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<ul><li>Only 48% of urban merchants accept digital payments, according to a report. </li><li>Beyond awareness, infrastructure is still one of the biggest challenges faced by merchants. </li><li>Digital payments today accounts to just 10% of all transactions in India. </li></ul>Digital payments in India took off in a massive way right after demonetization, with the likes of Paytm leveraging the government move to become a household name. However, a new study now reveals that more than half of the shops in Indian cities want to stay away from digital payments. Awareness is not enough get Indians to use digital payments as only 48% of merchants accept digital payments, according to a report done by CUTS international. Expensive and unreliable infrastructure, unaware customers, lack of interoperability, transaction failures and charges are reasons why merchants don't prefer digital payments in India. Digital payments is still considered to have a big opportunity in India and even the likes of giants like Google didn’t want to shy away from it. Google had launched its first ever digital payments app Tez which is now called Google Pay in September 2017. However, even <a href="https://www.medianama.com/2018/09/223-google-pay-india-25m-maus/">Google Pay </a>which managed to have 25 million monthly active users, has only 1.2 million businesses on the platform in India. Cash is still king in India and digital payments today holds a mere <a href="https://economictimes.indiatimes.com/news/economy/finance/rbi-should-offer-digi-payment-licences-on-tap-says-industry/articleshow/67906710.cms">10% </a>of all transactions in the country. Recognising that, the Payments Council of India recently submitted recommendations to the newly-formed panel by the government for digital payments. The panel is headed by industry veteran Nandan Nilekani. The PCI suggested seamless <a href="https://yourstory.com/2019/02/india-rbi-digital-payments-council">access</a> to payments infrastructure and formation of a KYC bureau among multiple other things. While right after demonetization going cashless meant digital payments saw a huge spike in numbers, in 2018 the conversation rate actually fell. According to <a href="https://www.business-standard.com/article/current-affairs/upi-s-value-grew-700-in-2018-while-total-digital-payments-fell-1-119011300209_1.html">data</a> from the Reserve Bank of India, there was a one percent fall in digital payments in November 2018 when compared to November 2017. Regulations, too, form a major role in the adoption of digital payments in India. While the current government has been encouraging of India’s shift to digitization and has been promoting a <keyword id="3870560" type="PERSON" weightage="20" keywordseo="Cashless-India">cashless India</keyword>, mandates like compulsory KYC had halted the operations of many payment wallets. “More than 95% of the mobile wallets in the country could stop being operational by March,” said a senior executive with a New Delhi-based payments company to <a href="https://economictimes.indiatimes.com/industry/banking/finance/banking/rbi-kyc-deadline-may-punch-a-hole-in-wallet-companies-plans/articleshow/67430125.cms">ET. </a> See Also: <a href="https://www.businessinsider.in/rbi-wary-of-financial-fraud-by-anydesk/articleshow/68043224.cms">India’s central bank tells digital wallets to avoid this app linked to compromising confidential user data</a> <a href="https://www.businessinsider.in/paytm-takes-on-airbnb-makemytrip-oyorooms-and-trivago-with-its-latest-offer-hotel-bookings/articleshow/67755276.cms">Paytm is competing with almost everyone in Indian e-commerce</a> <a href="https://www.businessinsider.in/risky-business-indian-smartphone-users-have-a-whopping-50-apps-on-a-single-device-and-theyre-not-even-using-half-of-them/articleshow/67059536.cms">Risky business: Indian smartphone users have a whopping 50 apps on a single device, and they're not even using half of them</a>

Did you know: More than half the shops in Indian cities don't accept digital payments

<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. 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’. “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. <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> 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. 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. <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 </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 </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 </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 </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 </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 </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 </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 </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 </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 </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 </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 </td></tr></tbody></table>Source: Axis Bank Direct transactions without OTPs 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. 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. 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. 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. How do wearable payment devices work? 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. The NFC technology only gets activated when there is a minimal distance between the payment terminal and the wearable. 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. 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. SEE ALSO: <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> <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> <a href="https://www.businessinsider.in/tech/enterprise/news/gartner-forecasts-ai-will-replace-investor-gut-feel-in-stock-market/articleshow/81442285.cms">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</a>

