxsLXBsdW1tZXRpbmctYW1pZC1jb3JvbmF2aXJ1cy1vdXRicmVhaw/5d233c18f730436f2414784fBd77a9720" target="_blank" rel="noopener">down</a> due to the pandemic, this likely won't prove as effective. However, US consumers <a href="https://e.businessinsider.com/click/19959806.4/aHR0cHM6Ly93d3cucGF5bWVudHNzb3VyY2UuY29tL25ld3MvY29yb25hdmlydXMtaXMtcHVzaGluZy11LXMtY29uc3VtZXJzLXRvLWNvbnRhY3RsZXNzLXBheW1lbnRz/5d233c18f730436f2414784fB485f8b33" target="_blank" rel="noopener">appear</a> to be increasingly interested in contactless payments because of the pandemic, so the payment method may still gain some popularity despite losing transit payments as a driver.</p><p><strong><em>Want to read more stories like this one? Here's how to get access:</em></strong></p><ol><li>Business Insider Intelligence analyzes the payments and commerce industry and provides in-depth analyst reports, proprietary forecasts, customizable charts, and more. &gt;&gt; <strong><a href="https://www.businessinsider.com/intelligence/corporate-check?IR=T&amp;itm_source=businessinsider&amp;itm_medium=content_marketing&amp;itm_campaign=briefing_post&amp;itm_content=learn_more_text&amp;itm_term=enterprise_text_link-coronavirus-pandemic-will-strengthen-contactless-payment-adoption-2020-4">Check if your company has BII Enterprise membership access.</a></strong></li><li>Sign up for the <strong><em>Payments &amp; Commerce Pro</em></strong>, Business Insider Intelligence's expert email newsletter keeping you up-to-date on the people, technologies, trends, and companies shaping the future of consumerism, delivered to your inbox 6x a week. &gt;&gt;<strong> <a href="https://store.businessinsider.com/products/payments-commerce-pro-membership?IR=T&amp;itm_source=businessinsider&amp;itm_medium=content_marketing&amp;itm_campaign=briefing_post&amp;itm_content=top_text&amp;itm_term=bundle_subscription_text_link-coronavirus-pandemic-will-strengthen-contactless-payment-adoption-2020-4">Get Started</a></strong></li><li>Explore related topics in more depth. &gt;&gt; <strong><a href="https://store.businessinsider.com/collections/payments-commerce?IR=T&amp;itm_source=businessinsider&amp;itm_medium=content_marketing&amp;itm_campaign=briefing_post&amp;itm_content=learn_more_text&amp;itm_term=enterprise_text_link-coronavirus-pandemic-will-strengthen-contactless-payment-adoption-2020-4">Visit Our Report Store</a></strong></li><li>Current subscribers can log in to read the briefing <a href="https://intelligence.businessinsider.com/post/card-networks-are-encouraging-contactless-payments-worldwide-mastercard-nets-acquisition-hits-an-antitrust-snag-retailers-restrict-store-capacity-for-social-distancing-2020-4"><strong>here</strong>.</a></li></ol><p class="tagline"><a href="https://www.businessinsider.com/intelligence/10-up-and-coming-fintechs-2019?IR=T&amp;itm_source=businessinsider&amp;itm_medium=ctgr_bii&amp;itm_term=ctgr_leadgen&amp;itm_content=finance&amp;itm_campaign=10-up-and-coming-fintechs-2019-2"></a></p>

