Page 2 - Payment Systems

Reserve Bank of India widens scope of BBPS to non-bank payment aggregators

Number of participants on BBPS to go up with participation of PAs

MP's e-Nagarpalika portal suffers cyber attack, data corrupted: Officials

Madhya Pradesh's e-Nagarpalika portal, which is the online civic tax payment software covering 413 towns and cities in the state, has suffered a cyber attack, leading to corruption of data, a senior official said on Saturday. Offline data, of which back-up is created on tapes every three days, is safe, he added. The portal oversees the mechanism by which citizens of these civic bodies get online services like birth and death as well as marriage certificates, payment of property, water and sanitation taxes, among others. "Following the attack, the e-Nagarpalika portal has been shut till Tuesday. Civic bodies have been told to work offline till the restoration of the system," said Neeraj Mandloi, the Principal Secretary of the state's Urban Administration and Housing Department. "The cyber attackers have corrupted the entire data of all 413 cities, but offline data, of which backup is taken on tapes every 3 days, is safe," Mandloi informed. Information Technology experts have not fo

Why it is time for a single QR code for all the payments in the world

There is a lot of work to be done. Consolidating the labels in a single repository doesn't always solve the problem of multiple contractual relationships, each of which comes with its own accounting

RBI plans to widen use of wholesale CBDC in call money market: Official

India's CBDC is currently in a pilot phase across the retail and wholesale segments. The central bank has set a target of one million transactions a day by the end of 2023

Abhijit Chakravorty to be new MD & CEO of SBI Cards and Payment Services

Chakravorty, a post graduate in Applied Chemistry, started his banking career as a Probationary Officer with SBI in 1988

Shoppers need not stop: Dynamics of in-store payments is being rewritten

The dynamics of in-store payments are fast changing, and this will impact retailing in a big way

RBI mulls lightweight payments & settlements for smooth ops during calamity

The system will ensure zero processing downtime during catastrophes such as natural disasters and war

RBI working on portable payment system for transactions during tragic times

Reserve Bank of India is working on a light weight and portable payment system, a "bunker equivalent in payment systems", that can be used for critical transactions during catastrophic events like natural calamities and war. The proposed Light weight and Portable Payment System (LPSS) will be independent of conventional technologies and can be operated from anywhere by a bare minimum staff, according to the central bank. Existing conventional payment systems like RTGS (Real Time Gross Settlement), NEFT (National Electronic Funds Transfer) and UPI (Unified Payments Interface) are designed to handle large volumes while ensuring sustained availability. These systems are dependent on complex wired networks backed by advanced IT infrastructure. However, catastrophic events like natural calamities and war have the potential to render these payment systems temporarily unavailable by disrupting the underlying information and communication infrastructure, RBI said in its latest annual report

Cash share in POS transaction value to fall 50% to $6 trn globally by 2026

Riding on digital payments, the point-of-sale transaction value share conducted in cash is expected to fall from $11.6 trn in 2021 to $6.0 trn globally by 2026, a decline of nearly 50%, report showed

Airtel Payments Bank partners NPCI to roll out face authentication for AePS

Airtel Payments Bank on Tuesday said it has collaborated with the National Payments Corporation of India (NPCI) to roll out face authentication for the Aadhaar-enabled Payment System at its 5 lakh banking points. Airtel Payments Bank is among the first four banks to offer face authentication for AePS (Aadhaar-enabled Payment System). "We are delighted to collaborate with NPCI to offer this new facility to our valuable customers. Face authentication is an important addition to our existing bouquet of secure and simple banking solutions to drive financial and digital inclusion in the country," Airtel Payments Bank COO Ganesh Ananthanarayanan said in a statement. NPCI's AePS allows customers to carry out financial and non-financial transactions at any banking point using their Aadhaar number or virtual ID to access their Aadhaar-linked bank account. Until now, transactions were being authenticated using the customer's Aadhaar number and fingerprint or Iris match in the UIDAI records.