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

<ul><li><keyword id="790242" type="General" weightage="20" keywordseo="whatsapp" source="Orion">WhatsApp</keyword> could soon offer cashback to users for making payments via its app.</li><li>This feature is being tested for its UPI payments service in India.</li><li>Users can earn up to ₹10 cashback.</li></ul>WhatsApp is testing a new feature for its in-app payments service. The messaging app could soon offer cashbacks on payments to its users. This feature is currently being tested with no word on its official release yet. The new <a href="https://www.businessinsider.in/tech/apps/news/how-to-check-your-bank-account-balance-using-whatsapp-pay/articleshow/86198586.cms">WhatsApp payments</a> feature could be exclusive to India or introduced first to India. In the test discovered by WABetaInfo, the cashback is limited to UPI payments in India. WhatsApp is offering cashback of up to ₹10 per payment but it may be increased before the official release of the feature. WABetaInfo also <a href="https://wabetainfo.com/whatsapp-beta-for-android-2-21-20-3-whats-new/">says</a> that users can get only one cashback. It isn’t clear though if this means WhatsApp will give you only one cashback throughout or one per payment. There’s also confusion over whether this cashback will be only for new users or existing users as well. The feature has also popped up as a test in the WhatsApp app but not for public beta testers. It’s highlighted on top of the chat list reading “Get cashback on your next payment.” You can tap on it to get started. There’s not enough clarity yet but we could get to know more about the WhatsApp payment feature as the development continues. But it’s quite clear that the cashback feature would be a way for WhatsApp to push its payments service in India. WhatsApp recently started rolling out a <a href="https://www.businessinsider.in/tech/apps/news/whatsapp-adds-a-payment-shortcut-so-you-can-send-money-faster-than-ever-before/articleshow/85589253.cms">new payments shortcut</a> making it easier for users to locate the feature. The payments button has been placed in the text box as opposed to sitting inside the attachments box. It also launched background cards in India that adds a little bit of colour and personalised experience to payments. This is similar to the background cards in Google Pay. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/new-smartphones-launching-in-india-in-coming-days/slidelist/86448401.cms" data-type="tilCustomLink">Realme Narzo 50 to Samsung Galaxy M52 5G — phones launching in India this month</a> <a href="https://www.businessinsider.in/tech/apps/news/you-can-now-record-apps-that-are-spying-on-you-using-ios-15/articleshow/86448183.cms" data-type="tilCustomLink">You can now record apps that are spying on you using iOS 15</a>

WhatsApp testing cashback in a bid to push payments in India

Ever since the RBI granted licenses to 11 companies to start payments banks in 2015 , we have seen three fully functioning, the latest one being Paytm. Vijay Sekhar Sharma, the founder, has recently raised 1.4 billion USD from <keyword id="163404" type="COMPANY" weightage="20" keywordseo="Softbank">Softbank</keyword> and Alibaba. In a release addressed to media, Sharma said, “"RBI has given us an opportunity to create a new kind of banking model in the world. None of our deposits will be converted into risky assets." While <keyword id="6385180" type="UNKNOWN" weightage="20" keywordseo="Airtel-Payments-Bank">Airtel Payments Bank</keyword> offered free talktimes, Paytm Payments Bank defines itself as the first bank with zero online fees for any transaction, which includes virtual debit card, <keyword id="285745" type="ORGANIZATION" weightage="20" keywordseo="NEFT">NEFT</keyword>, IMPS. The only things that would be charged are cheque books, demand draft and debit cards, which would be physical. In India, payments bank can collect deposits up to Rs 1 lakh, has to invest 75% of its deposits in government securities, can offer different payment solutions, but can't lend. This comes to the bigger question how would they make money? Shubhankar Bhattacharya, venture partner at Kae Capital told The Economic Times, “For starters, payments banks can't issue loans or credit cards, and are modelled to cover the cost of capital through transaction charges on their payment product. Therefore, payments banks need to find other avenues to improve the yield on the assets made available to them from their depositors.” "Payments banks are more likely to cross-sell services that are being offered on their platform," added Bhattacharya. “They need very high volume to start churning profits. Wallet was the game of boys. Payments banks is the game of men," <keyword id="3849285" type="UNKNOWN" weightage="20" keywordseo="Ashita-Aggarwal">Ashita Aggarwal</keyword>, head of marketing, SP Jain Institute of Management and Research told ET. The 11 entites, which were granted licenses last year, Tech Mahindra, Cholamandalam Investment and <keyword id="25455" type="ORGANIZATION" weightage="20" keywordseo="finance">Finance</keyword> Company and a consortium of Dilip Shanghvi, IDFC Bank and <keyword id="3371770" type="UNKNOWN" weightage="20" keywordseo="Telenor-Financial-Services">Telenor Financial Services</keyword> have already given up on the venture. It’s for us to wait and watch how Sharma makes Paytm Payments Bank successful like the mobile wallet.