Card networks are encouraging contactless payments worldwide

<ul class="summary-list"><li>This story was delivered to Business Insider Intelligence Payments &amp; Commerce Briefing subscribers earlier this morning.</li><li><a href="https://store.businessinsider.com/products/payments-commerce-pro-membership?IR=T&amp;itm_source=businessinsider&amp;itm_medium=content_marketing&amp;itm_campaign=briefing_post&amp;itm_content=top_text&amp;itm_term=bundle_subscription_text_link-governments-pushing-consumers-toward-noncash-payments-2020-3">To get this story plus others to your inbox each day, hours before they're published on Business Insider, click here.</a></li></ul><p>A number of countries and industries are encouraging noncash payment options at merchants and tolls - and in some cases preventing cash transactions entirely - in an effort to combat the spread of the coronavirus.</p><ul><li>Several countries have increased their contactless transaction value limit to push consumers to use the payment method. To help fight fraud, contactless card payments generally have a value threshold at which consumers must authenticate the transaction - this can include steps like inserting the card's chip and entering a PIN, in addition to tapping their card. But in the wake of the coronavirus pandemic, countries including Egypt, Greece, Ireland, Poland, Malta, Norway, Turkey, and the UK are moving to raise their contactless limits, per <a href="https://e.businessinsider.com/click/19821606.4/aHR0cHM6Ly93d3cubmZjdy5jb20vMjAyMC8wMy8yNC8zNjYxMjUvdWstcmFpc2VzLWNvbnRhY3RsZXNzLXRyYW5zYWN0aW9uLWxpbWl0LWJ5LTUwLw/5d233c18f730436f2414784fB1b60c606" target="_blank" rel="noopener">NFC World</a>. This move, which was already in demand in a number of markets, will make contactless transactions more convenient for consumers and may lead them to use the payment method more regularly. And with Visa <a href="https://e.businessinsider.com/click/19821606.4/aHR0cHM6Ly93d3cudmlzYS5jby51ay92aXNhLWV2ZXJ5d2hlcmUvYmxvZy9iZHAvMjAyMC8wMy8yMi92aXNhLWFwcGxhdWRzLXRoZS0xNTg0ODYyMjY2NzQ1Lmh0bWw/5d233c18f730436f2414784fBc54cb680" target="_blank" rel="noopener">praising</a> local governments for raising their contactless limits, more countries may follow suit soon.</li><li>Many tolls have stopped accepting cash, forcing consumers to use other payment options. Tolls on several roads, tunnels, and bridges in the US, including the Lincoln Tunnel in New York and the Pennsylvania Turnpike, can no longer be paid in cash, per <a href="https://e.businessinsider.com/click/19821606.4/aHR0cDovL3d3dy5kaWdpdGFsdHJhbnNhY3Rpb25zLm5ldC9icmlkZ2UtdG9sbHdheS1hdXRob3JpdGllcy10b3NzLWNhc2gtYWNjZXB0YW5jZS1vdmVyYm9hcmQtYnV0LWNhbmFkaWFuLWNlbnRyYWwtYmFuay11cmdlcy1vdGhlcndpc2Uv/5d233c18f730436f2414784fB39fc64b1" target="_blank" rel="noopener">Digital Transactions</a>. Consumers can instead pay some of these tolls with the E-ZPass electronic toll system, look up toll booth information and pay online, or pay bills assigned to their license plate number. Other markets, including <a href="https://e.businessinsider.com/click/19821606.4/aHR0cHM6Ly93d3cubmZjdy5jb20vMjAyMC8wMy8yMy8zNjYxMDYvbWV0bGluay1iYW5zLWNhc2gtcGF5bWVudHMtZm9yLXRyYW5zaXQtdGlja2V0cy8/5d233c18f730436f2414784fB3653f5c7" target="_blank" rel="noopener">New Zealand</a> and <a href="https://e.businessinsider.com/click/19821606.4/aHR0cHM6Ly93d3cuZmluZXh0cmEuY29tL25ld3NhcnRpY2xlLzM1NDc5L2h1bWJlci1icmlkZ2UtZ29lcy1jb250YWN0bGVzcy1kdXJpbmctdmlydXMtb3V0YnJlYWs/5d233c18f730436f2414784fB4ffb995d" target="_blank" rel="noopener">the UK</a>, have also restricted cash payments for some transit as authorities look to stem the spread of the virus through cash transactions.</li></ul><p>These efforts can limit cash transactions and push consumers to make payments that include less contact, which might be appealing during the pandemic. The World Health Organization (WHO) said it was previously misrepresented when discussing cash's ability to spread infection, and now simply states that consumers should wash their hands after handling cash to practice good hygiene, per <a href="https://e.businessinsider.com/click/19821606.4/aHR0cHM6Ly93d3cubWFya2V0d2F0Y2guY29tL3N0b3J5L3doby13ZS1kaWQtbm90LXNheS10aGF0LWNhc2gtd2FzLXRyYW5zbWl0dGluZy1jb3JvbmF2aXJ1cy0yMDIwLTAzLTA2/5d233c18f730436f2414784fB6b924bf4" target="_blank" rel="noopener">MarketWatch</a>.</p><p>But even if cash itself doesn't carry a major risk of spreading infection, cash transactions still see consumers hand money to another person, often from a close distance. Similarly, noncontactless card payments can include customers handing a card back and forth to a cashier or touching a shared terminal. Contactless payments and alternative toll payment options can speed up these transactions and limit consumers' exposure to other people, so they may prove popular.</p><p>Discouraging cash payments during the pandemic may shift consumer habits so that they remain unpopular once it subsides, while alternatives like contactless payments could see their volume surge. If consumers adopt contactless payments and digital toll payment options, they may not switch back to cash in the years to come because of habit or a new preference for their speed, boosting <a href="https://e.businessinsider.com/click/19821606.4/aHR0cHM6Ly9pbnRlbGxpZ2VuY2UuYnVzaW5lc3NpbnNpZGVyLmNvbS9wb3N0L3RoZS1wYXltZW50cy1mb3JlY2FzdC1ib29rLTIwMTktMjItZm9yZWNhc3RzLW9mLWdsb2JhbC1wYXltZW50LWluZHVzdHJ5cy1tb3N0LWltcGFjdGZ1bC10cmVuZHMtYW5kLXdoYXRzLWRyaXZpbmctdGhlbS0yMDE5LTY/5d233c18f730436f2414784fB2b3aad05" target="_blank" rel="noopener">noncash</a> transaction volume. This could prove particularly true for contactless payments if countries maintain their raised transaction value limits, potentially propelling <a href="https://e.businessinsider.com/click/19821606.4/aHR0cHM6Ly9pbnRlbGxpZ2VuY2UuYnVzaW5lc3NpbnNpZGVyLmNvbS9wb3N0L3RoZS1wYXltZW50cy1mb3JlY2FzdC1ib29rLTIwMTktMjItZm9yZWNhc3RzLW9mLWdsb2JhbC1wYXltZW50LWluZHVzdHJ5cy1tb3N0LWltcGFjdGZ1bC10cmVuZHMtYW5kLXdoYXRzLWRyaXZpbmctdGhlbS0yMDE5LTY/5d233c18f730436f2414784fC2b3aad05" target="_blank" rel="noopener">contactless</a> volume to new heights.</p><p><strong><em>Want to read more stories like this one? Here's how to get access:</em></strong></p><ol><li>Business Insider Intelligence analyzes the payments and commerce industry and provides in-depth analyst reports, proprietary forecasts, customizable charts, and more. &gt;&gt; <strong><a href="https://www.businessinsider.com/intelligence/corporate-check?IR=T&amp;itm_source=businessinsider&amp;itm_medium=content_marketing&amp;itm_campaign=briefing_post&amp;itm_content=learn_more_text&amp;itm_term=enterprise_text_link-governments-pushing-consumers-toward-noncash-payments-2020-3">Check if your company has BII Enterprise membership access.</a></strong></li><li>Sign up for the <strong><em>Payments &amp; Commerce Pro</em></strong>, Business Insider Intelligence's expert email newsletter keeping you up-to-date on the people, technologies, trends, and companies shaping the future of consumerism, delivered to your inbox 6x a week. &gt;&gt;<strong> <a href="https://store.businessinsider.com/products/payments-commerce-pro-membership?IR=T&amp;itm_source=businessinsider&amp;itm_medium=content_marketing&amp;itm_campaign=briefing_post&amp;itm_content=top_text&amp;itm_term=bundle_subscription_text_link-governments-pushing-consumers-toward-noncash-payments-2020-3">Get Started</a></strong></li><li>Explore related topics in more depth. &gt;&gt; <strong><a href="https://store.businessinsider.com/collections/payments-commerce?IR=T&amp;itm_source=businessinsider&amp;itm_medium=content_marketing&amp;itm_campaign=briefing_post&amp;itm_content=learn_more_text&amp;itm_term=enterprise_text_link-governments-pushing-consumers-toward-noncash-payments-2020-3">Visit Our Report Store</a></strong></li><li>Current subscribers can log in to read the briefing <a href="https://intelligence.businessinsider.com/post/governments-are-pushing-consumers-toward-noncash-payments-during-the-pandemic-sumup-promotes-mobile-payments-by-removing-fees-wechat-sending-chinese-consumers-government-vouchers-2020-3"><strong>here</strong>.</a></li></ol><p class="tagline"><a href="https://www.businessinsider.com/intelligence/10-up-and-coming-fintechs-2019?IR=T&amp;itm_source=businessinsider&amp;itm_medium=ctgr_bii&amp;itm_term=ctgr_leadgen&amp;itm_content=finance&amp;itm_campaign=10-up-and-coming-fintechs-2019-2"></a></p>

