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<ul><li>Tokenisation is nothing but giving your sensitive information a secret identity. </li><li>When you <keyword id="14220192" type="General" weightage="20" keywordseo="tokenise" source="Orion">tokenise</keyword> something, like a debit or <keyword id="6368202" type="General" weightage="20" keywordseo="credit-card" source="Orion">credit card</keyword>, you replace the actual details with a unique digital token. </li><li>To make it more convenient to the customers, <keyword id="30067" type="General" weightage="20" keywordseo="rbi" source="Orion">RBI</keyword> has recently announced card-on-file tokenisation or CoF.</li></ul>Many of us would have seen Amitabh Bacchan on television telling us that by tokenising our cards we can make our online transactions more secure and alo get freed from the hassle of entering our card details every time we make a purchase. In fact, many websites will ask you to save your card details which you may not be comfortable with. Tokenisaiton is the answer. “Tokenisation simply refers to the replacement of actual card details with an alternate code called the 'token'. It is used for recurring payments or in cases where merchants have stored the card details for providing faster checkout experience,” says Rahul Jain, CFO, NTT DATA Payment Services India. RBI’s initiative on tokenisation is targeted towards the disablement of card storage at the payment service providers' and merchants' end to ensure better security. “Simply put, tokenisation is nothing but giving your sensitive information a secret identity. When you tokenise something, like a debit or credit card, you replace the actual details with a unique digital token, which is further used while making online transactions, making it secure,” says Gaurav Chopra, founder and CEO of IndiaLends, a digital lending marketplace. Steps to tokenise your card We will look at the steps to tokenise your card. <ol><li>To purchase any products or services and to initiate a transaction, a customer visits e-commerce or a merchant's website. Then select the preferred card options as the payment method and enter all the card details</li><li>In case the website wants the customer to store the card details for a faster checkout experience, there will be an option 'secure your card as per RBI guidelines'. A customer must opt for this option to securely generate a token and have it stored as per RBI guidelines</li><li>To complete the transaction, a customer will receive a one-time password (OTP) on the mobile device or email from the card issuer company.</li><li>Once the OTP is entered on the bank page, the card details are sent for token generation as well as transaction authorization</li><li>Generated token is sent back to the merchant, who then stores the token against the customer identification data eg; mobile number or email address</li><li>When a customer visits the same e-commerce or merchant website, the last four digits of the saved card are shown which helps them to recognize during the transaction. This means that a customer’s card has been tokenised.</li><li>A new token is generated for every merchant website where the card details are required to be stored.The token is now ready for use in subsequent recurring or express checkout payment transactions by consumers on the merchant platform. </li></ol>Source: NTT DATA Payment Services India When you tokemise your card, your card information is not stored by the merchant website. “The genuine payment details of the customer are securely stored by their bank in a protected token vault. Upon receiving the token from the credit card issuer and confirming its match with the account number, the bank verifies the transaction,” says Akash Sinha, CEO and co-founder, Cashfree Payments, a payments and banking platform. Card on file tokenisation “Meanwhile, to make it more convenient to the customers, RBI has recently announced that card-on-file tokenisation (CoF) can now be generated directly at the issuer bank level,” says Jain. This will allow users to generate tokens through their bank’s app or website. Currently, it is not mandatory to tokenise the cards. A customer can choose whether to or not to tokenise his/her card. A customer can continue to transact as before by entering card details manually at the time of initiating the transaction if he/she does not wish to create a token.

