Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

The IAMAI-IMRB report has stated the <keyword id="1664180" type="UNKNOWN" weightage="20" keywordseo="Digital-commerce">digital commerce</keyword> in India will touch Rs 2.1 lakh crore by December 2016, riding on e-commerce growth. 
 
As per the study, the digital commerce will grow by 68 per cent from December 2015. 
 
The digital commerce market has grown at a CAGR of 30 per cent between December 2011 and December 2015. It was valued at Rs 125,732 crore by the end of December last year, the report stated. 
 
Online travel continued to account for 61 per cent share of the market at Rs 76,396 crore. This is further expected to grow at a CAGR of around 40 per cent to reach Rs 1,22,815 crore by end of 2016. 
 
Online non-travel, comprising segments like e-tailing, financial service and matrimony and classifieds accounted of Rs 49,336 crore at the end of December, 2015. 
 
The report said online hotel bookings have seen a substantial movement growing 165 per cent year-on-year to Rs 5,200 crore in December last year from Rs 1,965 crore in the year-ago period. 
 
"The market reached close to Rs 5,231 crore in terms of transactions as of December 2015. The demand for online utility payment is expected to reach Rs 6,068 crore by December 2016," it added. 
 
Other online services market that include booking movie tickets and tickets for other events, online commuting or cab hire, online grocery and food deliver, stood at Rs 3,823 crore in December 2015, up from Rs 2,025 crore in the previous year. 
 
Also, demand for other online service is expected to grow at a CAGR of 36 per cent to reach Rs 5,207 crore by December 2016, the report said. 
 
(Image: Thinkstock)

Digital commerce is going to be huge in India, to touch Rs 2 lakh crore by the end of 2016

Online Payment Security

<keyword id="51926" type="UNKNOWN" weightage="100" keywordseo="Techprocess">TechProcess</keyword>, one of India's oldest e-payment processing firms, recorded a 42% rise in <a href="http://www.businessinsider.in/Ushering-in-a-tectonic-shift-in-mobile-payments/articleshow/52204588.cms">online payments</a>, while doubling its online revenue in FY16. As things look hopeful, the company is expecting the growth in online payments to double in the current financial year. 
 
Talking of numbers, TechProcess is said to have recorded a total of over 186 million payments during the year, in which the government and education sector had a huge role. Anand Ramachandran told ET that both these sectors have grown at 70% and 20%, respectively, and would continue to grow by 50% and 150-200% in the coming fiscal, because of more and more people getting interested in online payments. 
 
"We've gone from being a payment router to banks to becoming a platform for online payments," he said. 
 
Also read: <a href="http://www.businessinsider.in/Cashless-Indian-economy/articleshow/52220110.cms">Black money can be dealt with by creating a cashless economy, says the Indian government</a> 
 
The e-tendering platform built by TechProcess is being used by various state governments, and educational institutes, which use the platform FeesJunction to upload student database and manage payments. 
 
TechProcess also recently received an in-principle approval from the RBI, and would now be serving as a Bharat Bill Payments Operating Unit (BBPOU), through which it aims to shift more utility, education and government payments to the online mode. 
 
Also read: ​<a href="http://www.businessinsider.in/PayU-India-becomes-firstnon-bank-entity-to-get-Bharat-Bill-Payment-Unit-license/articleshow/52288975.cms">PayU India becomes first non-bank entity to get Bharat Bill Payment Unit license</a> 
 
<a href="http://i.huffpost.com/gen/3244958/images/o-POS-facebook.jpg">Image source</a>

Techprocess sees double growth as e-payments rise 42%

Near-Field Communication (NFC) is a set of protocols that allows two devices placed within a few centimeters of each other to exchange data. For this, both devices must be equipped with a NFC chip. 
 
There are two ways in which NFC works. One is two-way communication involving two devices that can read and write to each other, for instance, two Android phones touching each other to transfer photos or contacts. The other is one-way communication, where a powered device such as a smartphone reads and writes to an NFC chip. 
 
