Spice Money: Industry Monitoring 19 March 2019
- Priyanka Kanodia
- Mar 27, 2019
- 7 min read
Spice Money
Industry News
Rajahmundry: E-wallets may be used to distribute money
Publication- Deccan Chronicle
Edition- Online
Date- 19 March, 2019
Banks have heightened vigil over cash deposits and withdrawals in the poll season, and any suspicious transaction of over Rs 1 lakh would be reported to the Election Commission. But the transfer of small amounts of money through e-wallets may be difficult to track. As both the ruling Telugu Desam and the Opposition YSRC are vying with each other in luring the voters by offering money ranging from Rs 2,000 to Rs 10,000 for each voter. According to sources, a section of contestants is looking at e-wallets and payment banks as options to transfer money. The money can be transferred from e-wallet to e-wallet or payment bank to payment bank and even vice versa, and candidates feel that they can use this feature to escape the monitoring of their transaction.
Banking experts feel that the transfer of money to a large number of e-wallets from a single account can raise suspicion. A Mumbai-based payment expert said, “This looks difficult to do but is not impossible. It will be traceable. For example, a contestant wants to transfer Rs 1 crore to voters. He will have to get 100 people who are willing to give their KYC and allow the contestant to transfer the money in their e-wallets. But since the money is going to 100 e-wallets from a bank account, it can raise suspicion.”
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IBM launches global blockchain-based payments network
Publication- Medianama
Edition- Online
Date- 19 March, 2019
IBM today unveiled Blockchain World Wire, a near real-time global payments network based on distributed ledger technology (DLT) for regulated financial firms. The blockchain-based network will offer a new way for cross-border payment exchange and international settlement. (The settlements can be done in five to 10 seconds.) The network is currently able to transfer funds to more than 50 countries using 47 digital coins backed by fiat currencies. IBM claims its World Wire is the first blockchain network of its kind to integrate payment messaging and clearing and settlement on a single unified network while allowing participants to dynamically choose from a variety of digital assets for settlement.
The first live transaction on the network took place March 8, according to Stanley Yong, CTO of IBM Blockchain for Finance. In 2017, IBM partnered with KlickEx Group, a United Nations-funded, Pacific-region financial services company, to launch its first Stellar-based blockchain financial network. That network was initially able to transfer electronic funds in 12 currencies across Pacific Islands as well as Australia, New Zealand and the U.K. IBM Blockchain World Wire is basically the same project, an IBM spokesperson acknowledged. "As we evaluated our approach to building out the technology, we realized we wanted to focus on other types of [money transfer organizations] and decided not to move forward with KlickEx," the spokesperson said.
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How to safeguard bank account against fraudulent access via UPI using AnyDesk
Publication- Tech Observer
Edition- Online
Date- 19 March, 2019
One of the recent techniques involves a fraudster taking unauthorized access of a victim’s mobile device to carry out fraudulent transactions via UPI using the AnyDesk App. You may receive a phone call from a fraudster, who will claim to be a representative from a tech company or bank offering to fix issues in your smartphone or mobile banking apps. The fraudster will then lure you to download a mobile app like ‘AnyDesk’ from Play store or App Store, which can provide him with remote access to your mobile.
Post the installation of the app (in this case ‘AnyDesk’), a 9-digit code will be generated, which the fraudster will ask you to share. Then the fraudster will further ask you to grant him certain permissions. Once granted, fraudster is now in control of your mobile device. Further, mobile banking credentials and PIN are vished (stolen) from you and the fraudster can now choose to carry out financial transactions from your mobile app which was already installed.
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GooglePay looking to win over 'kirana' store customers
Publication- Gadgets Now
Edition- Online
Date- 19 March, 2019
After peer-to-peer and bill payments, Google Pay is looking to win over of smaller retailers or stores. While Google had announced plans to partner with point-of-sale providers to onboard retail merchants, it is now piloting transactions based on the Unified Interface (UPI) to be made by consumers while making offline purchases, according to two people aware of the matter. “It will bring the convenience of card payments onto the smart phone—the only thing required here will be, instead of the card swipe, customers will have to share the mobile number at the billing counter,” said a top payment executive aware of the matter. Consumers will get a ‘collect’ request on their Google Pay application and make the payment by inserting the UPI PIN.