Making online payments safer – Here’s how to tokenise your card

<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

<ul><li><keyword id="52685" type="General" weightage="20" keywordseo="wearable" source="Orion">Wearable</keyword> payment is a way to make contactless <keyword id="6359540" type="General" weightage="20" keywordseo="payments" source="Orion">payments</keyword> using a device you wear, like a <keyword id="1009777" type="General" weightage="20" keywordseo="smartwatch" source="Orion">smartwatch</keyword>, <keyword id="1612756" type="General" weightage="20" keywordseo="fitness-tracker" source="Orion">fitness tracker</keyword>, ring, or a wristband</li><li>Wearable payment adoption is hindered by challenges like limited contactless infrastructure, bank charges for device issuance, and managing user experience </li><li>Wearable payments market could see higher adoption once the existing wearable devices can be easily extended to support payments by all major <keyword id="6368751" type="General" weightage="20" keywordseo="banks" source="Orion">banks</keyword></li></ul>Technology has transformed every aspect of our lives, and payments are no different. From debit and credit cards, to UPI, how we make payments have evolved rapidly over the years. UPI payments happen through our phones, but the next big thing in payment is payment through wearables. “Wearable payment refers to a contactless payment method made through wearable devices that support the near field communication (NFC) method” says Atish Shelar, COO of Tech Fini, a fintech company. These wearables act as a digital wallet, storing your credit card or bank account information securely. IndusInd Bank has introduced 'Indus PayWear’ where one can make payments with wearables such as rings and watch clasps, secured via card tokenization tech. Priced between ₹499 and ₹2,999, they offer an alternative to traditional cards and payment apps. Initially this is exclusive to Mastercard. “Recently introduced contactless payment wearables are slowly gaining popularity among consumers. Integrating tokenization with wearable payments would be like tokenising physical cards that replace actual card details with unique 'tokens’. This initiative will boost consumer confidence,” says Rahul Jain,CFO, NTT DATA Payment Services India. How RBI made had made wearable payments possible We need to go back to understand how wearable payments have been made possible. “A few years ago RBI asked every point of sales (POS) machine to accept contactless payments. RBI pushing it as a mandatory thing has led everyone to adopt on the POS machine side, which in turn gives the chance to bring this facility that to customers,” says Sai Prasanth, Co-founder and CEO, Muse Wearables, which designs payment-enabled hybrid smartwatches. “Most of the wearable payments options in India are based on card form factor and to make these card based wearable payments more safe and secure, RBI had extended the scope for card tokenization to include wearables (smart watches, bands, etc.) back in 2021 and also increased the limit for contactless transactions( from ₹2,000 to ₹5,000) to boost adoption,” says says Jitin Sehgal, Partner, Consulting, Deloitte India. In addition, we have also witnessed initiatives from NPCI in this space, such as launch of “OTG Ring for NCMC”, and “RuPay On-the-Go”. Wearable payment market in India in the nascent stages The wearable payments market in India appears to be in nascent stages from customer adoption standpoint, even though a number of domestic companies are gaining market share in wearable device manufacturing. In 2020, SBI and Titan launched a range of watches with contactless payment functions. Axis Bank also launched its own range of wearable contactless devices in 2021. “We have seen launch of wearable payments options such as rings, watch claps, mobile stickers, by both public and private sector banks, however adoption seems to relatively slow,” says Sehgal. Several challenges remain “Some of the key reasons for slow adoption have been limitation on extending existing wearables such as smart watches to support payments, limitation on contactless acceptance infrastructure, wearable device issuance charges from banks, managing customer experience on the device for entering PIN for transactions above the value threshold,” says Sehgal. NFC technology may not be universally accepted at all payment terminals, and consumers may not be aware of the availability or functionality of these devices. “Consumers may also prefer established payment methods, which requires clear benefits and incentives. Security features and consumer education are essential to address these concerns,” says Shelar. Also, there is a lot of dependencies that need to be worked on with all financial partners before seamless wearable payments system can be introduced. The road ahead Until recently most of the tap and pay systems were available through passive tokenisation methodology where the card details were directly put into a wearable device before the shipment or before it was sold to the customers. People have to keep on topping up their cards. “With active tokenization, you can have any number of cards and transfer the information to a wearable on a real time basis and your debit or credit card is directly linked to your wearable,” says Prashant. Now, since there is a limit on contactless transactions, customers would need to carry their card anyway to make payments of over ₹5,000. Once this limit is relaxed, wearable payments are likely to pick up. There is already an ecosystem of wearable devices in India from domestic and global brands for instance for smart watches. “We believe the wearable payments market could see higher adoption once the existing wearable devices can be easily extended to support payments by all the major banks, as not many customers will not prefer buying a separate device for payments, just on the back of convenience it may offer,” says Sehgal.

Tap your ring or watch to pay! Wearable payment devices are a reality, but challenges remain

