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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'

New Delhi: Markets regulator <keyword id="19901201" type="General" weightage="100" keywordseo="Sebi" source="keywords">Sebi</keyword> has proposed a minimum ticket size or <keyword id="21732014" type="General" weightage="20" keywordseo="investment-threshold" source="keywords">investment threshold</keyword> of Rs 1 crore for the RBI-regulated originators and unregulated entities engaged in securitisation activities. The proposal also introduced limitations on the number of investors in <keyword id="22496291" type="General" weightage="20" keywordseo="private-placements" source="keywords">private placements</keyword>, allowing <keyword id="23778966" type="General" weightage="20" keywordseo="securitized-debt-instruments" source="keywords">securitized debt instruments</keyword> (SDIs) issued privately to be offered to a maximum of 200 investors. If this limit is exceeded, the issuance must be classified as a public issue. Public offers should remain open for a minimum of three days and a maximum of 10 days, with advertisement requirements aligned with Sebi's regulations for non-convertible securities. Additionally, the regulator has suggested that all securitized debt instruments should be issued and transferred exclusively in demat form. SDIs are financial products created by pooling together various types of debt -- such as loans, mortgages, or receivables -- and then selling them as securities to investors. This process, known as securitisation, allows the originator (such as a bank) to convert illiquid assets into liquid ones, providing an alternative source of funding. Investors in these instruments receive returns based on the performance of the underlying debt pool, and the risk is spread across multiple assets, offering potentially attractive returns. The current framework is based on Sebi's 2008 regulations, with updates from the Reserve Bank of India's (<keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords">RBI</keyword>) 2021 directions on securitising standard assets. The Securities and Exchange Board of India (Sebi) is now considering updates to the regulatory framework for securitized debt instruments and sought public comments till November 16 on the proposals. Regarding risk management, Sebi has proposed that originators retain a minimum risk retention of 10 per cent of the securitised pool or 5 per cent for receivables with a maturity of up to 24 months. A minimum holding period requirement will also be specified by Sebi for underlying receivables to ensure that originators maintain an interest in the underlying assets, the regulator said in a consultation paper. The regulator further suggested including an optional clean-up call for originators, allowing them to repurchase up to 10 per cent of the original value of the assets. This call is optional and intended to help manage the pool's longevity without mandating additional commitments from the originator. Liquidity facilities, essential to handle timing mismatches in cash flows, should either be provided directly by the originator or through an appointed third party. The updated definition of "debt/receivables" limits permissible underlying assets to listed debt securities, accepted trade receivables, rental incomes, and equipment leases while disallowing single-asset securitisation. The proposal establishes minimum track record requirements for both originators and obligors. Originators should have a minimum of three years of operating experience, while trade receivables specifically require at least two cycles of successful, default-free payments.

Sebi proposes Rs 1 crore minimum investment, mandatory demat form for securitized debt instruments

Mumbai: Food delivery company <keyword id="19901323" type="General" weightage="100" keywordseo="Zomato" source="keywords" meta.keywordsubtype="org" meta.entityname="Zomato" meta.hostid="261" meta.entityid="Zomato">Zomato</keyword> has completed the <keyword id="19901090" type="General" weightage="20" keywordseo="acquisition" source="keywords">acquisition</keyword> of <keyword id="19898109" type="General" weightage="20" keywordseo="Paytm" source="keywords" meta.keywordsubtype="org" meta.entityname="Paytm" meta.hostid="261" meta.entityid="Paytm">Paytm</keyword> subsidiaries WEPL and OTPL for the <keyword id="19922574" type="General" weightage="20" keywordseo="entertainment" source="keywords">entertainment</keyword> <keyword id="20028334" type="General" weightage="20" keywordseo="ticketing" source="keywords">ticketing</keyword> business, the company said in its filing with the exchanges. On August 21, the Deepinder Goyal-led company entered into definitive agreements for the acquisition of Paytm's entertainment arms. In its stock exchange filing on August 21, Noida-based Paytm had also confirmed the development. The deal, valued at Rs 2,048 crores on a cash-free, debt-free basis, stands "as a testament to the value" Paytm has created through its entertainment ticketing business, bringing choice and convenience to millions of Indians with its services and scale, the company said in a release filed with exchanges. As part of this agreement, OCL will transfer its entertainment ticketing business to Zomato by transferring OCL's entertainment ticketing business to its 100 per cent subsidiaries, Orbgen Technologies Pvt Limited (OTPL) and Wasteland Entertainment Pvt Ltd (WEPL) and selling a 100 per cent stake in its subsidiaries OTPL and WEPL, which operate the TicketNew and Insider platforms, respectively to Zomato. As per the information provided by the fintech, about 280 existing employees from the entertainment ticketing business will be part of Zomato. Paytm had said that the company wants to focus on the payments and financial services distribution segment. During a transition period (up to 12 months), the movie and event tickets will continue to be available on the Paytm app, as well as on the TicketNew and Insider platforms, ensuring a smooth and uninterrupted experience for users and merchant partners. As per Paytm, the company built movie ticketing from the ground up and acquired TicketNew and Insider for a total consideration of Rs 268 crores from 2017 to 2018. Further, additional investments were also made to scale up the business. On Wednesday, after the announcement, the stocks of Zomato opened in green at Rs 256.20. The company in the past six months has delivered a 60 per cent reward to its shareholders. (ANI)

