Spice Money: Industry Monitoring 19 February 2019
- Priyanka Kanodia
- Feb 19, 2019
- 6 min read
Spice Money
Competitors
Zillious offloads 80% stake to Ebix Inc
Publication- CIOL
Edition- Online
Date- 19 February, 2019
Zillious Solutions Private Limited has offloaded 80% stake to Ebix Inc. through its Indian arm Ebix Software India. Zillious will remain a non-aligned technology platform, and Ebix will promote it internationally in key markets like the Middle East, US and Asia, besides further establishing it as a pure-play on-demand travel technology exchange within India.
Both the promoter founders of Zillious, Harsh Azad and Rohit Gaddi, along with all their domain intensive team will continue to work towards this endeavor. Accordingly, the Zillious platform will continue to be offered to the entire travel industry with a glass wall protection for the client base. Ebix is funding the transaction in cash, using its internal cash reserves. The acquisition is expected to be accretive to Ebix earnings immediately.
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Industry News
An app may be stealing your bank data, RBI warns digital, UPI users
Publication- Business Standard
Edition- Online
Date- 19 February, 2019
Do you use online banking? Beware! Hackers might be fraudulently accessing your e-wallets, mobile banking app and UPI. The Reserve Bank of India (RBI) has warned banks of a digital banking fraud that could wipe out a customer’s bank balance by using the Unified Payment Interface (UPI) route. In an alert dated February 14, the cybersecurity and IT examination cell of the central bank said that a mobile application called ‘AnyDesk’ was allegedly being used by fraudsters to access data on mobile devices. Digital security concerns have assumed a greater importance amid the Narendra Modi government's efforts to steer India towards a less-cash, digital economy.
What is 'AnyDesk'?
‘Anydesk’ is a remote control application. It works to connect one device to another.
How can the fraud wipe out a customer's bank balance?
The method is simple. First, fraudsters get bank customers to download the app (AnyDesk). Through a nine-digit code generated on the customers' device, hackers get remote access to their mobile. After inserting the app code on the device, the hacker asks customers to grant certain permissions, which are similar to what is required while using other apps. Once they gain access to the mobile phone, hackers can carry out transactions fraudulently through any mobile banking app or payment-related apps, including UPI or wallets.
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Mandatory KYC compliance: Will small e-wallet players survive
Publication- The Financial Express
Edition- Online
Date- 19 February, 2019
As the deadline for mandatory requirement of completing KYC compliance for all users of e-wallets approaches, it has left many to ponder if this would be the end of the road for several e-wallet companies in India, and puts the users of e-wallets in a quandary. The requirement of completing full KYC can be traced back to October 2017, wherein RBI issued a circular mandating all e-wallet entities to complete full KYC of their wallet users by December 2017. However, several prepaid payment instruments issuers expressed their difficulty in complying with this requirement and RBI accordingly extended the deadline to February 28, 2018.
Now, as a final extension, RBI has made it mandatory for all prepaid payment issuers to complete full KYC of all its customers before February 28, 2019, failing which customers’ e-wallets would become non-operational. While the deadlines have been extended, little has been done to address the issues raised by e-wallet issuers.
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After RBI, UPI-operator NCPI warns about 'AnyDesk' app fraud: How your money is robbed and how to save it
Publication- Zee Business
Edition- Online
Date- 19 February, 2019
An app which robs money from your bank account - AnyDesk - is making a lot of noise these days. The app came to limelight when the Reserve Bank of India (RBI) issued a warning to customers, asking them not to download it. RBI alerted banks about potential fraudulent transactions on the unified payments interface (UPI) platform. RBI said that the cautionary notice was issued in the wake of rising number of fraud using the UPI platform. Now, UPI operator NCPI has issued warning and guidelines to customers, explaining how AnyDesk lures them into a fraud. NCPI has also mentioned few steps a customer can take in regards to have a safe and secure digital transaction.
Bharat Panchal, Head of Risk Management, NPCI says, “While NPCI is continuously working towards enhancing security of its products & services from such attacks, this type of frauds can be better prevented by consumer education. The entire ecosystem including Banks & Fintech companies have to work collectively towards creating awareness & educating customers to refrain from sharing their account/card credentials, OTP/PIN and/or giving access to their mobile handsets to unscrupulous persons through such remote screen access apps."
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Blockchain Platform To Secure Transactions, Support Dapp Development And Improve Operational System
Publication- Owl Market
Edition- Online
Date- 19 February, 2019
The leading integrated environmental, recycling & waste management company of the United Arab Emirates Bee’ah collaborated with Hamriyah Free Zone Authority (HFZA) who is known as a gateway to global business. The main purpose of this collaboration is to launch a Blockchain platform Waste Permit Portal in order to validate, process, store and secure all transactions. It is the first-ever blockchain-based platform in Sharjah.
The platform is basically designed to save customers operations within the free zone time and that money which is required to apply for permits along with the reduction of downtime which is used for permits. It consists of 15 services which will be provided to the gateway by Bee’ah. It is stated that the accessible, integrated and environmentally conscious solutions can be provided to the gateway. HFZA will be recognized as an environmental solutions service provider for the free zone through this partnership.
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https://www.owltmarket.com/blockchain-platform-to-secure-transactions-support-dapp-development-and-improve-operational-system/
Infibeam plays down auditors’ concern regarding payments to vendors
Publication- Tech Circle
Edition- Online
Date- 19 February, 2019
Infibeam Avenues Ltd, which operates payment gateway company CC Avenue, has addressed the concerns raised by its auditors regarding inconsistencies in payments to vendors in a stock exchange disclosure. The auditors raised questions regarding Infibeam's advance payments made to vendors by its subsidiaries and the lack of requisite documents. The payments made to the vendors amount to Rs 122.31 crore. Separately, the auditors also highlighted that Rs 32.01 crore in revenue was pending from the June 2018 and September 2018 quarters, which went towards web development and maintenance services, in the December 2018 quarter.
“Based on the information and explanations received from the management, we understand that the web development and maintenance services are customized/specialized in nature and comparable market price, robust documentation for arriving at the basis of price charged to customer is not available,” the auditors’ report stated.
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Payment service provider ToneTag appoints Anil Kumar as CTO
Publication- Money Control
Edition- Online
Date- 19 February, 2019
ToneTag, a sound-based proximity communications and payment services provider, has announced the appointment of Anil Kumar as its Chief Technology Officer. As the CTO, Kumar will be responsible for optimising the company's existing tech stack to a more robust and scalable version, the company said in a statement. He will also be responsible for making the product more diverse and improving the company's R&D centre.
Kumar moves to ToneTag after leading several high-performing technology teams and delivering optimum software solutions at leading organizations including Oracle and i2 Technologies. Through his previous roles, he has gained deep insights into the development of technological products for innovation-driven domain players. He is an alumnus of IIT-Delhi and IIM-Bangalore.
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NUS joins Ripple's University Blockchain Research Initiative
Publication- computer World
Edition- Online
Date- 19 February, 2019
The National University of Singapore (NUS), the oldest higher education institution in the city-state and among the best in the world, announced recently that it has joined the University Blockchain Research Initiative (UBRI), an international programme founded by Ripple. UBRI is a partnership between Ripple, the blockchain based global settlements network, and top universities around the world to support academic research, technical development and innovation in blockchain, cryptocurrency and digital payments.
The programme, which launched in June 2018, provides both financial and technical resources to education partners and is collaborating with faculties and students on research and technical projects. Ripple's initial financial commitment to UBRI has been US$50 million, but according to the company it intends to commit additional financial and technical resources as the programme develops.
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