How viable are payments banks in India?

<ul><li><keyword id="2736678" type="COMPANY" weightage="20" keywordseo="Unified-payments-interface">Unified Payments Interface</keyword> (<keyword id="6358921" type="ORGANIZATION" weightage="20" keywordseo="upi">UPI</keyword>) 2.0, <keyword id="3658" type="COUNTRY" weightage="20" keywordseo="India">India</keyword>’s cashless payment interface, was launched by the <keyword id="6383340" type="UNKNOWN" weightage="20" keywordseo="national-payments-corporation-of-india">National Payments Corporation of India</keyword> on Thursday.</li><li>It’s an update to the original UPI platform that the Indian government launched back in January 2016. </li><li>The update will be rolled out to users through the interface’s 11 partner banks.</li></ul>India’s public cashless payment platform, the Unified Payments Interface (UPI), announced the rollout of UPI 2.0 on Thursday. While the country’s central bank, the Reserve Bank of India (RBI) facilitated with the development of the app, the National Payments Corporation of India (<keyword id="193629" type="CITY" weightage="20" keywordseo="NPCI">NPCI</keyword>) is the organisation in-charge of retail payments in the country. The primary function of the UPI app is to serve as the middle-man for around-the-clock money transfers from one bank account to another without having to disclose the beneficiary’s bank account details. Having been in the works for nearly six months, the updated version has features that add to the authenticity of payments while others contribute towards added convenience. Here are some changes to watch out for: 
 <div type="image" title="List Templates BI" msid="65445129" hostid="261"></div>



 1. No more mismatch between payment requests and actual billing The original UPI platform, while having its merits, ran into a bit of a snag when there were complaints of actual bills on matching payment requests. UPI 2.0 attempts to solve that problem by adding the bill to the payment request itself. Users can verify the invoice and cross-check the vendor’s credentials before making the actual payment. 2. <keyword id="6804466" type="UNKNOWN" weightage="20" keywordseo="verified-qr-code">Verified QR code</keyword> In the past, there have been a few instances of QR code tampering where customers have made payments, but rather than it going to the vendor, the payments end up in a fraudulent account. What UPI 2.0 has put in place allows customers to check whether or not a particular merchant is verified, and in case they’re not, the user will get a notification to alert of possible fraud. 3. One time mandates One time mandates are like the post-paid for merchant payments. Within the new interface, users can pre-authorise a payment that will be executed at a later date as specified. It works both ways, for consumers and merchants alike. 4. Overdraft account In the past, users could only link their current and savings accounts to the app. But, UPI 2.0 allows for overdraft accounts as well. Not just in a filtered way, but with full bells and whistles that are associated with overdraft accounts. Using Immediate Payments Service (IMPS), the UPI process can be thought of like an email ID for making payments. Being faster than NEFT and without the time constraints, UPI is essentially an advanced version of the IMPS. It cuts down on costs and the effort associated with making payments. Just as UPI was a push towards enhancing the <keyword id="6358577" type="UNKNOWN" weightage="20" keywordseo="digital-payments">digital payments</keyword> culture in India, UPI 2.0 looks to encourage that even further. That being said, the adoption of cashless payments, though on the rise, shows the disparity in its penetration across the country.