Zomato completes acquisition of Paytm's entertainment and ticketing business

<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

The risky allure of WiFi Money: private jets, sports cars, and ruined investors

New Delhi, American online payment gateway giant <keyword id="6357940" type="DEFINITION" weightage="20" keywordseo="paypal">PayPal</keyword> has been imposed a Rs 96 lakh penalty by the <keyword id="76581" type="ORGANIZATION" weightage="20" keywordseo="FIU">FIU</keyword> for alleged contravention of the anti-money laundering law and accused of "concealing" suspect financial transactions and abetting "disintegration" of India's <keyword id="141781" type="ORGANIZATION" weightage="20" keywordseo="financial-system">financial system</keyword>. PayPal, which began India operations in November 2017, said it was fully committed to follow due processes and is "carefully reviewing the matter". The company has also been charged with "defeating and frustrating" the tenets of public interest and the provisions of the Prevention of Money Laundering Act (PMLA), which aims to keep the country's financial system safe from economic crimes, terrorist financing and black money transactions. Calling the contraventions as "deliberate and wilful", <keyword id="3931384" type="COMPANY" weightage="20" keywordseo="the-financial-intelligence-unit">the Financial Intelligence Unit</keyword> (FIU) in a scathing 27-page order issued on December 17 held the company guilty on three broad counts, the fundamental being its failure to register itself as a "reporting entity" with the federal agency as mandated under the PMLA. "...I, in exercise of powers conferred upon me under section 13(2)(d) of the PMLA, 2002 impose a total fine of Rs 96 lakh only on <keyword id="10465216" type="COMPANY" weightage="20" keywordseo="paypal-payments-private-limited">PayPal Payments Private Limited</keyword> which will be commensurate with the <keyword id="52768" type="PERSON" weightage="20" keywordseo="Violations">violations</keyword> committed by it," the order issued by FIU Director Pankaj Kumar Mishra said. It said that "there is ample evidence of the willful violation of the law and, therefore, PayPal cannot be let off with a penalty that should normally be imposed for minor violations". The order directs the company to pay the fine within 45 days and also register itself as a reporting entity with the FIU, appoint a principal officer and director for communication within a fortnight of the receipt of the order. An appeal against the order can also be made before the Appellate Tribunal of the PMLA within 1.5 months. A PayPal spokesperson told PTI that it "is fully committed to regulatory compliance." "We take our obligations seriously across 200 markets where our payments platform is present. We are carefully reviewing the matter and we cannot comment further at this point," he said. This is for the first time that the FIU, an agency under the Union finance ministry, has undertaken punitive action against an online payment system operating in the country like it has done against public, private and cooperative banks in the past for not following anti-money laundering procedures in keeping their financial channels clean. As per the order accessed by PTI, the legal tussle between the FIU and PayPal began in March, 2018 when the latter asked the company to register as a reporting entity for keeping "record" of all transactions, reporting suspicious transactions and cross-border wire transfers to the FIU and for identifying beneficiaries of these funds. The FIU analyses and shares these reports with various intelligence and investigative agencies for further action. As per the order issued under section 13 of the PMLA, PayPal refused the FIU's directive and hence a show cause notice was issued to it in September last year. PayPal defended its action and cited Reserve Bank of India guidelines to state that it only operates as an Online Payment Gateway Service Provider (OPGSP) or a payment intermediary in India and is "not covered within the definition of a payment system operator or financial institution and in turn, not covered under the definition of a reporting entity under the PMLA". "Therefore, at this time, payment intermediaries, such as PayPal, are not required to register as such with the FIU-India," it said in its reply to the agency. PayPal also stated that it has "submitted" to the RBI its decision to cease domestic payment aggregator business in India before June next year. The FIU, however, rejected its claims and said PayPal was very much involved in handling of funds in India, is a "finanical institution" and hence qualifies to be a reporting entity under the PMLA. "The business model offered by PayPal clearly indicated that it not only acts as an intermediary but actively undertakes money transfer operations... "PayPal undertakes to settle an online transaction by moving money from the customer's account (issuing bank) to the merchant account, which ultimately transmits funds to the merchant's bank account (acquiring bank) when the transaction is finalised," the order said. It added, "By virtue of enabling payment system for its users by way of credit card, debit card, money transfer operations, PayPal is functioning as a payment system operator and is therefore deemed to be a reporting entity..." The order said while the company "defies" the process in India, its parent company in the US - PayPal Inc. - reports suspicious transactions to the American FIU and also to similar agencies in Australia and the UK. Sharing of suspicious transaction reports by PayPal was "crucial" in enabling FIU to share such information with Indian law enforcement agencies and by refusing to register it was "not only concealing suspect financial transactions but is also abetting in the disintegration of India's financial system" and posing "enhanced risk to the financial system of India", the order said. It noted that if PayPal's contention was accepted, the objective of the anti-money laundering law would be rendered "redundant" and other such entities "will find some reason to technically escape being categorised as one (reporting entity) and frustrate the very purpose and object of the PMLA". SEE ALSO: <a href="https://www.businessinsider.in/business/news/ikea-india-cfo-says-she-still-has-3500-crore-to-be-spent-in-india-the-pandemic-has-changed-targets-but-not-the-investment-plan/articleshow/79790938.cms">INTERVIEW: Ikea CFO says she still has ₹3,500 crore to be spent in India⁠— the pandemic has changed targets but not the investment plan</a> <a href="https://www.businessinsider.in/science/health/news/india-will-produce-300-million-doses-of-the-russian-sputnik-v-covid-19-vaccine-next-year/articleshow/79795341.cms">India will produce 300 million doses of the Russian Sputnik V COVID-19 vaccine next year</a> <a href="https://www.businessinsider.in/stock-market/news/how-to-check-mrs-bectors-food-specialities-ipo-allotment-status-online/articleshow/79808672.cms">Mrs Bectors Food Specialities IPO allotment: Here’s how to check share allotment status</a>

