Spice Money: Industry Monitoring 16 April 2019
- Priyanka Kanodia
- Apr 17, 2019
- 6 min read
Spice Money
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UPIs outscore wallets às KYC norms, Google Pay tilt scales
Publication- The Financial Express
Edition- Online
Date- 16 April, 2019
The volume of Unified Payments Interface (UPI)-based transactions grew to nearly twice that of transactions made through mobile wallets in February, showed data released by the National Payments Corporation of India (NPCI) and Reserve Bank of India (RBI). With 674 million transactions worth Rs 1.07 lakh crore during February, UPI stood head and shoulders above mobile wallets, which together clocked 345 million transactions worth Rs 14,279 crore during the same month. As UPI trotted out a 293% year-on-year (y-o-y) growth rate for the month, mobile wallet transactions managed to grow only by about 16% y-o-y.
While transaction data for wallets is unavailable for March 2019, UPI volumes nudged the 800-million mark last month. On the other hand, wallets have been struggling to make it to 400 million transactions. The number of UPI transactions made using the UPI overtook that of mobile-wallet transactions for the first time in September 2018. The two channels had volumes of 406 million and 324 million, respectively, in that month.
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BHIM SBI Pay App: Here's how to secure your UPI Pin
Publication- Zee Business
Edition- Online
Date- 16 April, 2019
Post big step of demonetisation in November 2016, the BHIM, a mobile payment application was developed under the National Payments Corporation of India (NPCI) later that year, with an aim to make payments in India cashless. This mobile application works on the Unified Payments Interface (UPI). Moreover, this application is affiliated with the Immediate Payment Service (IMPS) system, wherein one can transfer money from one bank to the other in real time. Among the banks associated with the BHIM application is the largest public sector bank, the State Bank of India. SBI BHIM Pay enables SBI customers to make transactions, make day to day payments such as bills, recharge and also avail discount codes on their smartphones.
The interesting feature to the BHIM system is the Virtual Payment Address or the VPA. A VPA can be described as nothing but an authenticated identification which is required to be logged into every time the user accesses the BHIM application. In other words, it is very similar to having an email account and password. Adding to this, if an individual has multiple accounts with SBI with the same registered number, then all those accounts are linked to the same VPA. For the security of the VPA, the user needs to enter a unique 6 digit pin number, so that the VPA account can be protected at all times. So, once you download the SBI BHIM Pay application on your smartphone, the application will require you to fill in your bank details, after which it will require you to enter the unique pin code. Please ensure that the pin cannot be easily deciphered.
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https://www.zeebiz.com/personal-finance/news-bhim-sbi-pay-app-heres-how-to-secure-your-upi-pin-94758
WhatsApp Payments may launch in India around September
Publication- India Today
Edition- Online
Date- 16 April, 2019
WhatsApp introduced its Unified Payments Interface (UPI)-based money transferring platform - WhatsApp Payments - with a limited user base of about 1 million users last February. Since then technical and regulatory hurdles have kept the Facebook-owned social messaging app from expanding the service in India. However, things have started clearing out and now a new report suggests that the company could fully launch WhatsApp Payments in India around September this year. Two bankers familiar with the matter told The Economic Times that it may take the social messaging app up to five months to localise its payments-related information in India and be available to all its users across the country.
"WhatsApp may have started working on creating provisions to store payments data within the country, but to finish the third-party audit and to comply with all technical requirements, it will easily take time till August or September," one of the bankers said in a statement to the publication. As of now, WhatsApp offers WhatsApp payments to a limited number of users in India in partnership with several banks including the ICICI Bank, Axis Bank, HDFC Bank, and the State Bank o India. But this is likely to change in the coming months.
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PhonePe crosses 2 billion digital payment transaction
Publication- United News of India
Edition- Online
Date- 16 April, 2019
Digital payments platform PhonePe today announced that it has crossed the 2 billion digital payment transaction mark on the app. This milestone has been driven by PhonePe’s phenomenal growth and acceptance across large and small offline and online merchants across the country, the company said in a release issued here.
