Spice Money: Industry Monitoring 22 May 2019
- Priyanka Kanodia
- Jun 6, 2019
- 4 min read
Spice Money
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Industry News
Bengaluru leads digital payments adoption among Indian cities in Q1 2019: Report
Publication- ET Tech
Edition- Online
Date- 22 May, 2019
Bengaluru has emerged as the top city in the country in terms of adoption of digital payments while Maharashtra ranks at the top among all the states, according to a report released by Worldline on digital payments adoption for the March quarter of 2019. Bengaluru is followed by Chennai, Mumbai, Pune, and Hyderabad as the top cities which have shown the largest share of transactions being done digitally. In terms of states, Maharashtra is followed by Karnataka,Tamil Nadu, and Delhi.
The report also highlighted that the festival days continued to show a rapid jump in digital transactions with January registering the highest number of transactions in the first three months. This was mainly driven by the commencement of the Republic Day sale across e-commerce platforms that started on January 23. The merchant categories which recorded the highest share of transactions were grocery, restaurants, petrol pumps, apparel, and specialty retail. On Holi, the number of digital payments jumped the most by 53% followed by Republic Day when it jumped by 37%.
Worldline further highlighted that RBL Bank with 19% of the PoS terminals, State Bank of India with 15% and Axis Bank with 14% formed the top three largest merchant acquiring banks in the country. The total number of PoS terminals stood at 3.7 million at the end of March this year. In terms of the number of cards, the country saw an addition of 10 million new credit cards between March 2019 and March last year. The number of new debit cards added during the same period was 64 million. However, the number of debit cards fell to 925 million from 988 million in October last year after clean-up of zero balance accounts, the report said.
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Festivals drive up digi-pay in Q1
Publication- Deccan Chronicle
Edition- Online
Date- 22 May, 2019
Festivals drove digital payments in the March quarter as UPI transactions went up 328 per cent in volume terms and 495 per cent value-wise. The digital transactions in the March quarter saw a higher growth during the festival days. Holi recorded 53 per cent growth in transaction volumes and 79 per cent growth in value. Restaurants, salon and beauty services, household appliances, apparel retail reported 120 to 150 per cent growth in value terms. Pongal, which fell on January 15, saw 29 per cent growth in volume and 55 per cent growth in value. In select categories like cinema, household appliances, petrol stations and vehicle rentals, the value growth was 40 to 50 per cent. Republic Day reported 37 per cent growth in transaction volumes and 29 per cent rise in value with key categories like restaurants, hotels, salon and beauty services, pubs, specialty retail witnessed 65 to 80 per cent growth.
Restaurants, specialty retail, jewellery, beauty spas, gifts were the key categories on Valentine's Day, which witnessed 25 per cent rise in volumes and 35 per cent in value. "January was the month with the highest number of transactions in Q1 2019. January 23 ranked as the day with the highest number of transactions but this should come as no surprise given the commencement of the Republic Day sale offers. The days with second and third highest number of transactions were January 12 and January 13 which were Lohri and Makar Sankrati respectively. The trend of highest number of transactions recorded during festivals continued like previous year," said Deepak Chandnani, Managing Director, Worldline South Asia & Middle East.
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4 Ways You Can Avoid UPI Fraud & Protect Your Money (And A History Of UPI Frauds)
Publication- Trak.In
Edition- Online
Date- 22 May, 2019
Unified Payments Interface, UPI for short, is the new online payment method that has simplified our transactions for us. However, as much as there are pros to this UPI mode of transaction, there is one huge downside of being scammed by fraudsters by misusing UPI. There have been thousands of news of people’s UPI accounts being scammed through hacking and multiple other ways as well. Technology has progressed a lot, and such hacking methods are not difficult for cybercriminals.
A History of UPI Frauds
There are multiple apps through which people are now using UPI medium to transfer money and carry out transactions, such as Paytm, Google Pay, BHIM, and many more. Recently, there was a case where a BHIM app user was robbed off of Rs. 40,000. The unsuspecting 21-year-old talked to some representatives of the call centre, however, he later found out that the call centre was fake. RBI’s cybersecurity and IT examination cell issued warning against an app, AnyDesk, that was used by fraudsters to loot money. This app worked as a Remote Access service to illegally copy data from smartphones. Once an OTP was read by the app, hard-earned money is down the drain in seconds.
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Understanding The Benefits Of Blockchain For Businesses
Publication- Krypto Money
Edition- Online
Date- 22 May, 2019
Most people associate the word blockchain with Bitcoin or cryptocurrencies, and rightly so. It was developed to give Bitcoin and other cryptocurrencies a level of legitimacy necessary to gain mainstream acceptance. But blockchain is much more than just a ledger for Bitcoin and other cryptocurrency transactions. In fact, blockchain can actually change the way we do business – for the better. Bitcoin is mined, stored, and/or traded on markets such as Coinmama. All the transactions that occur through the cryptomarkets are stored on the blockchain ledger. And every transaction is verified through multiple, independent users. However, that’s not what we are talking about today. Today we are going to talk about the benefits of blockchain for businesses. But before we jump into the benefits of blockchain for a business, let’s discuss what blockchain really is.
What Is Blockchain?
In simple terms, blockchain is an electronic ledger that is used to track transactions in sequential order. It is used to connect multiple transactions, from multiple parties, into an easy-to-follow record book. Blockchain uses cryptographic digital keys to record every digital transaction made using the ledger for each specific network. Every transaction is authenticated using algorithms that “prove” the legitimacy of the transaction. As the ledger increases in size, so does the complexity of the digital keys and the time and power necessary to verify the transaction. But this also ensures that the blockchain is secured and accurate.
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