A team of UK researchers has now linked excessive weight, and not high blood sugar, with an increased risk of long <keyword id="8764262" type="General" weightage="20" keywordseo="covid" source="Orion">Covid</keyword>. Early in the pandemic, research identified diabetes and <keyword id="6364492" type="General" weightage="20" keywordseo="OBESITY" source="Orion">obesity</keyword> as risk factors for becoming severely ill with Covid-19. "We know that many people living with type 2 diabetes are also carrying <keyword id="1269769" type="General" weightage="20" keywordseo="excess-weight" source="Orion">excess weight</keyword>. Our early findings support the idea that obesity-related mechanisms may be responsible for the excess risks of Covid-19 associated with diabetes, rather than high blood sugar per se," said Dr Anika Knuppel from University College London. The findings, to be presented at European Association for the Study of Diabetes (EASD) annual meeting in Stockholm, Sweden (September 19-23), were announced after a meta-analysis of over 30,000 UK adults from nine large prospective cohort studies. Previous research showed that people with diabetes and obesity are more likely to become severely ill and die if they catch Covid-19, but are no more likely to contract it. However, the underlying mechanisms, and their role in prolonged post-Covid-19 symptoms (long Covid), remained unclear. To find out more, researchers looked for associations between a range of clinical characteristics measured before the pandemic -- HbA1c (average blood sugar level), self-reported or medication-based diabetes, body mass index (BMI) and waist-to-hip ratio (WHR) -- and self-reported Covid infection and long Covid. Long Covid was defined as symptoms that went on or affected functioning for longer than four weeks post-infection and was compared to those reporting symptoms for less than four weeks. "Our early findings suggest a link of adiposity with Covid-19 infection and long Covid even after taking into account socio-demographic factors and smoking. We need to further explore what makes overweight and obesity at risk of worse outcomes and how this relates to severe casesa, Knuppel explained. The authors acknowledged that the study was observational and cannot prove that higher BMI increases the risk of Covid-19 infection, and they cannot rule out the possibility that other factors (underlying conditions) or missing data may have affected the results. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/domestic-discord-addiction-the-top-causes-of-suicides/articleshow/94269978.cms">Domestic discord, addiction the top causes of suicides</a> <a href="https://www.businessinsider.in/finance/news/rbi-ready-to-bring-card-tokenisation-norms-into-effect-from-october-1/articleshow/94268765.cms">RBI ready to bring card tokenisation norms into effect from October 1</a>