Governments are raising contactless transaction value limits during the coronavirus pandemic

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div><p></p></div></div>There's a simple formula to ensure you don't get ripped off when travelling on the London Underground.</p>
<p>Transport for London's (TfL) fare plan is staggeringly complicated compared to other networks, such as the <a href="http://web.mta.info/nyct/subway/">New York City Subway</a> (which has a flat rate no matter how far you travel) or the relatively new <a href="http://www.delhimetrorail.com/media.aspx">Delhi Metro</a> in India.</p>
<p>Many people end up paying more than they need to when taking public transport in the <keyword id="6354868" type="COUNTRY" weightage="100" keywordseo="UK">UK</keyword>'s capital - and it's even more complex now that <a href="http://uk.businessinsider.com/oyster-cards-vs-contactless-payment-2014-11">contactless payment is around</a>.</p>
<p>The worst example is when using pay-as-you-go (PAYG) Oyster cards to commute (rather than using weekly or monthly travel plans), which is fine if sticking to a set schedule, but can if you're not on a commuting routine. <span style="line-height: 1.5em;">Contactless debit and credit cards are capped weekly, but Oyster cards are only capped daily, leading to starkly </span><span style="line-height: 1.5em;"></span><a href="http://uk.businessinsider.com/oyster-cards-vs-contactless-payment-2014-11">polarised fare pricing</a><span style="line-height: 1.5em;">. </span></p>
<p><strong>There's no need to be mystified when hit by excess fares. Here's a simple way to work out the cheapest fare for your monthly commute. </strong></p>
<ul>
<li><span style="line-height: 1.5em;">Work out the average number of monthly journeys</span></li>
<li><span style="line-height: 1.5em;">Use the chart below to add up the monthly cost, <span>taking daily limits into account</span></span></li>
<li><span style="line-height: 1.5em;">If it's more than a monthly travelcard, buy a monthly travelcard </span></li>
<li><span style="line-height: 1.5em;">If you don't have access to a contactless payment card, it's probably best to ignore weekly plans</span></li>
</ul>
<p><span>Monthly passes, contrary to popular belief, are not always cheapest. If you stick to two journeys a day, Monday to Friday, it's likely PAYG will remain the best option. </span><span style="line-height: 1.5em;">But all it takes is a few extra expeditions for things to go wrong. </span></p>
<p><span style="line-height: 1.5em;">Until the contactless payment structure is extended to monthly allowances and caps, and everyone in London has use of that technology, TfL will always have the upper-hand. </span></p>
<p><span style="line-height: 1.5em;"><div class="KonaFilter image-container display-table"><div><div class="image"></div><p></p></div></div><br /></span></p>

Here's A Simple Formula For Working Out The Cheapest Fare On The London Underground 