Having emerged as one of the top three payment applications on UPI thanks to P2P and bill payments, Google’s offline strategy is designed to create an P2P customers offline kirana Payments GooglePay looking to win over 'kirana' store customers ecosystem of payment solutions for Indian consumers. For the technology giant, which is aiming to connect the Next Billion Users to the internet, India is a key market. By leveraging payments, the company is targeting a big chunk of the consumer-retail interface. “There are small-scale pilots that are being run across retail stores in the country. As of now there are no banner advertisements that are being done, only early adopters can test the product,” said one of the persons cited above. “The rollout will happen over the next few months.”
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Unlocking the new avenues for digital payments
Publication- Fortune India
Edition- Online
Date- 19 March, 2019
From being a 95% cash-based economy a couple of years ago, India has made a tremendous progress by setting itself a target of 30 billion digital payments in FY19 (and is on track to achieve it). While demonetisation could be the initial trigger for people to experiment with and experience digital payments, what really worked in favour of digital payments adoption was continuous innovation by the players and supportive policies by the government and regulators. The operational guidelines for interoperability between different kinds of pre-paid instruments (PPIs), including meal vouchers, e-wallets, and gift vouchers, issued by the Reserve Bank of India in October 2018, is another step in this direction. These guidelines aim to make PPIs an integral part of the larger financial services ecosystem in the country.
According to RBI, for the month of July 2018, number of transactions using PPIs (including both, mobile wallets and prepaid cards) increased by 30% to 351.8 million as compared to 270.2 million in July 2017. The amount transacted grew 78% year on year. This shows the growing acceptance of PPIs among consumers and merchants alike. Interoperability provides reasons to cheer not only to PPI players but also to consumers and merchants. Here are some of these:
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https://www.fortuneindia.com/opinion/unlocking-the-new-avenues-for-digital-payments/103037
After P2P and bill payments, Google pilots payments service for offline retailers
Publication- EN Tracker
Edition- Online
Date- 19 March, 2019
Search engine behemoth Google considers India as one of the key markets in the world. And it is doing everything possible to win the market by offering services one after another every few months. After emerging as one of the top payments apps on UPI in the country, Google is now piloting offline payments service, where the next battle is expected to be fought on, for retailers or Kirana stores. In the new payment service, the consumers will have to share only his mobile number, where through the sent UPI PIN transactions will be made offline, said sources close to the development. The pilots are run across small retail stores in the country.
Google plans to roll out the services once pilots are done in the next few weeks. The search engine behemoth vision is to provide fast and secure payments for users anywhere or anytime.The offline ecosystem forms an important part of our objective to provide a seamless experience to users transacting with Google Pay, Ambarish Kenghe, director, product management, Google Pay quoted as saying by ET report. Google in coming days also plans to also run localised promotional campaigns for consumers. It aims to target the consumer-retail interface through the services. Google’s move is on the lines of similar initiatives by its competitors like Paytm and PhonePe in India. They allow users to make payments at Kirana stores, vegetable or fruit shops, and restaurants among many other places with Paytm QR codes.
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https://entrackr.com/2019/03/google-payments-offline-retailers/
Innoviti raises Rs 80 cr to augment its Digital Payment platform
Publication- Money Control
Edition- Online
Date- 19 March, 2019
Innoviti Payment Solutions announced financing of Rs.80 Crores (USD 12 million) to further its vision of digitally organizing the flow of money for businesses across the retail supply chain. The current round was led by Trifecta Capital and a clutch of other NBFCs. Less than 10% of India's retail payments are currently digital, creating a market opportunity of more than $500 Bn annually. Relentless growth in payments has however brought forth the need for dramatic improvements in the speed and reliability of payments platforms. At the same time the opportunity that payment pipes provide to cloud enable offline retail and then deliver services through these pipes is large.
Innoviti's goal is to lay the best possible pipes, deeply integrate them with merchant operations to enrich the data flowing through the pipes and then create use cases from insights gathered from the data to deliver payment, lending and marketing services to the merchants and their consumers. This obsessive focus on assuring payment transaction speed and reliability for its customer base has helped Innoviti to more than double its revenue run-rate in past 9 months while increasing gross margin to over 70%, the highest in this industry. With annualized payment processing of 5Bn dollars, it now processes nearly 5% of all offline POS-based digital transaction volumes in India. At nearly Rs.6 Lac transaction volume per terminal, Innoviti terminals typically process nearly 3X of national average.
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