PayPal imposed with ₹96 lakhs penalty by FIU for anti-money laundering law

Digital payments and financial company <keyword id="6357120" type="General" weightage="20" keywordseo="paytm" source="Orion">Paytm</keyword> is looking to hive off its <keyword id="6640986" type="General" weightage="20" keywordseo="payment-aggregator" source="Orion">payment aggregator</keyword> business into a new subsidiary <keyword id="11994167" type="General" weightage="20" keywordseo="paytm-payments-services-limited" source="Orion">Paytm Payments Services Limited</keyword>, according to a notice sent to shareholders for approval. The company is seeking approval of the same from its shareholders through an extraordinary general meeting on September 23. "To consider and approve transfer of Payment Aggregator business to Paytm Payments Services Limited, a wholly owned subsidiary of the Company, to Paytm Payments Services Limited, a wholly owned subsidiary of the government to comply with <keyword id="6354335" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword> guidelines, being considered as sale of undertaking," the EGM notice issued on August 31 said. The new entity will include Paytm's online payment gateway business. RBI guidelines for regulation of payment aggregators (PAs) requires their business to be regulated and run by a separate company, after obtaining the licence from RBI. Indicative book value of the new entity is in the range of ₹275-350 crore which will be paid to the parent firm <keyword id="12005712" type="General" weightage="20" keywordseo="one9-communications" source="Orion">One9 Communications</keyword> (OCL) in five equal annual installments. The actual consideration will be the derived basis book value appearing as of August 31, 2021. OCL's Paytm provides digital and payment services to 33.3 crore consumers and over 2.1 crore merchants, as on March 31, 2021. The company has reported gross merchandise value of over ₹4 lakh crore for the financial year 2020-21. The company is likely to launch its ₹16,600 crore-IPO in October for which it has already filed draft papers with SEBI. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/uber-has-ola-zomato-has-swiggy-but-whos-urban-company-competing-with/articleshow/85835674.cms">Uber has Ola, Zomato has Swiggy but who’s Urban Company competing with?</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/zerodha-gets-approval-to-enter-mutual-fund-business/articleshow/85855544.cms">Zerodha gets approval to enter mutual fund business</a>