Brokerages share mixed views on SBI Cards and Payment Services

While cost of funds and credit costs are seen rising, growth in business is estimated to be good

Chennai ranks among top 5 in digital payment transactions in 2022: Report

Chennai has emerged as one of the top digital payment transactions cities in 2022 in the country, a report by payment services firm Worldline India said on Tuesday. The capital city in terms of volume has made 14.3 million transactions with a value of USD 35.5 billion, Worldline India said in its report. Bengaluru emerged on top with 29 million transactions worth USD 65 billion followed by New Delhi 19.6 million transactions worth USD 50 billion, Mumbai (18.7 million transactions worth USD 49.5 billion), Pune (15 million transactions valued at USD 32.8 billion), the report said. "I am amazed every day to see the incredible progress we have made in the digital payments ecosystem over the past few years. The adoption of multiple payment solutions is a boon in our journey to realise the dream of a less-cash India," Worldline India CEO Ramesh Narasimhan said. "In 2023 and beyond, Worldline will continue to collaborate with our merchants, partner banks, fintechs, e-commerce players and

More nations interested in using UPI: RBI deputy governor T Rabi Sankar

Speaking about India's central bank digital currency (CBDC, also known as e-rupee), Sankar said the RBI was looking to expand the use cases for wholesale CBDC

Indian Bank unveils QR bill-based payment system for CESC-Mysuru

Public sector Indian Bank on Sunday said it has unveiled QR code bill payment system for Chamundeshwari Electricity Supply Corporation Ltd (CESC) making it as the first power distribution company to offer such an initiative to customers in Mysuru. By using the dynamic QR code linked to the unified payments interface (UPI) on printed electricity bill, customers would be able to make their payments without visiting any online portal or physically going to any payment centre. Instant acknowledgement is issued and the QR code is disabled once the transaction is completed, the Chennai-headquartered bank said in a statement here. Karnataka Minister of Energy V Sunil Kumar formally unveiled the QR code solution in the presence of senior government officials including CESC managing director Jayavibhava Swamy. The CESC is in the process of introducing a new type of bill generation and payment system in coordination with Indian Bank besides a facility to make RTGS-NEFT payments for bulk ...

RBI to streamline charges for a safer, more affordable payments system

The central bank had released a discussion paper in August that outlined existing rules for charges, while presenting other options through which these could be levied

G20 Delhi summit likely to have dedicated vertical for digital public goods

Open-source Aadhaar and UPI will be two top digital public goods offered; govt trying to take QR-based authentication and payment services global following success of DBT, payment digitisation

Extending purview: RBI to regulate offline payment aggregators, too

Pinelabs, MSwipe, Ezetap, FSS, Hitachi payments, Worldline, etc. are some offline payment aggregators

System ready for tokenisation, says RBI deputy governor T Rabi Sankar

Roughly 350 million tokens have been created so far, Rabi Sankar said in the post-monetary policy press conference.

Chinese loan apps: ED freezes funds worth Rs 9.82 cr in payment gateways

The ED has frozen Rs 9.82 crore worth funds kept in merchant IDs with certain online payment gateways as part of an ongoing money laundering investigation against a "Chinese-controlled" investment token app. This is the second time that the ED has frozen funds kept in merchant IDs with certain online payment gateways. "Various Chinese-controlled entities like Comein Network Technology Private Limited and others, in service agreements with various NBFCs (non banking financial companies) were also operating multiple suspicious loan/other apps such as Cashhome, Cashmart, Easyloan etc. and they indulge in receiving funds from public on pretext of operating these apps (mobile applications)," the federal agency said in a statement. The app-based token under investigation in this case is HPZ and the entities whose funds have been frozen under the anti-money laundering law include Comein Network Technology Private Ltd, Mobicred Technology Private Ltd, Magic Data Technology Private Ltd, Bait

Sebi working on new ASBA-like payment system for secondary trades: Buch

Sebi's planned move could upend Rs 30,000-crore broking industry