UPI 2.0: Here’s what you need to know

<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%

<keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> and Maldives have signed an agreement to introduce the <keyword id="19998949" type="General" weightage="20" keywordseo="Unified-Payments-Interface" source="keywords">Unified Payments Interface</keyword> in the archipelago nation, which will have a "very positive" impact on its <keyword id="20260982" type="General" weightage="20" keywordseo="tourism-sector" source="keywords">tourism sector</keyword>, External Affairs Minister S Jaishankar has said. The Memorandum of Understanding was signed on Friday during Jaishankar's three-day official visit to the Maldives. "Witnessed signing of MoU between (the) National Payments Corporation of India and (the) Ministry of Economic Development and Trade of Maldives on (the) introduction of (a) digital payment system in the Maldives," he said in a post on X. Developed by the National Payments Corporation of India (<keyword id="19998946" type="General" weightage="20" keywordseo="NPCI" source="keywords">NPCI</keyword>), Unified Payment Interface (UPI) is an instant real-time payment system to facilitate inter-bank transactions through mobile phones. Addressing a press conference with his Maldivian counterpart Moosa Zameer after their "productive discussions", Jaishankar said that India, through its UPI, has "revolutionised digital transactions". Stressing that it has taken financial inclusion in India to new levels, he said "Today 40 per cent of the world's real-time digital payments take place in our country." "We see this revolution, every day in our lives. I am pleased to note that with the signing of the MoU today, we have taken the first step towards bringing this digital innovation to Maldives," he said. "I wish the very best to stakeholders on both sides and hope that we will soon see the first UPI transaction here. I should mention that it will have a very positive impact on tourism," he added. Tourism is the main source of economic activity for the Maldives, contributing nearly 30 per cent of the GDP and generating more than 60 per cent of foreign exchange. Jaishankar's visit aims to reset the bilateral relationship with the Maldives and is the first high-level trip from India after the archipelago nation's pro-China president, Mohamed Muizzu, assumed office last year. "India's partnership with the Maldives is based on our deep desire to work together for each other's welfare and interests. It is a partnership that has enabled us to always swiftly and effectively respond to challenges, as witnessed in the past," Jaishankar said. "It is a partnership that has enabled us to deliver results and bring tangible benefits to our people in accordance with their wishes, aspirations and priorities," he said. In a post on X, Jaishankar also said, "Jointly inaugurated six High Impact Projects in areas of street lighting, mental health, children speech therapy and special education." "Welcome renewal of MoU between National Centre for Good Governance and Civil Services Commission on (the) training of additional 1,000 civil services officers," he added. Addressing the joint press conference, Maldivian Foreign Minister Zameer said, "India has always been one of our closest friends and a vital development partner." He said the "enduring friendship" was built on a foundation of mutual trust and respect and has continued to flourish over the years. "High-level exchanges between our countries have deepened our dialogue and cooperation in areas of shared interest. We remain dedicated to strengthening and advancing this mutually beneficial partnership," he said. "Minister Dr Jaishankar and I agreed that much more needs to be done to promote trade and investment between the Maldives and India," he said, adding that both sides are committed to establishing "effective mechanisms to enhance economic cooperation, fostering a vibrant and prosperous partnership that will benefit both the nations." Zameer said he conveyed President Muizzu's proposal to begin negotiations on a Free Trade Agreement between the Maldives and India. "This agreement alongside other economic and trade-related agreements will facilitate trade liberalisation and ease the risks of doing business in both our countries," he said. Zameer said that India and Maldives have also mutually agreed to further strengthen their partnership by continuing joint exercises and expanding training opportunities for officers from both countries, asserting that this reflects "our commitment to working together to ensure the security of our nations as well as ensuring the safety and stability of the Indian Ocean region." India's relations with the Maldives suffered a major setback last year when President Muizzu demanded the withdrawal of Indian military personnel manning three aviation platforms in the Maldives. Subsequently, the Indian military personnel were replaced by civilians by May 10, the mutually agreed date. "On regional and multilateral issues of importance, our countries have a common understanding and are united in our efforts to resolve them. We agreed to continue our cooperation on issues ranging from combating terrorism, violent extremism, drugs, human trafficking and to the promotion and protection of human rights," Zameer said. In his press statement, Jaishankar said that India and the Maldives "are not just close neighbours, we are also natural partners." "Today, we are mutually invested in each other's development and progress. In a globalised and interconnected world, we see a lot of volatility and global tensions. Even as the world is recovering from the impact of the COVID pandemic, we have been confronted with new challenges arising from international conflicts," he said. In this tumultuous environment, India has been and will be, an anchor of stability for its friends, partners and neighbours. To the Maldives specifically, India has provided support to deal with economic challenges through financial assistance and budgetary support, and by ensuring an uninterrupted supply of critical items, he noted. India's actions have been and will continue to be guided by its firm commitment to the philosophy of 'Sabka Saath, Sabke Vikas - which is- Together, we prosper', Jaishankar said. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/news/brainbees-solutions-firstcry-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/112403576.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/news/brainbees-solutions-firstcry-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/112403576.cms" target="_blank">Brainbees Solutions (Firstcry) IPO allotment – How to check allotment, IPO GMP, listing date and more</a><a href="https://www.businessinsider.in/tech/news/indias-wearables-market-decline-for-the-first-time-as-smartwatch-shipments-fall/articleshow/112397246.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/indias-wearables-market-decline-for-the-first-time-as-smartwatch-shipments-fall/articleshow/112397246.cms" target="_blank">India’s wearables market decline for the first time as smartwatch shipments fall</a><a href="https://www.businessinsider.in/business/news/ola-wants-to-re-enter-the-quick-commerce-business-to-take-on-blinkit-and-swiggy-instamart/articleshow/112364583.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/news/ola-wants-to-re-enter-the-quick-commerce-business-to-take-on-blinkit-and-swiggy-instamart/articleshow/112364583.cms" target="_blank">Ola wants to re-enter the quick commerce business to take on Blinkit and Swiggy Instamart</a>