IPO-bound Paytm transfers its payments business to new subsidiary

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<ul><li><keyword id="6355975" type="COMPANY" weightage="20" keywordseo="axis-bank">Axis Bank</keyword> has launched its own line of <keyword id="10907008" type="UNKNOWN" weightage="20" keywordseo="wearable-payment-devices">wearable payment devices</keyword> called ‘Wear N’ Play’ for ₹750 (around $10) a piece.</li><li>India’s largest banking institution, the <keyword id="6354731" type="UNKNOWN" weightage="20" keywordseo="state-bank-of-india">State Bank of India</keyword> (SBI), also launched its own wearable payments device in October last year called Titan Pay.</li><li>The launch of these devices comes on the heels of the <keyword id="6354335" type="ORGANIZATION" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> (RBI) increasing the limit for contactless transactions from ₹2,000 to ₹5,000.</li></ul>After the push on digital payments, Indian authorities now want <keyword id="2510649" type="PERSON" weightage="20" keywordseo="contactless-payments">contactless payments</keyword> to be the new norm for India. And, the country’s banks are following suit. 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 class="summary-list"><li>The Joint Economic Committee released a report on the consequences of failing to raise the debt ceiling.</li><li>It said Americans could lose $20,000 in retirement savings, and private student-debt loads could surge.</li></ul>A new congressional report delves into the catastrophe that would result should Congress fail to raise the debt ceiling.On Thursday, the Joint Economic Committee (JEC) — a congressional group that reviews economic policy — released a <a href="https://www.jec.senate.gov/public/_cache/files/1b13cb83-7a1d-4fd3-8cf0-bf45e1fbfdf1/jec-report---the-costs-of-a-gop-default-crisis-final.pdf" target="_blank" rel="noopener">report</a> analyzing the consequences of failing to raise the debt ceiling. Since Republicans took over a majority in the House, they have expressed their intent to use raising the debt ceiling, and keeping the US on top of paying its bills, as leverage to achieve their own priorities, largely in the form of major spending cuts.With the US expected to run out of extraordinary measures to pay its bills <a href="https://www.businessinsider.com/when-will-the-us-default-july-raise-debt-ceiling-cbo-2023-2">as soon as July,</a> Democratic lawmakers — and President Joe Biden — have been slamming GOP lawmakers for failing to put forth a plan to raise the debt limit and keep the country from default, which would be unprecedented with severe consequences. The JEC report highlighted how Americans could be impacted should the country default for the first time ever this year."This report shows that a Republican default crisis means real dollars coming out of American families' wallets and savings decimated. This is not a hypothetical exercise to the millions of Americans – including veterans and seniors – who rely on the United States government for benefits, pensions, and disability," Senate Majority Leader Chuck Schumer said in a statement. "House Republicans' approach is dangerous and destabilizing," he continued. "Even the threat of a breach will raise costs on everything from car loans to mortgages. Republicans are gambling with Americans' savings, benefits, and lives, all to play a political game."According to the report, a default would cause a $20,000 loss to Americans' retirement savings, based on think tank Third Way's report on the 2011 debt limit negotiations. Along with that, small business loans could increase $44 a month, a new homeowner could see their monthly mortgage payment increase $150 a month, and private student-loan borrowers could experience a $23 increase to their monthly payments due to interest rates that would surge.Currently, the Treasury is able to shuffle around spending to afford its obligations, like getting Social Security checks to Americans. But once the US defaults, the government will no longer be able to meet those obligations, meaning interest rates will surge in the financial sector and federal benefits will be withheld.This is just the latest report highlighting the consequences of a default. Earlier this month, <a href="https://www.businessinsider.com/will-there-be-a-recession-debt-ceiling-increase-job-losses-2023-3">a report from Moody's Analytics</a> found that even if the country does avoid a default, Republicans' proposed spending cuts could trigger "a recession in 2024, costing the economy 2.6 million jobs at the worst of the downturn and pushing unemployment to a peak of near 6%."That's why Biden and Democratic lawmakers have been insisting that raising the debt ceiling be bipartisan, without any negotiations. "Instead of making threats about default, which would be catastrophic, let's take that off the table," Biden said during <a href="https://www.whitehouse.gov/briefing-room/speeches-remarks/2023/03/09/remarks-by-president-biden-on-his-budget-for-fiscal-year-2024/" target="_blank" rel="noopener">remarks</a> earlier this month. "Let's — as I said at the beginning, let's have a conversation about how to grow the economy, lower costs, and reduce the deficit. I just laid out the bulk of my budget; Republicans in Congress should do the same thing. Then we can sit down and see where we disagree."Over the past week, the White House has been ramping up its attacks on the conservative House Freedom Caucus <a href="https://www.businessinsider.com/block-student-debt-cancellation-raise-debt-ceiling-house-freedom-caucus-2023-3">over its plan to raise the debt ceiling</a>, but only if Congress passes legislation that block student-debt relief, recoup unspent pandemic funds, and end environmental programs, among other things. "The Freedom Caucus's devastating cuts to families' budgets and American priorities would not reduce the deficit because they would just go toward paying for MAGA House Republicans' $3 trillion in tax cuts skewed to the wealthy and large corporations," a White House official <a href="https://www.businessinsider.com/republican-budget-plan-student-debt-relief-social-security-white-house-2023-3">said in a statement to Insider</a>.