Obesity is linked to long Covid risk

<ul><li>A new crypto fad lets investors trade in <keyword id="736930" type="PERSON" weightage="20" keywordseo="fake-Apple">fake Apple</keyword>, Tesla and Amazon stocks called ‘<keyword id="11589764" type="UNKNOWN" weightage="20" keywordseo="synthetic-shares">synthetic shares</keyword>’.</li><li>These financial assets only track the price of stocks. There are no actual shares to support their digital value.</li><li>Makers of fake Apple, Tesla, and Amazon crypto stocks say avoiding financial regulations is a feature — not a bug.</li></ul> Fake Tesla, Amazon and Apple shares are seeping into the decentralised finance (DeFi) world of <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">crypto</a>. After non-fungible tokens (NFTs) and cryptocurrencies, these synthetic stocks are the newest blockchain fad trying to establish themselves as a financial asset. They may not have any real value backing them up, but those in support of the new synthetic assets believe that avoiding regulations to make the stock market more accessible is a feature — not a bug, according to a report by <a href="https://www.bloomberg.com/news/articles/2021-07-06/fake-tesla-apple-stocks-have-started-trading-on-blockchains">Bloomberg</a>. Fake tokenised stocks — or ‘synthetic shares’ — only track the price of stocks. There are no actual shares to support their digital value. Two of the biggest companies operating in this space are Synthetix and Mirror Protocol, and they don’t want to risk missing the bus as regulators figure out where they stand. “Waiting for fragmented regulatory frameworks to crystallize before innovating is counterintuitive,” Do Kwon, the co-founder and CEO of Terraform Labs — the South Korean company that created Mirror Protocol — told Bloomberg. Being able to trade the shares of giant companies like Tesla, Amazon and Apple around the clock is a dream come true for many investors — especially those living on the other side of the world from the US. However, it also means that if something goes wrong tomorrow, the local securities watchdog won’t be able to step in and help just because you’re holding <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">crypto tokens</a> for Google or Microsoft. <h2 style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;"><cmsannotation type="cmsannotation" annotationid="How does a synthetic stock work?" comment="subhead" text="How does a synthetic stock work?">How does a synthetic stock work?</cmsannotation></h2>The asset is indexed on the blockchain through a process called tokenisation. It involves a token or digital certificate representing the real-world asset issued to the investor to signify ownership. In the case of synthetic stocks, Synthetix and Mirror are <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">Ethereum</a> compatible protocols for the issuance of synthetic assets. Each smart contract is called a 'synth' or ‘mAsset’, and they're easily tradeable. Because they’re issued on Ethereum, one can deposit them on other DeFi platforms such as Curve and Uniswap and use them to provide liquidity and earn interest. So far, the trading volume has been extremely low, with <a href="https://coinmarketcap.com/currencies/mirrored-apple/markets/">Coinmarketcap</a> showing Apple stock's market capitalisation of less than $35 million on Mirror. The assets maintain their pegs using price data feeds generated by Chainlink oracles. At the same time, synths have an automated mechanism to stop trading when the stock market is closed. Users can form or create new tokens when prices are too high by posting collateral and burning them when prices are too low, <a href="https://docs.mirror.finance/protocol/staking-tokens-lp-and-slp">driving the price</a> up or down. Minters retain a reward for minting and creating liquidity for exchange-traded assets paid in the protocol's native asset ($SNX). Similarly, Mirror runs on Terra's blockchain, and holders are rewarded via ($MIR). <h2 style="line-height:1.38;margin-top:18pt;margin-bottom:6pt;"><cmsannotation type="cmsannotation" annotationid="Why are synthetic stocks touted to be gamechanger?" comment="subhead" text="Why are synthetic stocks touted to be gamechanger?">Why are synthetic stocks touted to be gamechanger?</cmsannotation></h2>Since a centralised authority does not exist, investors are empowered with the autonomy to instantly access, trade, and transfer assets with ease. Currently, it's a complicated process for a non-US citizen to buy stocks listed in the US, which can be seamlessly done if it's floated on a blockchain and the access to it is universal. Unlike derivatives, they have the potential to earn rewards or yield by staking or holding on to an asset for an extended period. Crypto exchanges also offer real <a href="https://www.businessinsider.in/cryptocurrency/news/google-facebook-and-tesla-crypto-tokens-are-launching-on-crypto-exchange-ftx/articleshow/83885349.cms">tokenised stocks</a>, but they're fundamentally different. Instead of mirroring the price of stock directly from the conventional exchange, the issuing company has actual underlying collateral and approval from regulatory authorities. They kind of work like stablecoins, where the value of the digital asset is pegged to an external reference that is kept in reserve. Apart from simple market buying/selling and derivatives trading, synthetic assets create possibilities for seemingly infinite markets and combinations for new sources of value. While the crypto community is actively trying to incorporate traditional financial instruments within a blockchain, governments and regulators are also scrambling to find a middle ground. The two worlds are constantly clashing, but a few companies believe there could be a middle way. <a href="https://forum.businessinsider.in/" style="">For a more in-depth discussion, come on over to Business Insider Cryptosphere</a> — a forum where users can deep dive into all things crypto, engage in interesting discussions and stay ahead of the curve. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/visa-is-partnering-with-over-50-crypto-companies-to-allow-clients-to-spend-and-convert-digital-currencies/articleshow/84203557.cms">Visa is partnering with over 50 crypto companies to allow clients to spend and convert digital currencies</a> <a href="https://www.businessinsider.in/cryptocurrency/news/ceo-of-the-worlds-largest-cryptocurrency-said-that-financial-assets-like-cryptocurrencies-only-come-along-once-in-a-generation/articleshow/84164488.cms">The CEO of the world’s largest cryptocurrency asset manager reckons that crypto as an asset class is ‘here to stay’ — Here are 12 of his best quotes</a> <a href="https://www.businessinsider.in/cryptocurrency/news/indias-new-crypto-regulations-are-ready-for-the-monsoon-session-of-parliament-according-to-sitharaman/articleshow/84168068.cms">India's new crypto regulations are ready for the monsoon session of parliament, says the country's Finance Minister</a>

Fake Apple, Tesla and Amazon stocks are the newest blockchain fad after NFTs and cryptocurrencies