New Delhi, Apr 5 () Industry body Assochan on Sunday said it has urged the government as well as RBI to increase the limit of contact-less payments on PoS machines to Rs 5,000 from the current Rs 2,000 in view of coronavirus outbreak.<p>In a statement, the chamber said inter-operability of digital transactions is among the other recommendations it has made to the finance ministry and RBI for further boosting digital payment, which is "playing a savior" amid the lockdown.</p><p>"The objective is to help the government further push adoption of digital payments among the masses and merchants so as to advance and maintain social distancing in this critical scenario. These times have drawn attention to the safety and cleanliness of basic activities," said Assocham Secretary General Deepak Sood in the letters to the Finance Minister and RBI Governor.</p><p>Further deployment of technology platforms like VPA, IFSC, SWIFT Code can be effectively used for money transactions, which may include remittances to Indian students studying in some of the countries, worst affected by Covid-19 outbreak, he said.</p><p>For facilitating trade, the chamber said e-payments should be facilitated for all the channels by issuing Bharat QR code.</p><p>Besides, all cards, newly issued or re-issued, should be activated with Domestic Card-Not-Present [CNP] and contact-less transaction options, it added.</p><p>Currently, transactions up to Rs 2,000 using contactless cards through tap and pay mode are allowed without PIN.</p><p>"In view of the ongoing pandemic situation, transactions up to Rs 5,000  may be considered without the requirement of PIN, irrespective of whether the card is a contact-less card or not," the chamber said.</p><p>The increase in contactless transaction limit may be considered for a limited period of 6 months, it added.</p>Assocham also recommended that the NBFCs be given licences to issue credit cards to the SMEs, a move which can help the small and medium firms with their working capital for short periods.  NKD  BAL

Assocham urges govt to raise limit of contact-less payment to Rs 5,000

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>Apple</span></p><p class="caption">An iPhone 6 paying with Apple Pay.</p></div><p></p></div></div>Apple Pay, the contactless payment service that launched alongside the iPhone 6, was <a href="http://www.bbc.co.uk/news/business-33063748">previously constrained</a> to payments of just £20 ($30) but the <keyword id="6354868" type="COUNTRY" weightage="60" keywordseo="UK">UK</keyword> Cards Association, an industrial card payment group, has <a href="http://www.theukcardsassociation.org.uk/news/contactlesslimitrise2015news.asp">raised the limit</a> of contactless card payments to £30 ($46).</p><p>The UK Cards Association has acknowledged that contactless cards have been widely adopted and see a very low rate of fraudulent activity. According to the group, customers with a contactless card spent more in the first six months of 2015 than in the whole of 2014 showing a huge amount of growth.</p><p>Transaction volume from contactless cards, according to the association, jumped from £287 million ($441 million) in January to £567 million ($872 million) in June, giving a six-month total of £2.5 billion ($3.8 billion). </p><p>Apple Pay was introduced <a href="http://uk.businessinsider.com/apple-pay-trial-uk-launch-problems-boots-starbucks-2015-7">to the UK</a> in July and is available in 250,000 stores with the backing of eight regional banks with more, such as Lloyds, coming soon.  </p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/shade-balls-california-drought-shadeballs-los-angeles-2015-8">'Shade balls' are being used across California to combat the drought </a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="x1dm55djq96zgcI3eC5Fl7nCEzdjY2Hf" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

Here's how much you can now spend with Apple Pay in the UK

Mumbai, In a business friendly move, the Reserve Bank of India on Friday said that the Real Time Gross Settlement (<keyword id="6356014" type="ORGANIZATION" weightage="20" keywordseo="rtgs">RTGS</keyword>) system, used for large value transactions, will be made available round-the-clock in the next few days. In December 2019, the National Electronic Funds Transfer (NEFT) system was made available on a 24x7x365 basis. <br /><br /> Currently, RTGS is available for customers from 7.00 am to 6.00 pm on all working days of a week, except second and fourth Saturdays of every month. <br /><br /> <keyword id="7268643" type="UNKNOWN" weightage="20" keywordseo="rbi-governor-shaktikanta-das">RBI Governor Shaktikanta Das</keyword> said RTGS system will soon be made available 24x7 in the next few days... with this enablement, it is proposed to reduce settlement and default risk in the system by facilitating settlement of AePS, IMPS, NETC, NFS, RuPay, UPI transactions on all days of the week instead of five days earlier." <br /><br /> This will make the payment ecosystem more efficient, he added. <br /><br /> In order to expand adoption of digital payment in a safe and secure manner, he said, it has been decided to enhance the limits for contactless card transactions and e-mandates for recurring transactions through cards and UPI from ₹2,000 to  ₹5,000 from January 1, 2021. <br /><br /> This will depend on mandate and discretion of customers, he said. <br /><br /> Contactless card transactions and e-mandates on cards (and UPI) for recurring transactions have enhanced customer convenience in general while benefitting from increased use of technology, the statement on <keyword id="10377821" type="COMPANY" weightage="20" keywordseo="developmental-and-regulatory-policies">Developmental and Regulatory Policies</keyword> by the Reserve Bank of India (RBI) said. <br /><br /> These are also well-suited to make payments in a safe and secure manner, especially during the current pandemic, it said, adding, the recent instructions on disablement of contactless feature on cards and empowering customers to control the limits on their cards have also brought in added safety for users. <br /><br /> Operational instructions will be issued separately. <br /><br /> It is to be noted that RBI stopped levying charges on transactions through NEFT and RTGS from July 2019, with an aim to promote digital transactions in the country. <br /><br /> RTGS is meant for large-value instantaneous fund transfers, while NEFT is used for fund transfers of up to ₹2 lakh. <br /><br /> In order to deepen financial inclusion and protect customers by promoting financial literacy, a community led participatory approach through Centres for Financial Literacy (CFL) was implemented by the RBI through select banks and non-governmental organisations as a pilot project in 2017. <br /><br /> It is now proposed to expand the reach of the CFLs from 100 blocks currently to every block in the country in a phased manner by March 2024, he said. <br /><br /><strong>SEE ALSO:<br /><a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-ril-airtel-indigo-spicejet-sbi-bank-of-baroda-vodafone-idea-granules-india-and-others/articleshow/79557810.cms">Top stocks to watch — RIL, Airtel, IndiGo, SpiceJet, SBI, Bank of Baroda, Vodafone-Idea, Granules India, and others</a><br /><a href="https://www.businessinsider.in/business/corporates/news/ultratech-cements-5477-crore-expansion-plan-is-a-sign-that-birla-is-betting-on-a-faster-economic-recovery/articleshow/79549626.cms">UltraTech Cement's ₹5,477 crore expansion plan is a sign that Birla is betting on a faster economic recovery</a><br /></strong><a href="https://www.businessinsider.in/tech/news/sbis-mobile-banking-app-is-down-for-the-third-time-in-last-30-days/articleshow/79548953.cms"><strong>SBI’s mobile banking app is down for the third time in 30 days — digital services take a hit for the 25th time this year</strong></a><br />

