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PayNearby granted broking license by IRDA; acquires We Care
Publication- The Economic Times
Edition- Online
Date- 10 July, 2019
The IRDAI has granted insurance broking license to PayNearby. Through the creation of Nearby Insurance Broking Services Pvt. Ltd., the company has forayed into the insurance sector to make affordable insurance available to the masses, at a shop nearby. PayNearby’s existing network of close to 6 lakh retailers will be a powerful engine in building a forceful new channel, where people who have never sold insurance are trained to sell to people who have never before bought the product. The aim is to insure India and makes financial protection available for all.
As a part of the launch strategy, PayNearby has acquired We Care Insurance Broking Services set up by Murali Iyer. PayNearby has seen massive traction through its “HarDukaan Digital Pradhan” campaign. Digital Pradhans, who have successfully enabled many essential services like Aadhaar based banking, domestic remittances, bill payments and access to government schemes in their local communities, will now be trained and POS certified to Insure India. The aim is to enable the largely underserviced Bharat to enjoy financial protection during life, and assurance of continuum of basics for their dependents after life.
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You can transfer funds from your phone without internet connection
Publication- Livemint
Edition- Online
Date- 10 July, 2019
Imagine you are at a place where there is limited or no internet coverage, and you need to do some banking transactions urgently. If your number is registered for mobile banking services with your bank, you can carry out financial transactions by simply dialling *99# from any feature phone.
What is it?
The facility is available under the NUUP (National Unified USSD Platform) service, which was launched by the National Payments Corp. of India (NPCI), initially in 2012, and then in 2014, with a wider range of services and coverage. The service works on a USSD (Unstructured Supplementary Service Data) communication protocol. It is a communication technology that is used to send texts between a mobile phone and an application program in the network and works only on GSM (Global System for Mobile) phones.
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These are the four transformations payments providers must undergo to survive digitization
Publication- Business Insider
Edition- Online
Date- 10 July, 2019
Rising smartphone penetration, regulations pushing users away from cash, and globalization demanding faster and new ways to transact are leading to a swell in noncash payments, which Business Insider Intelligence expects to grow to 841 billion transactions by 2023. Digitization and crowding in the payments space will force companies that want to emerge atop the ecosystem to undergo four critical digital transformations: diversification, consolidation and collaboration, data protection, and automation.
Those that do this effectively, and use these shifts as a means of achieving scale without eroding the user experience, will be in the best position to use ongoing digitization in their payments space to their advantage. In The Future Of Payments 2018, Business Insider Intelligence takes a look at some of the biggest problems digitization and crowding are causing for payments firms, outlines the key transformations players can make going forward to resolve them, and explores areas where firms have already begun to use these transformations to their advantage.
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