<ul><li>The ‘world’s <keyword id="2721952" type="PERSON" weightage="20" keywordseo="crypto">crypto</keyword> bank’ Aave’s CEO wants to build an alternative version of <keyword id="6354616" type="UNKNOWN" weightage="20" keywordseo="Twitter">Twitter</keyword> on the Ethereum <keyword id="6355684" type="PERSON" weightage="20" keywordseo="Blockchain">blockchain</keyword> network.</li><li>According to Stani Kulechov, users will be able to monetise their posts and frame their own rules.</li><li>The Ethereum blockchain has proven to be an excellent platform for experimenting with tokenisation and incorporating new ideas — like non-fungible tokens (NFTs).</li></ul>The founder and CEO of Aave, Stani Kulechov, wants to build a new blockchain version of Twitter. And on this new version, users can earn money from their interactions on the social microblogging platform. <div type="twitter" handle="StaniKulechov" handlename="stani.eth rAAVE 👻 =(⬤_⬤)= 👻 🦇🔊" image="http://pbs.twimg.com/profile_images/1376555220298305543/8Hyukuep_normal.jpg" favoritecount="3609" retweetcount="366" status="Since @jack is going to build Aave on Bitcoin, Aave should build Twitter on Ethereum" createdat="1626527696000" id="1416385933549654016"></div> Aave is a decentralised money lending platform built on <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">Ethereum</a> and considered to be the ‘world’s bank’ by crypto enthusiasts. The company is a leader in the space with a market cap of $4 billion. And, its total value locked (TVL), which represents the number of assets that the blockchain has secured, is $16.4 billion. Considering Aave’s expertise in the domain, Kulechov wants to try and build the Twitter-like network using the Ethereum blockchain as well to leverage smart contracts. Users will make the rules and be able to monetise their posts "We believe that content creators should own their audiences in a permissionless fashion, where anyone can build new user experiences by using the same on-chain social graph and data," Kulechov told <a href="https://decrypt.co/76278/defi-project-aave-to-release-ethereum-based-twitter-alternative-this-year">Decrypt</a>. He explained that, currently, Twitter's revenue comes through its users but the platform functions in a centralised manner. This means that Twitter decides what content or which users get traction through its innate algorithm. And, while alternatives to Twitter exist, all of them are still centralised in nature. "Nowadays, if you tweet or retweet, there is no monetisation, and you also do not own your own audience," said Kulechov. If Twitter is built on Ethereum, Kulechov claims that users would be able to monetise their posts and frame the rules that'll govern the network. While the concept may sound far-fetched, the Ethereum blockchain has proven to be an excellent platform for experimenting with tokenisation and incorporating new ideas — like non-fungible tokens (NFTs). <h2 style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;"><cmsannotation type="cmsannotation" annotationid="Twitter is adopting crypto while crypto is adopting Twitter." comment="subhead" text="Twitter is adopting crypto while crypto is adopting Twitter.">Twitter is adopting crypto while crypto is adopting Twitter.</cmsannotation></h2> The proclamation was sparked by Twitter CEO Jack Dorsey when he <a href="https://www.businessinsider.in/tech/news/jack-dorseys-square-is-building-a-bitcoin-inspired-financial-services-business/articleshow/84471013.cms">announced </a>plans to create a new business division via his payment firm, Square. It aims to build an open developer platform that makes it easier for developers to develop non-custodial and decentralised finance on <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">Bitcoin</a>. Kulechov implied that Dorsey's business idea is similar to Aave, as it's also an open-source, non-custodial DeFi protocol that makes it easier for users to borrow assets and earn interest. It's worth noting that DeFi-based social networks already exist but haven't managed to take off. Steemit tried to bring a Reddit-like experience but could barely stay afloat. Founded in July 2016, Steemit was an early blockchain project that showed promise. However, these blockchain-based solutions are yet to go mainstream. From a moderation point of view, the idea has potential as regulators and governments globally are concerned about the rise of Big Tech and its looming hazards. Twitter as a centralised network has been in stormy waters in multiple countries like India, and Nigeria has entirely banned it. However, it's also safe to assume that Aave's plans are still nascent and untested. If it's able to launch a platform that can challenge the traditional internet, it'll have to be user-friendly, easy to understand, and straightforward. Blockchain has a vast range of applications in real life, but most of them haven't been explored yet. Every company is trying to incorporate the concept in their regular operations, including conventional banks, energy companies, and more. The next frontier for crypto is often said to be decentralised finance since it helps counter traditional limitations like borders, regulations, and more. And, companies are focusing on getting a head start since it could potentially change how the world works. <a href="https://forum.businessinsider.in/">For a more in-depth discussion, come on over to Business Insider Cryptosphere</a> — a forum where users can deep dive into all things crypto, engage in interesting discussions and stay ahead of the curve. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/ethereums-co-founder-quits-crypto-with-a-big-warning/articleshow/84547141.cms">Ethereum’s co-founder wants to be more than just ‘the crypto guy’ as he exits the industry</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/japan-is-increasing-vigilance-on-crypto-to-hire-more-employees-and-explore-cbdc/articleshow/84475780.cms">Japan is increasing vigilance on crypto — to hire more employees and explore CBDC</a>

Twitter alternative built on Ethereum will let users monetise their posts and come up with their own rules

<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

<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

<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

<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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