RTGS fund transfer system will be available 24x7 in the next few days, says RBI

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>Flickr user B Rosen</span></p><p class="caption">That minimum spend on card can be annoying.</p></div><p></p></div></div>So far there has been one annoying thing stopping a seamless transition to card payments.</p><p>Visa and MasterCard charge merchants a fee every time a transaction is made. In order to counteract these fees, smaller merchants - especially, you'll have noticed, convenience stores and pubs - require a minimum spend from the customer to make the transaction worthwhile.</p><p>But this minimum spend could disappear in less than five years.</p><p>Within this period, <a href="http://www.telegraph.co.uk/news/shopping-and-consumer-news/11829581/Contactless-card-revolution-to-end-5-minimum-spend-in-shops-and-pubs.html">the Telegraph reports,</a> every retailer in the <keyword id="6354868" type="COUNTRY" weightage="60" keywordseo="UK">UK</keyword> is going to have to give customers the option to pay with a contactless card.</p><p>Under new requirements imposed by Visa and MasterCard, all shops will have to have contactless payment terminals installed by 2020. These tap-and-go payments are becoming an easy alternative to cash payments for transactions under £20. According to MasterCard, the number of contactless transactions rocketed by 560% in the last year, and Barclays says use of its contactless cards has trebled.</p><p>From September 1st, the £20 limit is going to be lifted to £30 too.</p><p>Contactless transactions are generally cheaper to process than chip-and-PIN transactions, and quicker too. Merchants know this, and will occasionally waive the £5 minimum spend if a customer is paying with a contactless card. If every store in the country is equipped to take contactless payments, they could be encouraged to remove that minimum entirely.</p><p>That means it won't be necessary to buy several cartons of milk at a corner shop to make a card payment, or get a few drinks in at once at your local.</p><p>The card processing ecosystem is keen for customers to reduce their use of cash. That's because at every step of a card payment, someone -acquirers or processors, issuers, card networks, and gateway providers - takes a fee for their services. That cost ultimately trickles down to shop owners and their customers, which is why the EU is capping the fees retailers pay to process debit and credit card transactions.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/iphone-read-receipts-texting-etiquette-apple-2015-7">Stop making the biggest mistake when it comes to texting etiquette</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="U5eDFkdjp7f9evTl8u2fWmV19kBCwmNA" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

Contactless cards are going to get rid of one of the most frustrating things about making card payments

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>Getty Images</span></p><p class="caption">Apple Pay can also be used on the tube.</p></div><p></p></div></div>Popular British bank Lloyds is gearing up to offer support for Apple Pay, <a href="http://9to5mac.com/2015/09/03/lloyds-apple-pay-launch/">9to5Mac reports.</a></p><p>When Apple's mobile payment service launched in the <keyword id="6354868" type="COUNTRY" weightage="60" keywordseo="UK">UK</keyword> earlier this summer, Lloyds was missing from the list of supporting banks. But it appears that the bank is getting closer to announcing its support.</p><p>UK residents can now add a Lloyds card to the Apple Pay Wallet, rather than being presented with an error message. But several Lloyds customers have found that they are unable to accept Apple Pay's terms and conditions and complete the sign-up process.</p><p>While it's not clear how long it will take for the bank's customers to be able to make the next step, this does suggest that Lloyds is working toward letting its customers pay with their iPhone.</p><p>Other popular banks like Halifax are still <a href="http://www.halifax.co.uk/helpcentre/apple-pay/">telling customers that Apple Pay support is "coming soon."</a></p><p>Longtime Apple Pay holdout Barclays has also caved, <a href="http://uk.businessinsider.com/barclays-promises-to-support-apple-pay-at-some-point-2015-7">promising to support the contactless payment</a> technology "in the near future."</p><p>The contactless payment service was <a href="http://www.bbc.co.uk/news/business-33063748">previously constrained</a> to payments of just £20 ($30) but the UK Cards Association, an industrial card payment group, <a href="http://uk.businessinsider.com/apple-pay-transaction-raised-to-30-2015-9">recently </a><a href="http://uk.businessinsider.com/apple-pay-transaction-raised-to-30-2015-9">raised the limit of contactless card payments to £30 ($46).</a></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/iphone-headphones-tips-tricks-apple-2015-7">All the incredibly useful things you didn't know your iPhone headphones could do</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="o2OGM3czpWcydnvhjbkDBd6feXPuExiD" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