India to introduce UPI payment service in Maldives

New Delhi, Jan 20 () India has made an advance payment of Swiss Franc 44,55,445 (about Rs 33 crore) as its contribution to the WTO for 2020, an official said.
The payment was made in December last year.
The World Trade organisation (WTO) derives most of the income for its annual budget from contributions by its member countries.
These contributions are based on a formula that takes into account each member's share of international trade. Miscellaneous income mainly consists of contributions from observer countries, income from sale of publications and rental of meeting rooms.
"India has made its advance payment of its WTO contribution. It was CHF 44,55,445 for 2020. It was paid in December 2019 itself for 2020. India is one of the few countries who pay their dues well on time," the official said.
 The WTO also manages a number of trust funds, which have been contributed by members.
These are used in support of special activities for technical cooperation and training meant to enable least-developed and developing countries make better use of the WTO and draw greater benefit from the multilateral trading system.
Geneva-based WTO is a global trade rule making body. It has 164 members. India is its member since January 1, 1995. 
 RR ANU
ANU

India makes payment to WTO for 2020 in advance

Next year is going to be busy for HR experts and recruiters as 11 <keyword id="2419127" type="UNKNOWN" weightage="20" keywordseo="payment-banks">payment banks</keyword> are expected to start operations over next 24 months. 
 
Head-hunters believe that once these payment banks get in-principle nod from the <a href="http://www.businessinsider.in/searchresult.cms?query=rbi">Reserve Bank of India</a>, more than 1,500 jobs will be generated with up to Rs 1.50 crore salaries. 
 
After getting RBI’s green flag, these payment banks can begin operations in 18 months and will be allowed services like taking deposits, offer payments and remittance services, issue debit cards and act as agents for commercial banks. 
 
However, they won’t be able to be a lender. 
 