Americans could lose $20,000 in retirement savings and private student-loan borrowers could see their payments surge if Republicans don't raise the debt ceiling, a new report says

Former <keyword id="12987696" type="General" weightage="20" keywordseo="bharatpe-co-founder" source="Orion">BharatPe Co-founder</keyword> and managing director <keyword id="2988161" type="General" weightage="50" keywordseo="ashneer-grover" source="Orion">Ashneer Grover</keyword> said on Tuesday that <keyword id="830092" type="General" weightage="100" keywordseo="zomato" source="Orion">Zomato</keyword> should have acquired its arch rival <keyword id="6358977" type="General" weightage="80" keywordseo="swiggy" source="Orion">Swiggy</keyword> than 10-minute grocery platform <keyword id="12724311" type="General" weightage="50" keywordseo="blinkit" source="Orion">Blinkit</keyword> to avoid the mayhem it is experiencing on Dalal Street. Zomato's share price tanked over 11 per cent on Monday and more than 7 per cent to hit an all-time low of Rs 43.05 on Tuesday. According to <keyword id="3433" type="General" weightage="50" keywordseo="grover" source="Orion">Grover</keyword>, merging Swiggy would have seen Deepinder Goyal-led Zomato to reach Rs 450 a share. "On the stock market - letsblinkit served piping hot misery to zomato in 10 minutes! Yeh hi agar Swiggy ko merge kar liya hota to Rs 450 ka stock hota!" (<keyword id="14560447" type="General" weightage="50" keywordseo="had-zomato" source="Orion">Had Zomato</keyword> merged with Swiggy, its stock price would have been Rs 450) tweeted Grover. Zomato acquired Blinkit for about $568 million, saying quick commerce is a natural extension of its food delivery business. The shares of the food delivery platform touched a new low of Rs 43.05 on Tuesday, wiping out more than Rs 89,000 crore. In May, Grover had said that buying Zomato shares, even when it had been falling for months, wouldn't be a bad idea. "It's all about perspective. If you were a Zomato employee and exercised your ESOP (employee stock ownership) at Rs 140 or higher post IPO, you probably paid more cost per share as Income Tax, than what you can buy today from the market freely. At Rs 56 per share price, markets are giving everyone ESOPs," he had tweeted. Grover, along with his wife <keyword id="13057738" type="General" weightage="50" keywordseo="madhuri-jain-grover" source="Orion">Madhuri Jain Grover</keyword>, has incorporated a new company called 'Third Unicorn Private Limited' that has both husband and wife as directors, according to the data available on Tofler. Third Unicorn has an authorised share capital of Rs 20 lakh and a total paid-up capital of Rs 10 lakh. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/dgca-gives-clean-chit-to-spicejet-says-no-safety-violation-found/articleshow/93133139.cms">DGCA gives clean chit to SpiceJet, says no safety violation found</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sports/news/star-javelin-thrower-neeraj-chopra-ruled-out-of-commonwealth-games-due-to-groin-injury-ld/articleshow/93133172.cms">Star javelin thrower Neeraj Chopra ruled out of Commonwealth Games due to groin injury (Ld)</a>

You Searched For "zomato payments private limited" and got 11 results

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

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Americans could lose $20,000 in retirement savings and private student-loan borrowers could see their payments surge if Republicans don't raise the debt ceiling, a new report says

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