Presently, NFC is being used in many ways, including: 
 
<ol>
	<li>
		NFC business cards that contain an NFC tag inside. You can tap it with an NFC mobile phone to link to online content.</li>
</ol>
 
<ol>
	<li value="2">
		NFC lock doors can be operated with the tap of a smartphone, and allow homeowners to control access, send keys to others, and receive notifications when someone uses the lock.</li>
</ol>
 
<ol>
	<li value="3">
		Libraries use NFC sticker tags to create 'smart' books. For instance, to make it easy to access book reviews, the tags can be placed on a book's cover and program so that it links to a reviews page, and helps users understand if that's the book they want.</li>
</ol>
 
<ol>
	<li value="4">
		NFC mobile payment, which works like any other contactless card payment. Apple Pay is a good example; NFC-equipped iPhone or Apple Watch stores encrypted details of the user's debit or credit card information. When you tap your iPhone on a retailer's reader, your identity is confirmed via PIN or Touch ID sensor, and payment is made automatically.</li>
</ol>
 
Mahindra Comviva's mobiquity® Wallet is one of the first wallets to use NFC, QR code, biometrics and Bluetooth low energy (BLE) to simplify payments and facilitate mobile commerce. It works off the cloud-based Host Card Emulation (HCE) technology, which emulates a payment card on mobile devices using only software. Google's support for HCE in the KitKat OS jump-started the new technology, with Visa and MasterCard in the process of rolling out HCE-based projects in some countries. 
 
HCE vs SE 
 HCE is the alternative to Secure Element (SE), which works like a smart card in a phone protected against tampering by a restricted access interface and strong encryption. In SE <keyword id="715987" type="UNKNOWN" weightage="20" keywordseo="NFC-payments">NFC payments</keyword>, the payment app holding the payment credentials are stored in a tamper-proof hardware model called the Secure Element, which has a direct connection with the NFC controller. This is also the SIM SE owned by the mobile operator, indicating the operator 's role in provisioning the payment app. Before Android 4.4 KitKat, SE was the only available solution to emulate card payment on an Android device. 
 
Host Card Emulation presents a short-cut for mobile NFC payments. Banks can use it to launch mobile NFC products without requiring the use of the Secure Element or SIM. Instead, the mobile device operating system can communicate directly over the NFC interface in card emulation mode. Banks have the flexibility to provide NFC products without cooperation from mobile operators, and can hence eliminate complexity and save costs. 
 
What are the advantages of breaking the dependency on SE? 
 
The opportunities presented by HCE are not limited to mobile payments, but also extend to other applications, including card access, transit passes and loyalty programs. There are three distinct benefits of breaking the dependency on SE : 
 
ñ A more open system with a lesser reliance on carriers, issuers and trusted service managers 
ñ There is no longer a need for complex SE cards provisioning 
ñ It offers the ability to use multiple NFC wallets on the same device without SE storage size or compartmentalization worries 
 
HCE supports NFC without the requirement for any infrastructure change; it can easily work with a current, NFC-enabled POS terminal device. This is beneficial for merchants with already established POS systems. They don't have to invest in pricey hardware to accept payments via emulated cards. 
 
But is HCE more secure than SE? 
 
As a physical secure element is not involved in HCE, there are some misgivings about the security offered by this technology. However, this is more a matter of perspective. In HCE, card data is not stored in the SE; rather, tokens are downloaded to the device and used to complete point-of-sale transactions. In the event of a security breach, only a limited amount of tokens of low transaction value would be exposed, and not the account itself. This can be viewed as a good balance of risk and reward. As the value of the token is very low, there is no requirement for the highest level of security. 
 
It doesn't of course mean that security can be discounted. The risk posed by a lack of hardware security can be addressed by incorporating additional security layers, such as white box cryptography and securing the communication channels between the device and server. 
 
HCE can simplify the business model, drive up processing speed and power, deliver greater storage capacity, and provide more control over projects. 
 
