Spice Money: Industry Monitoring 05 February 2019
- Priyanka Kanodia
- Feb 5, 2019
- 7 min read
Spice Money
Industry News
WhatsApp Payment feature: SC seeks RBI response in data localisation matter of WhatsApp payment service
Publication- Times Now News
Edition- Online
Date- 05 February, 2019
The Supreme Court Friday asked RBI to respond to an application looking to implead it as a party in a matter seeking directive to US-based WhatsApp to comply with data localisation norms for providing payment service in India. A bench of Justices R F Nariman and Vineet Saran issued a notice to the RBI on an impleadment application by NGO, Centre for Accountability and Systemic Change (CASC), which has filed a petition in the court claiming that WhatsApp has not fully complied with the central bank's circular which prescribed data localisation norms.
The norms relate to storing of payment related data within India, which has 200 million WhatsApp users. "Issue notice on the application for impleadment of Reserve Bank of India (RBI) as respondent," the bench said and posted the matter for hearing on March 5. On January 14, the top court had permitted advocate Virag Gupta, appearing for the petitioner, to apply to impleading RBI as a party in the case. Solicitor General Tushar Mehta, appearing for the Centre, had also told the court that RBI was needed to be made a party in the case at issue pertains to data localisation.
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Blockchain startups to look out for in 2019
Publication- Deccan Chronicle
Edition- Online
Date- 05 February, 2019
Back in 2011 when Bitcoin was traded for 1USD, not much of a thought was given to it. However, few years down the lane it got traded at 16,000USD. Such is the power behind the Bitcoin, the blockchain technology. Reason of its success? Its power to give a whole new world of transparency while cutting down the unnecessary mediums with its smart contracts. Here are few Indian blockchain start ups that are making news for the good reasons.
MinersINC is a Blockchain-powered P2P platform which brings together the creators and consumers of entertainment media in the form of movies, music, and games. The company is currently engaged in building a Blockchain-based entertainment ecosystem for the Indian at heart, which puts creators back in control of their creation. The company is in the process of constructing a robust technology-driven system which can offer solutions to the evils that plague the Indian entertainment industry like piracy, revenue leakages, rights management, and opaque systems Through a zero-cost distribution infrastructure, MinersINC is building the world’s most powerful, transparent, community-driven conservatory and custodian of artwork for creators on Blockchain.
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2 per cent charge levied on card payment
Publication- Deccan Chronicle
Edition- Online
Date- 05 February, 2019
Despite the Reserve Bank of India’s instructions that two per cent additional charge on debit and credit card purchases must not be collected, several commercial establishments in the city have been continuing the loot pre and post-demonetization. Surprisingly, even though banks and the commercial taxes department are aware of the illegal collection, they have not come to the rescue of customers. Instead, the commercial taxes department claims that the matter is not in their purview. Banks say that it cannot regulate it until other nodal agencies help to identify the nature of the business.
With ATMs shutting down at an alarming rate, customers have been forced to pay by card, even for smaller purchases, including grocery and wine stores. The Centre has been promoting digital transactions but shopkeepers in the city have been discouraging it with additional charges. About 95 per cent of commercial establishments in the city have been collecting two per cent extra on the total bill on card purchase. Mr Jadala Santosh Kumar, an NRI who visited city on vacation, made purchases at a wine shop on Sangeet-Mettuguda road in Secun-derabad and was shocked to learn the price variation between cash and digital transaction. When Mr Kum-ar asked about the extra charge, the shop keeper said that his boss had ordered him to levy two per cent extra on every card transaction. This was the case in all the wine shops he visited.
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https://www.deccanchronicle.com/nation/current-affairs/050219/2-per-cent-charge-levied-on-card-payment.html
Key Technologies for Telecom Digital Transformation
Publication- Business World
Edition- Online
Date- 05 February, 2019
Enterprises have been undertaking digital transformation for years. However, only recently has the telecom industry started to specifically focus on digital transformation to improve customer experience and increase network automation and agility. IHS Markit recently surveyed 25 leading telecom operators about the following four digital transformation technologies: operator priorities for automation; target use cases and drawbacks of artificial intelligence (AI) and machine learning (ML) projects; qualities and hindrances of blockchain; and open-source software versus standards.
Automation is no small feat
Operators expect to employ many strategies to achieve at least partial automation within their networks. In fact, 60 percent of operators surveyed by IHS Markit said they support establishing a realistic migration path—that is, employ end-to-end automation of selected critical elements first then automate other elements over time. Operators expect difficulties when automating existing networks and systems, including dealing with legacy OSS/BSS, security, and their own lack of knowledge, vision, and skills about how and what to automate.