PhonePe is currently accepted at over three million merchant outlets across 130 cities in India. It crossed the one billion transactions milestone in November 2018 and has doubled this number in under five months.
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RBI Mulling to Develop Open Source Blockchain-based Payment Solution
Publication- Indian Web 2
Edition- Online
Date- 16 April, 2019
The National Payments Corporation of India (NPCI), which was incorporated by the Reserve Bank of India (RBI) to function as a umbrella hub for all electronic retail payment systems in India, has been proposed to develop highly scalable blockchain based payment solution to further strengthen digital payments in the country. Promoted by 10 banks in India under the aegis of Indian Banks Association (IBA), NPCI has been proposed to develop a resilient, real time and highly scalable blockchain solution using an open source technology/ framework/solution and for same NPCI has floated an Express of Interest (EOI) in order to enable bidders to propose their capability for developing distributed ledger technology/ blockchain in the payment domain.
Speaking about open-source blockchain framework/platform, which the NPCI intended to use for developing its upcoming blockchin solution, there are 4 major blockchain software licensed under open source licenses are — Ethereum (GNU LGPLv3), Bitcoin Core (MIT License), Hyperledger and Corda. NPCI has invited bids for selection of Liaisoning Consultant (LC) to acquire various end-to-end statutory permissions for Construction of Captive Data Center (CDC) in Chennai and Hyderabad.
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Cashless-Only Payments: What Is Your Take On Modern Technology To Pay Bills
Publication- Republic World
Edition- Online
Date- 16 April, 2019
Hembert Figueroa just wanted a taco. So he was surprised to learn the dollar bills in his pocket were no good at Dos Toros Taqueria in Manhattan, one of a small but growing number of establishments across the U.S. where customers can only pay by card or smartphone. Cash-free stores are generating a backlash among some activists and liberal-leaning policymakers who say the practice discriminates against people like Figueroa, who either lack bank accounts or rely on cash for many transactions. Figueroa, an ironworker, had to stand to the side, holding his taco, until a sympathetic cashier helped him find another customer willing to pay for his meal with a card in exchange for cash.
“I had money and I couldn’t pay,” he said.
The issue got some high-profile attention this week when retail giant Amazon bowed to pressure from activists and agreed to accept cash at more than 30 cashless stores, including its Amazon Go convenience stores, which have no cashiers, and its book shops. Amazon declined to say when the change would happen. There is no federal law that requires stores to accept cash, so lawmakers are working on the issue at the state and city level.
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PayU acquires Wibmo for boosting digital payments in India
Publication- Elets Online
Edition- Online
Date- 16 April, 2019
Online payment services enabler PayU is soon acquiring Californian digital payments company Wibmo in a $70 million deal. The deal is most likely to boost the payments services to institutions in India and other high growth markets by amalgamating the services of the two companies. “India is a priority market for PayU and we are committed to making digital payments frictionless through our innovative products and services, supporting the Government’s vision of a digital India. PayU’s technologically future-ready products are defining and reinventing India’s payments landscape, supporting the country’s transition to a cashless, digital economy,” said Aakash Moondhra, CFO, PayU Global.
“Through the acquisition of Wibmo, our endeavour is to positively impact and add value to the entire ecosystem including banks, consumers and merchants, with the combined service offerings of PayU and Wibmo. We will partner with leading banks to enable digital banking, merchants will gain with higher conversions rates and increased sales, and consumers will have a frictionless experience in completing digital payments transactions,” he added. The said acquisition is expected to enable PayU to strengthen its digital payments system for processing transactions on issuing and acquiring side jointly, creating a seamless payments experience for Indian consumers speeding its credit business by leveraging big data to power credit across various online and offline merchants. The investment has taken PayU’s total investment history beyond the $500 million mark.
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