Lloyds Bank is getting close to supporting Apple Pay in the UK

<br />
Now, no more forgetting that debit/credit card at the teller machine or checking twice and thrice before leaving a shopping mall in case we left the card at the billing counters! Here’s introducing the contactless debit and credit cards that come with a fraud cover of Rs 1 lakh, by the State Bank of India.<br />
<br /> The <keyword id="2581731" type="UNKNOWN" weightage="20" keywordseo="contactless-cards">contactless cards</keyword> uses near field technology (NFC) that enables users to make payments by waiving or tapping the card near the contactless reader instead of swiping or dipping it. <br />
<br />
"The NFC technology makes the contactless cards very secure as the card never leaves your hand thereby reducing the <a href="http://economictimes.indiatimes.com/definition/risk" target="_blank">risk</a> of card loss and fraud. The customers can tap or wave the card at the POS machine enter the pin and complete the transaction to pay at busy locations," said bank said in a statement to media.<br />
<br />
To add to its merits, the card will come with emergency replacement facility anywhere in the world.<br />
<br />
"We will tie-up with campus, hospitals and corporate for card," said <a href="http://economictimes.indiatimes.com/topic/SBI" target="_blank">SBI</a> chairman <a href="http://economictimes.indiatimes.com/topic/Arundhati-Bhattacharya" target="_blank">Arundhati Bhattacharya</a> speaking to media while launching sbiINTOUCH card at Starbucks, as per a report in the Economic Times. She was optimistic that once RBI gets comfortable with NFC technology it would increase the minimum limit from Rs 2,000. The bank has tied up with Shoppers Stop, Reliance Retail, <a href="http://economictimes.indiatimes.com/topic/Big-Bazaar" target="_blank">Big Bazaar</a> and Starbucks.<br />
<br /> The country's largest bank, <keyword id="13222" type="CITY" weightage="20" keywordseo="SBI">SBI</keyword>, will upgrade all its existing 2.20 lakh point of sale (PoS) machines to <a href="http://economictimes.indiatimes.com/topic/NFC" target="_blank">NFC</a> technology. The bank currently has 5,000 NFC enabled machines and it plans to launch 10,000 new PoS which will accept contactless cards. <br />
<br /> SBI is the country's largest issue of <keyword id="6356475" type="UNKNOWN" weightage="20" keywordseo="debit-card">debit card</keyword> and the third largest issuer of <keyword id="6368202" type="ORGANIZATION" weightage="20" keywordseo="Credit-card">credit card</keyword> after <a href="http://economictimes.indiatimes.com/hdfc-bank-ltd/stocks/companyid-9195.cms" target="_blank">HDFC Bank</a> and <a href="http://economictimes.indiatimes.com/icici-bank-ltd/stocks/companyid-9194.cms" target="_blank">ICICI Bank</a>. As on December 2014, SBI has issued as many as 14.7 crore debit cards and 30 lakh credit cards.<br />
<br />
(Image credits: thinkstock)<br />

SBI is ensuring you won’t ever bother again about forgetting your debit card in the ATM machine

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>Laurence Griffiths/Getty Images</span></p><p class="caption">The Barclays Premier League Cup.</p></div><p></p></div></div>Barclays customers will be able to use Apple Pay in early 2016, <a href="http://www.macrumors.com/2015/10/07/barclays-apple-pay-uk-early-2016/">MacRumors reports.</a></p><p>The British bank <a href="http://uk.businessinsider.com/barclays-promises-to-support-apple-pay-at-some-point-2015-7">promised to support</a> Apple Pay shortly after the service launched in the <keyword id="6354868" type="COUNTRY" weightage="60" keywordseo="UK">UK</keyword>, despite trying to counter it with the launch of three of its own new contactless payments devices.</p><p>Now the bank has finally given one of its customers a rough estimate of when Barclays customers will be able to start using Apple Pay. Barclays CEO of personal and corporate banking Ashok Vaswani sent a statement to customer Mike Jobson, who had been <a href="http://mikejobson.blogspot.co.uk/2015/10/barclays-apple-pay-next-year.html">chasing the bank</a> for news of Apple Pay support:</p><p style="padding-left: 30px;">We have signed up for ApplePay and will launch it very early in the New Year. We truly value your custom and hope that you continue to bank with us particularly since we are launching this shortly.</p><p>Here are all the UK banks that <a href="https://support.apple.com/en-gb/HT204916">currently support</a> Apple Pay:</p><ul><li>American Express</li><li>Bank of Scotland</li><li>First Direct</li><li>Halifax</li><li>HSBC</li><li>Lloyds</li><li>M&amp;S Bank</li><li>MBNA</li><li>Nationwide Building Society</li><li>NatWest</li><li>Royal Bank of Scotland</li><li>Santander</li><li>Ulster Bank</li></ul><p>The contactless payment service was <a href="http://www.bbc.co.uk/news/business-33063748">previously constrained</a> to payments of just £20 ($30), but the UK Cards Association, an industrial card payment group, <a href="http://uk.businessinsider.com/apple-pay-transaction-raised-to-30-2015-9">recently </a><a href="http://uk.businessinsider.com/apple-pay-transaction-raised-to-30-2015-9">raised </a>the limit of contactless card payments to £30 ($46).</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/shade-balls-california-drought-shadeballs-los-angeles-2015-8">'Shade balls' are being used across California to combat the drought </a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="x1dm55djq96zgcI3eC5Fl7nCEzdjY2Hf" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