HR experts say there will be 370 mid-level executives and over a thousand junior-level vacancies and work will revolve around product, sales and distribution, merchant acquisition, strategic alliances, operations, and regulatory and compliance. 
 
"We expect a spike in demand for talent from liability product teams of transaction banking; digital product teams of retail banks or ecommerce platforms; and merchant acquisitions, sales &amp; distribution talent from insurance companies retail banking and FMCG companies" Ayesha D'Souza, head of global banking and markets at Vito India, told ET. 
 
Meanwhile, recruiting won’t be that easy also as experts are of the opinion that major scarcity is seen in regulatory roles, compliance roles, business solution teams, etc. 
 
Out of 41, only 11 applicants were awarded a permit for the time being. 
 
Calling it a significant and important step from the RBI, finance minister Arun Jaitley had said he expected payments banks to reach out to people in rural areas. "Payments bank will ensure more money comes into banking system. Various banks are looking at increasing their rural reach, including big banks like SBI. Payments banks will help them realise this," Jaitley had said. 
 
(Image: Thinkstock)

RBI’s nod can create 1,500 jobs and salaries up to Rs 1.50 crore! Here’s how

<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

New Delhi, Global digital <keyword id="6370208" type="UNKNOWN" weightage="20" keywordseo="Payment">payment</keyword> platform <keyword id="6357940" type="DEFINITION" weightage="20" keywordseo="paypal">PayPal</keyword> on Friday decided to wind down its domestic payment services in <keyword id="3658" type="COUNTRY" weightage="20" keywordseo="India">India</keyword> from April 1. From April 1, the company will focus all its attention on enabling more <keyword id="2387333" type="ORGANIZATION" weightage="20" keywordseo="international-sales">international sales</keyword> for Indian businesses, and shift focus away from its domestic products in India. "This means we will no longer offer domestic payment services within India from April 1," a PayPal spokesperson told IANS. The company has three centres in Bengaluru, Chennai and Hyderabad which are touted as the largest outside the US. The company also has its business development teams in India. PayPal said that it will continue to invest in product development that "enables Indian businesses to reach nearly 350 million PayPal consumers worldwide, increase their sales internationally, and help the Indian economy return to growth". The company processed $1.4 billion worth of international sales for over 360,000 merchants in India last year. The company on Thursday reported a strong growth in the fourth quarter of 2020 with revenue of $6.12 billion. It reported total payment volume (TPV) of $277 billion, growing 39 per cent. It added 16 million Net New Active Accounts (NNAs) in the fourth quarter. According to the company, it can have the greatest positive impact in India's economic recovery by pivoting its business to support its customers where they need it most. "PayPal is committed to doing all we can to help Indian businesses during these challenging times. The critical role our global payments platform plays in India has only been magnified by the pandemic," the company spokesperson said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/policy/economy/news/how-big-is-indias-debt-and-should-it-be-a-worry/articleshow/80688623.cms">How big is India's debt and should it be a worry?</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/heres-why-you-arent-being-able-to-apply-for-brookfield-reit-ipo-through-zerodha-groww-angel-broking-and-other-stockbroking-apps/articleshow/80686457.cms">Here's why you aren't being able to apply for Brookfield REIT IPO through Zerodha, Groww and other stockbroking apps</a>

You Searched For "payments india" and got 12 results

Did you know: More than half the shops in Indian cities don't accept digital payments

Sanchita Dash

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

Prabhjote Gill

WhatsApp testing cashback in a bid to push payments in India

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How viable are payments banks in India?

BI India Bureau

UPI 2.0: Here’s what you need to know

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Techprocess sees double growth as e-payments rise 42%

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India to introduce UPI payment service in Maldives

PTI

India makes payment to WTO for 2020 in advance

PTI

RBI’s nod can create 1,500 jobs and salaries up to Rs 1.50 crore! Here’s how

BI India Bureau

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

Prabhjote Gill

PayPal to focus on Indian businesses wanting to go global as it winds down operations from April 1

IANS

16 million credit cards purchased in FY 2023-24, UPI payments up by 42%: PwC report

Prerna Tyagi

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