20th December 2018- Industry Monitoring (Spice Money)
- Priyanka Kanodia
- Dec 28, 2018
- 2 min read
Spice Money
Competitors
Vakrangee launches Domestic Money Transfer service at Nextgen outlets
Publication-Business Standard
Edition- Online
Date- 20 December, 2018
Vakrangee announced the launch of its Domestic Money Transfer service in partnership with Eko India Financial Services, an authorised Prepaid Instrument License holder from RBI, through its nation-wide network of Nextgen Vakrangee Kendras.
These Nextgen Vakrangee Kendras offer a comprehensive range of products and services across banking, insurance, ATM, assisted e-Commerce, e-Governance, Financial services and logistics.
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Paytm violated KYC rules, RBI reveals reason for blocking payments bank biz
Publication- Business Standard
Edition- Online
Date- 20 December, 2018
The Reserve Bank of India (RBI) has revealed that Paytm was in violation of know-your-customer (KYC) rules while on-boarding users for its payments bank business for which it was banned from opening new accounts and e-wallets in August, The Times of India reported. In an RTI reply, the RBI revealed the payments bank failed to maintain the prescribed net worth limit of Rs 1 billion and also violated the end-of-the-day Rs 100,000 limit per account.
Payments banks are not allowed to hold more than Rs 100,000 in each account.The RBI also expressed unhappiness at the close relations between Paytm founder Vijay Shekhar Sharma’s One97 Communications and the entity that runs Paytm Payments Bank (PPB). While Sharma owns a 51% stake, the rest is owned by One97 Communications and its subsidiaries. Payments banks are expected to maintain an arm’s length relationship with promoter group entities.
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Industry News
Sound-wave based payments set to transform India’s retail sector
Publication-Inventiva
Edition- Online
Date- 20 December, 2018
Since November 2016’s demonetization, digital payments in India grew by a massive margin in a matter of weeks. Initiatives such as BHIM UPI and Aadhaar-linked wallets normalized what was earlier just an alternate method of transacting.Mobile wallets were promoted vigorously and a host of Indians accepted these as their preferred payments option. However, the truth remains, that in spite of the implementation of these methods, uptake by the economy has remained slow.
There lies a gap between implementation and uptake of digital payment technologies, and cash still exists in a major way in the Indian economy. Apart from a major lack of security, usage of cash has several drawbacks including handling costs and rampant cases of counterfeiting. Most sectors, especially the cash-heavy retail sector, bear the burden of cash, and a viable solution is still not available. Innovative startups have identified the gaps affecting the digital payments landscape in India and are working towards a universally acceptable solution.
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