Barclays is going to support Apple Pay early next year

<p><strong>REWARDS WOULD MOST INCENTIVIZE CONSUMERS TO ADOPT A MOBILE WALLET: </strong>Apple just announced that the next generation of Apple Pay will sync with users' loyalty cards. But a new <a href="http://e.businessinsider.com/52654c6e462018e2ea6db9fb2rjhb.179/VYHuoMPom0om47i1Ad609" target="_blank">survey</a> from CMB shows that consumers planning on using a mobile wallet also desire a rewards program specific to the wallet. </p><ul><li><div class="KonaFilter image-container display-table float_right"><div><div class="image"></div></div></div>44% of likely mobile wallet adopters, or those who haven't made an in-store mobile payment but plan to do so in the next six months, said that a wallet-specific rewards program offered on top of loyalty card acceptance would be a motivating factor. </li><li>There's less excitement surrounding other value-added features. The second-most popular feature, chosen by 20% of respondents, was the ability for a mobile wallet to be used as a photo ID. Other options captured 11% or less of the participants' interest. </li></ul><p>The results show that rewards, in general, can be the most powerful draw for potential mobile wallet users - compatibility with third-party rewards weren't mentioned in the survey, but the assumption is that those rewards programs would also be important to consumers. </p><p>The takeaway for Apple, Google and other mobile wallet players is that pushing rewards above other features could be the fastest way to pick up new customers. Moreover, doubling down on rewards by developing a proprietary rewards program could accelerate adoption.</p><p><em>This story originally appeared in this week's PAYMENTS WEEKENDER, a weekly collection of our favorite payments news by BI Intelligence, a premium research service from Business Insider.</em><strong><em><strong><a href="http://www.businessinsider.com/intelligence/insider-newsletter?&amp;utm_source=House&amp;utm_term=CtgrPr_PI-weekender-2015-6-27&amp;utm_campaign=CtgrPr_nlsa">Learn more about our FREE trial now »</a></strong></em></strong></p><p><strong>CREDIT KARMA RAISES $175 MILLION AND PLANS TO PIVOT INTO A MONEY MANAGEMENT COMPANY: </strong>Credit Karma, a company primarily known for offering people free credit scores, just <a href="http://e.businessinsider.com/52654c6e462018e2ea6db9fb2rjhb.179/VYnQPsPo3zgOlN4hA8744" target="_blank">raised</a> $175 million in Series D funding, money it plans to use to transform its service into a personal finance management platform. The new platform will leverage the troves of data Credit Karma already has to generate specific recommendations for customers. The platform will be able to help someone consolidate their student debt, suggest the best loan package and lender, and could also calculate the optimal credit card for someone to open. </p><p>Given the extent of the funding, Credit Karma probably has the resources to actually create a platform this sophisticated. The platform would disrupt a number of areas of finance, from financial advising to money management apps to alternative lenders. For example, Credit Karma will be able to speed up the loan application process because it already has so much of someone's data that it could potentially help banks pre-approve clients. If the platform is linked with a traditional bank, this could reduce some of the pain points consumers have when taking out a loan. This could also erase some of the advantages peer-to-peer (P2P) lenders enjoy, like fast application decisions.</p><p>However, if Credit Karma's new platform incorporates both the legacy institutions and alternative lenders, both types of companies could benefit from greater borrower demand. In essence, more people might actually apply for a loan if it takes fewer steps and less effort. </p><p><strong>CONTACTLESS CARD LIMITS COULD STUNT APPLE PAY'S GROWTH IN THE UK: </strong>There are a few factors that could hurt Apple Pay's launch in the UK next month, based on the information Apple Pay provided on a <a href="http://e.businessinsider.com/52654c6e462018e2ea6db9fb2rjhb.179/VYx3VMPoL6PWkpXfA6bee" target="_blank">new FAQ page</a> for UK merchants:</p><p><strong><div class="KonaFilter image-container display-table float_right"><div><div class="image"></div></div></div></strong></p><ul><li><strong>Some Apple Pay transactions will be limited to £20: </strong>Although a contactless payments infrastructure is well-developed in the UK, merchants with industry standard contactless terminals will have to treat Apple Pay transactions as contactless card payments, which are currently capped at £20. This will limit the scenarios in which a customer could make an in-store Apple Pay payment, which ultimately could hamper Apple Pay's initial growth in terms of transaction volume. The contactless card limit is set to rise to £30 in September, but this is still very low. </li><li><strong>Merchants will have to perform costly upgrades to circumvent the transaction limit: </strong>To accept Apple Pay transactions without a limit, UK merchants will have to upgrade their terminal hardware to include payment processing technology that can properly accept biometric-authenticated payments. This costly undertaking could discourage merchants from adopting new points-of-sale, which means that Apple Pay would continue have a transaction limit at some locations. This would again slow down initial adoption. </li></ul><p>UK lawmakers set a contactless limit in part because the security of contactless payments was still unproven. But Apple Pay is more secure than a physical contactless payment card because it uses biometric technology like a fingerprint to authenticate transactions. Given that Apple Pay transactions are more secure, it's possible that many merchants will want to upgrade their systems to support those types of payments. </p><p>Although it's unclear exactly how many UK merchants will have to comply with the contactless limits for Apple Pay, the inconsistency of transaction limitations between merchants could disincentivize