(The article is authored by Srinivas Nidugondi, Senior VP &amp; Head of Mobile Financial Solutions, Mahindra Comviva) 
 
(Image: Thinkstock)

Making online payments using NFC is safe, here's how

Online food delivery platform <keyword id="19901323" type="General" weightage="20" keywordseo="zomato" source="keywords">Zomato</keyword> on Thursday announced that its wholly-owned subsidiary <keyword id="20332565" type="General" weightage="20" keywordseo="zomato-payments-private-limited" source="keywords">Zomato Payments Private Limited</keyword> (<keyword id="20332941" type="General" weightage="20" keywordseo="zppl" source="keywords">ZPPL</keyword>) has been granted a certificate of authorisation from the <keyword id="19899810" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="keywords">Reserve Bank of India</keyword> (<keyword id="19899808" type="General" weightage="20" keywordseo="rbi" source="keywords">RBI</keyword>) to operate as an '<keyword id="20332942" type="General" weightage="20" keywordseo="online-payment-aggregator" source="keywords">Online Payment Aggregator</keyword>'. The authorisation came into effect from January 24. "We wish to inform that ZPPL has been granted a certificate of authorisation dated January 24, 2024, from the RBI to operate as an 'Online Payment Aggregator' in India with effect from January 24, 2024, as per the guidelines issued by the RBI," Zomato said in an exchange filing. With this, Zomato Payments has expanded its role beyond food delivery and restaurant discovery into the realm of digital payments. Apart from this recent development, Zomato had partnered with ICICI Bank last year to introduce its own unified payments interface (<keyword id="19900911" type="General" weightage="20" keywordseo="upi" source="keywords">UPI</keyword>), Zomato UPI. Earlier this month, Zomato introduced a new feature called "daily payouts" to support emerging restaurant partners. Currently, the feature will be available for restaurant partners who receive 100 or fewer orders a month, according to the company. "Our discussions with various restaurant partners highlighted the financial challenges smaller eateries face, using the traditional weekly payout system. This feature is designed to address this critical need for more frequent access to earnings," Zomato said in a blogpost. SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/webstories/oneplus-12-vs-oneplus-12r-heres-whats-different-between-the-two-devices/slidelist/107138750.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/oneplus-12-vs-oneplus-12r-heres-whats-different-between-the-two-devices/slidelist/107138750.cms" target="_blank">OnePlus 12 vs OnePlus 12R – What distinguishes the two new smartphones</a><a href="https://www.businessinsider.in/business/auto/webstories/revolt-rv400-brz-an-electric-bike-for-the-city-with-150-km-range-hits-indian-roads/slidelist/107142891.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/webstories/revolt-rv400-brz-an-electric-bike-for-the-city-with-150-km-range-hits-indian-roads/slidelist/107142891.cms" target="_blank">Revolt RV400 BRZ – An electric bike for the city with 150 km range hits Indian roads</a> <a href="https://www.businessinsider.in/business/auto/news/rolls-royce-spectre-rolls-out-as-indias-most-expensive-electric-car/articleshow/107051636.cms">Rolls Royce Spectre rolls out as India’s most expensive electric car</a>

Zomato gets RBI approval to operate as 'online payment aggregator'

<ul><li>India’s central bank, the Reserve Bank of India (RBI), has issued a notice alerting online payment systems to be careful of an app called ‘AnyDesk’. </li><li>The app can allegedly access confidential user data to conduct fraudulent financial transactions through apps on the Unified Payments Interface (UPI). </li><li>129 banks currently used UPI in India overseeing transactions amounting to ₹1 trillion. </li></ul>As online transactions have boomed in India, so have the <a href="https://www.businessinsider.in/indian-corporates-are-not-prepared-to-take-on-cyber-attacks-report/articleshow/68041682.cms">instances</a> of financial fraud. In its most recent notice India’s central bank, the Reserve Bank of India (RBI), has warned banks and payment system operators to be vary of an app called ‘AnyDesk’ that’s being used by fraudsters to gain access to confidential user data. 
 