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InstaReM Joins Visa Fintech Fast-Track Program; Support to Indian Startups Setting Base in S’Pore
Publication- Indian Web 2
Edition- Online
Date- 05 February, 2019
InstaReM announced that it is joining the global payments technology major Visa’s Fintech fast-track program in the Asia-Pacific region. With this partnership, InstaReM gets access to Visa’s vast payments network. InstaReM’s Indian and other global fintech partners desirous of opening an office in Singapore can now ride on InstaReM’s digital ecosystem for payments and remittances. These fintech start-ups need not go through the hassle of getting relevant local licenses in Singapore.
InstaReM (short for Instant Remittance) is a leading digital cross-border payments company that enables consumers, businesses and banks to make international money transfers at a low cost. As part of the Visa fintech fast-track, the two companies will work together to build new solutions for moving money to and from different countries in fast, convenient ways that provide users with seamless digital payments and money transfer experiences. Prajit Nanu, co-founder, and CEO of InstaReM, said, “It’s a matter of pride for InstaReM to be a part of the Visa fintech fast-track program. We will draw from Visa’s vast network and experience in payments services in Asia-Pacific and other regions. With this partnership, InstaReM will be able to issue cards for its fintech/start-up partners in Singapore in just four weeks of them being in the program. InstaReM’s partners looking to be a part of the payments and remittances ecosystem in Singapore will not have to wait for six-to-nine months that it takes currently.”
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36% increase in use of digital modes of payments
Publication- News Patrolling
Edition- Online
Date- 05 February, 2019
L&T Financial Services (LTFS) today released a white paper basis the learnings of the Digital Sakhi (DS) programme and the results from the assessment survey, conducted post one year of implementation. The paper titled “Finclusion – Empowering Women through Digital Financial Inclusion” identifies the issues and barriers, especially for rural women, in adopting digital finance and offers tangible solutions to facilitate more women into the world of digital finance. Digital financial literacy of women, according to the paper, not only benefits the women but also, their families, their communities, and the ecosystem at large.
The white paper was released at the Digital Financial Inclusion Round Table, organized byLTFS, in the presence of Mr. Prasanta Kumar Swain, Jt Secretary, Ministry of Agriculture, Mr. ManojShenoy,CE, Wealth Management & Group Head CSR – L&T Financial Services,Guest of Honour, Mr Gokul Patnaik. (Retd IAS), Dr Leena Srivastava, Vice Chancellor, TERI School of Advanced Studies and Mr Rathish Balakrishnan, Co-founder and Managing Partner, Sattva.
ManojShenoy, CE, Wealth Management & Group Head CSR – L&T Financial Services said “Digital financial inclusion is a multi-step process with basic financial literacy being the first, leading to digital financial literacy and inclusion. We believe, the learnings from the Digital SakhiProgramme that are documented through this white paper will provide all stakeholders a window to the advantages of onboarding rural women into the world of digital finance and the transformative effect it can have on the country.”
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Fino Payments Bank introduces sweep account facility in association with Suryoday Small Finance Bank
Publication- Orissa diary
Edition- Online
Date- 05 February, 2019
In a move aimed at enhancing banking experience for existing customers as well as tapping new customers, Fino Payments Bank (FPB) today announced the launch of sweep account facility in association with Suryoday Small Finance Bank (SSFB). This facility allows customers to seamlessly transfer balance in their account in excess of Rs 1 lakh to SSFB (partner bank) account. While this facility ensures RBI guidelines on Rs 1 lakh deposit limit for payments banks is adhered to, it also gives customers the safety of a bank account to park excess funds, which can be utilised whenever they need.
Announcing the launch of the sweep account facility, Rishi Gupta, MD & CEO, Fino Payments Bank said, “Product innovation is at the core of Fino’s strategy for enhancing customer experience. CASA plus or the sweep account, is therefore an important offering as customers stand to benefit. The introduction of this facility is in line with our vision of being the one stop banking point for our customers and we are pleased to have Suryoday Small Finance Bank as our sweep account partner.”
“Going forward, we will explore opportunities to tap MSME customers and other segments that can benefit from Fino’s sweep account facility,” he added.R Baskar Babu, CEO & MD, Suryoday Small Finance Bank said “Our common focus on providing the best customer experience and solutions has resulted in this partnership. Through this association, we aim to enable hassle-free and seamless services to all customers of Fino Payments Bank who will automatically become Suryoday Bank customers too. This to us is just the beginning of a relationship and we hope to offer more meaningful products to our new customers, in the near future.”
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http://orissadiary.com/fino-payments-bank-introduces-sweep-account-facility-association-suryoday-small-finance-bank/
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