consumers from adopting the wallet because the user experience will not be uniform. For example, if a customer walks up to a storefront and they believe there's a chance the store might limit transactions, they might be hesitant to try Apple Pay there. </p><p>One factor that could mitigate this issue is the early excitement that merchants feel towards the mobile wallet. A recent <a href="http://e.businessinsider.com/52654c6e462018e2ea6db9fb2rjhb.179/VWTj68PojwN2FTe8A15cb" target="_blank">survey</a> showed that one-quarter of UK merchants are already considering adopting Apple Pay. This could be partially the result of Apple Pay's increasing visibility in the US. </p><p><strong>MILLENNIALS ARE CHECKING THEIR FINANCES OFTEN: </strong>The vast majority of millennials are keeping close tabs on their financial accounts, a new <a href="http://e.businessinsider.com/52654c6e462018e2ea6db9fb2rjhb.179/VYsbJcPoB2h_KYigA6451" target="_blank">survey</a> from Goldman Sachs Global Investment Research reveals. </p><ul><li><strong><div class="KonaFilter image-container display-table float_right"><div><div class="image"></div></div></div>A majority check their finances at least once per week: </strong>Of the respondents, 30% said they check their finances every day, and 37% said they check their finances at least once per week. This means more than two-thirds of millennials monitor their accounts on a weekly basis. </li><li>The remaining one-third of millennials check their accounts at various rates. Fourteen percent check their finances every few weeks, and 6% check in once a month. Only 7% claim to "never" track their finances. </li></ul><p>Millennials' financial engagement is high likely because accounts are now easier than ever to access via mobile banking apps. Many surveys indicate that mobile banking adoption among this generation is high; therefore, millennials likely enjoy the convenience of accessing their account information with just one click. </p><p>Although it's unclear what all "checking" finances entails, assuming it implies a quick overview of things like balances and transaction history, this data lends credibility to the theory that although mobile banking visits are rising quickly, these visits are low in value from a bank's perspective. Checking the status of an account doesn't earn a bank any revenue, so if a large portion of mobile banking visits are routine, banks may not reap as many benefits of mobile banking as some believe. </p><p>Conversely, there is evidence that branch banking visits are becoming higher in value on average. For example, Chase Bank customers are choosing to visit branches for more complex financial advice, like opening a mortgage, taking out a loan, or inquiring about retirement or business banking, a rep from Chase told BI Intelligence. </p><p><strong>BRANCHLESS, STARTUP UK BANK ACQUIRES BANKING LICENSE: </strong>Atom Bank, a UK-based startup bank that plans to launch later this year, has <a>attained</a> a formal banking license from the Bank of England, which will enable it to legally hold deposits, provide funds, and conduct other traditional banking activities. Atom Bank will only build out a mobile and online channel to provide its services, and won't operate any branches. To give customers access to cash, it will partner with an existing ATM network that will enable customers to deposit checks or withdraw cash from any ATM in that network. Atom Bank customers will be able to open their accounts via mobile using biometric authentication, such as a fingerprint. The company will offer a wide array of financial products, including commercial and personal accounts as well as loans and mortgages.</p><p><strong>The branchless model has already been proven in the US:</strong> Ally Bank has been a prominent force in the financial world for years, and offers banking through only mobile and desktop. Therefore, it incurs lower costs than a comparable bank with a branch network. It passes on these cost savings in the form of more favorable interest rates. For instance, the Annual Percentage Yield (APY) of its savings account is 0.99%, much higher than the industry average.      </p><p><strong>MASTERCARD ISSUING PAYMENT CARDS TO ECOBANK CUSTOMERS IN 32 AFRICAN COUNTRIES: </strong>MasterCard has <a href="http://e.businessinsider.com/52654c6e462018e2ea6db9fb2rjhb.179/VYh9xcPoWCrquKkRAbf90" target="_blank">forged</a> a partnership with Ecobank, one of the largest continental banks in Africa, that will allow MasterCard to issue debit, credit, and prepaid cards to Ecobank banking customers across the region. Ecobank will also be giving thousands of merchants MasterCard's mobile point-of-sale devices. MasterCard will also provide Ecobank's retail customers with a payment gateway network that will allow them to accept payments online. The goal of the overall partnership is to help upgrade Africa's payments ecosystem, giving African citizens more ways to purchase things. The companies are also aiming to improve financial inclusion in the continent by encouraging citizens to open bank accounts with the new payment cards. </p><p dir="ltr"><em><div class="KonaFilter image-container display-table float_right"><div><div class="image"></div></div></div></em>In many cases, financial development in Africa has been driven instead by mobile money platforms, which rely on mobile network operator (MNO) systems instead of card networks like MasterCard to move funds around. For example, in Kenya, which has a thriving mobile money network, 75% of the adult population has a bank account. </p><p dir="ltr"><em>Find this article interesting? Thousands of professionals just like you had it in their inbox first. Stay ahead of the curve and gain a comprehensive understanding of the latest news &amp; trends. Start your day with the PAYMENTS INSIDER. <strong><a href="http://www.businessinsider.com/intelligence/insider-newsletter?&amp;utm_source=House&amp;utm_term=CtgrPr_PI-weekender-2015-6-27&amp;utm_campaign=CtgrPr_nlsa">Try it FREE now »</a></strong></em></p>

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