 
 
 <div type="ExtQuote" text="“An app code (nine-digit number) would be generated and once the fraudster inserts this code, he would ask the victim to grant permission. Post this, the fraudster will get full access to the victim’s device.”" auname="RBI circular"></div>







 The circular highlights how once ‘AnyDesk’ has the requisite permissions, the app allegedly uses its access the confidential data to carry out fraudulent transactions using apps that are based on the Unified Payments Interface (UPI). India’s lax cybersecurity Earlier this year, on January 10, the RBI <a href="https://www.rbi.org.in/scripts/NotificationUser.aspx?Id=11452&amp;Mode=0">issued</a> a notice alerting developers of payments apps in India to introduce more stringent controls. Even the National Payments Commision of India (NPCI), the umbrella organisation that oversees all retail payments, issued a similar notice asking developers to be wary of what kind of data is being accessed on user’s devices. Indian banks aren’t safe from the onslaught either. Cosmos bank, a Pune-based Indian bank, was <a href="https://economictimes.indiatimes.com/industry/banking/finance/banking/cosmos-banks-server-hacked-rs-94-crore-siphoned-off-in-2-days/articleshow/65399477.cms">robbed</a> of ₹940 million because hackers were able to clone Visa and RuPay debit cards last year. The bank assured customers that the core banking system was safe and it was only the payments gateway that was hacked. 
	
 
 
 <div type="image" title="Cosmos-Bank-696x464" msid="68043247" hostid="261" caption="&amp;lt;p&amp;gt;Cosmos Bank branch in Maharashtra&amp;lt;/p&amp;gt;"></div>







 The use of digital wallets and online transactions have seen an increase since the government’s demonetisation exercise. And while hacking is a reality, there are also startups working on solving that problem. Appknox, for example, is a startup that <a href="https://appknox.com/in/">specialises</a> in mobile app security and has identified several critical vulnerabilities in UPI mobile apps. It’s critical to raise awareness about online digital security especially since India <a href="https://www.npci.org.in/product-statistics/upi-product-statistics">currently</a> has 129 banks on UPI will over 650 million transactions amounting to ₹1 trillion as of January. See also: <a href="https://www.businessinsider.in/indian-corporates-are-not-prepared-to-take-on-cyber-attacks-report/articleshow/68041682.cms">A majority of Indian corporates are unprepared for cyber security challenges: Report</a> <a href="https://www.businessinsider.in/can-nilekani-the-architect-of-the-worlds-largest-biometric-project-spark-digital-payments-in-india/articleshow/67439834.cms">Can Nilekani, the architect of the world’s largest biometric project, spark digital payments in India?</a> <a href="https://www.businessinsider.in/here-are-the-biggest-bank-frauds-that-happened-in-india-last-financial-year/articleshow/63942569.cms">Here are the biggest bank frauds that happened in India the previous financial year</a>

India’s central bank tells digital wallets to avoid this app linked to compromising confidential user data

<ul><li>Challan 280 is meant for paying advance tax, self-assessment tax, taxes on distributed income and profits, regular assessment tax and paying other extra charges.</li><li> It can be submitted either online or offline via banks.</li><li>Challan 280 is an arrangement by the government to gather taxes easily and also provide instant, quick and more convenient ways of paying taxes online for the tax payers.</li></ul>Payments are going digital these days. Digital payments are fast, secure and eliminate the risks of handling physical cash. Accounting the digital payments is easy. While the country has been taking steps to boost up digital payments, the Department of <keyword id="6354751" type="UNKNOWN" weightage="20" keywordseo="income-tax">Income Tax</keyword> is also introducing several conveniences in these lines for the tax payers. Challan 280 is an arrangement by the government to gather taxes easily and also provide instant, quick and more convenient ways of paying taxes online for the tax payers. Challan 280 is meant for paying advance tax, self-assessment tax, taxes on distributed income and profits, regular assessment tax and paying other extra charges. This form can be downloaded easily. It can be submitted either online or offline via banks. How to make online payment via <keyword id="7919535" type="UNKNOWN" weightage="20" keywordseo="income-tax-challan-280">Income Tax Challan 280</keyword> For utilizing the online method of paying taxes, the taxpayer must first visit the National Securities Depository Limited (NSDL) website and then choose the Challan 280 payment option. Individual taxpayers must choose the option (0021) which is meant for paying income tax other than companies. The page will ask you to enter some pieces of information including PAN number, year of assessment, residential address, mobile phone number, email id and others. Select from the different types of tax payment including final taxation for the year or advance tax or self-assessment tax etc. After selecting the taxation type, you will have to fill in the details asked on the page. Select the bank that will process the payment for you and enter the captcha code before submitting the form and verifying all the entered details. When you submit the ‘Proceed’ button, you will land on the bank’s webpage that will process the payment. Once you have made the payment successfully, you will get an acknowledgement towards the payment that will also contain the BSR code, serial number of the challan, amount paid, and date of payment. How to make offline payment via Income Tax Challan 280 If you wish to use the offline method of paying through challan 280, you must first download the challan 280 from the income tax website. In the hard copy of the challan you will have in your hand, fill in the details including the tax amount, year of assessment, PAN, address, email id and phone number. You can pay the tax in the offline mode via challan 280 through any authorized bank’s branch in cash or via cheque. The bank will also give an acknowledgement to the tax payer towards the payment with details including the BSR code, payment date, serial number of the challan and the amount paid. Important points to note while using challan 280 for tax payment If you might face any problems or difficulties while using the NSDL website and providing non-financial details, you can get the required assistance by calling the toll free number 1800-222-080. You can also check the status of the payment via challan 280 by providing the details including challan date, serial number of the challan and the BSR code of the bank.

What is Income Tax Challan 280 Online Payment

New Delhi, Apr 24 () Online <keyword id="6359540" type="PERSON" weightage="20" keywordseo="payments">payments</keyword> dropped by 30 per cent during the nationwide lockdown, hit by fall in digital <keyword id="96567" type="COUNTRY" weightage="20" keywordseo="Transactions">transactions</keyword> across sectors like logistics, travel, real estate and food and beverages, as per a report by fintech platform Razorpay.The report is based on transactions on Razorpay's platform between February 24 to March 23 (before lockdown) and March 24 to April 23 (during lockdown). It found that digital transactions recorded highest fall of 41 per cent in Gujarat followed by Madhya Pradesh (39 per cent) and Tamil Nadu (26 per cent). Interestingly, segments like utilities (bill payments), IT and software, and media and entertainment saw a growth of 73 per cent, 32 per cent and 25 per cent, respectively as people stayed indoors. "Transactions in logistics dropped by 96 per cent due to gaps in supply chain. Travel sector declined by 87 per cent, real estate by 83 per cent, F&amp;B by 68 per cent, and Grocery by 54 per cent," the report said. Digital transactions in cities like Ahmedabad, Mumbai and Chennai took a hit of 43 per cent, 32 per cent and 25 per cent, in these 30 days (March 24 to April 23), it added. "A significant drop of 30 per cent in online payments in the last 30 days is something we are seeing for the first time after demonetisation," Razorpay CEO and co-founder <keyword id="3349619" type="PERSON" weightage="20" keywordseo="Harshil-Mathur">Harshil Mathur</keyword> said. He added that in the first two weeks of March before lockdown, the overall online spending increased by about 10 per cent but later saw a dip primarily owing to precautionary measures which people started to take by staying indoors. Mathur said while COVID-19 continues to create uncertainty on a number of fronts, the pandemic is also a turning point for the fintech industry. There has been a growth in adoption of digital payments, especially in tier II and III cities in the last 30 days of lockdown. "I believe this is a huge opportunity for fintech companies, some of them may have to re-examine their business models after COVID-19, prioritising growth and customer acquisition over profitability. The fintech industry will be forced to evolve, think big and act boldly which will eventually result in innovations in payments and banking solutions to be able to meet new customer demands and behaviours," he said. During lockdown, online donations (transactions) towards NGOs increased by 180 per cent, the report said. In payment modes (during lockdown), UPI made the highest contribution of 43 per cent, followed by debit and credit cards with 39 per cent and netbanking with 10 per cent. However, compared to the 30 days before lockdown, transactions via UPI, cards and netbanking declined by 37 per cent, 30 per cent and 28 per cent, respectively, the report added. Among UPI apps, Google Pay contributed the highest with a 46 per cent share followed by PhonePe with 29 per cent and <keyword id="6357120" type="PERSON" weightage="20" keywordseo="paytm">Paytm</keyword> with 10 per cent. During the lockdown, Paytm saw a drop by 47 per cent, Google Pay 43 per cent and PhonePe 32 per cent. However, Paytm dismissed the same. "We would like to ascertain that Paytm Payments Gateway is India's leading payment processing platform with over 50% market share. For our merchant partners, we are directly processing transactions that can not be captured by any other payment gateway provider with regards to Paytm's UPI growth, contribution, and market share. Therefore, transactions done on Razorpay cannot be put forward as the industry's trend to determine Paytm's contribution to UPI. Their representation on Paytm's growth is misleading," said a Paytm spokesperson. Mobile wallet transactions, particularly in tier II cities saw a spike in the last 30 days, owing to increased contribution to PM Cares Fund and cashback offers and transactions via JioMoney increased by 66 per cent, AmazonPay by 63 per cent and Paytm by 43 per cent, the report said. SR ANUANU

30% drop in online payments amid lockdown: Razorpay

<ul> <li>Until August, <keyword id="6358921" type="General" weightage="80" keywordseo="upi" source="Orion">UPI</keyword> recorded over 30 billion transactions worth Rs 51.74 trillion for FY23. </li><li><keyword id="7998786" type="General" weightage="20" keywordseo="Online-payment-fraud" source="Orion">Online payment fraud</keyword> includes losses across the sales of digital goods, physical goods, money transfer transactions and banking, as well as airline ticketing and other purchases. </li><li>A report recommended that fraud prevention vendors focus on building platforms providing AI-powered risk-based scoring to best suit changing market conditions.</li></ul> Triggered by the growing use of digital wallets, the total cost of e-commerce fraud to merchants is likely to exceed $48 billion globally in 2023, from just over $41 billion in 2022, a report showed on Wednesday. This growth will be accelerated by the increasing use of alternative payment methods, such as digital wallets and BNPL (buy-now-pay-later), which are creating new fraud risks. In <keyword id="3658" type="General" weightage="20" keywordseo="india" source="Orion">India</keyword>, the Unified Payments Interface (UPI) reported another record high in August, with 6.57 billion transactions, amounting to Rs 10.72 trillion. In FY23 (till August) UPI recorded over 30 billion transactions worth Rs 51.74 trillion. Online payment fraud includes losses across the sales of digital goods, physical goods, money transfer transactions and banking, as well as purchases like airline ticketing. Fraudster attacks can include phishing, business email compromises and socially engineered fraud. "To combat this fraud, e-commerce merchants must implement simple steps such as address verification, combined with risk-based scoring on transactions, which will allow merchants to best mitigate the massive fraud threats present," suggested research author <keyword id="12585121" type="General" weightage="80" keywordseo="nick-maynard" source="Orion">Nick Maynard</keyword>. The report recommended that fraud prevention vendors focus on building platforms providing AI-powered risk-based scoring, which can be payment method agnostic, to best suit changing market conditions. Additionally, the research found that the potential for fraud with BNPL is a major risk going forward. Given the delayed nature of BNPL payments, fraudsters can make several illegitimate payments using stolen card details before the fraudulent activity is identified, creating significant risk. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/ready-to-talk-with-startups-to-address-their-concerns-and-prevent-them-from-moving-out-of-india-sitharaman/articleshow/94800585.cms">Ready to talk with startups to address their concerns and prevent them from moving out of India: Sitharaman</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/mixture-of-factors-may-shake-indias-sovereign-ratings-sp-global/articleshow/94807074.cms">Mixture of factors may shake India's sovereign ratings: S&amp;P Global</a>

You Searched For "online payments" and got 9 results

Digital commerce is going to be huge in India, to touch Rs 2 lakh crore by the end of 2016

BI India Bureau

Online Payment Security

Techprocess sees double growth as e-payments rise 42%

BI India Bureau

Making online payments using NFC is safe, here's how

Guest Author

Zomato gets RBI approval to operate as 'online payment aggregator'

IANS

India’s central bank tells digital wallets to avoid this app linked to compromising confidential user data

Prabhjote Gill

What is Income Tax Challan 280 Online Payment

BI India Bureau

30% drop in online payments amid lockdown: Razorpay

PTI

E-commerce losses due to online fraud to exceed $48 bn globally

IANS

Popular Keywords

Buying Guides