Page 3 - Payment Systems

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

Players ready for migration as card-on-file tokenisation deadline nears

Tokenisation is the replacement of an actual or clear card number with an alternative code called the "token"

India, Russia's mutual adoption of MIR, RuPay aimed at de-dollarisation

Russia's disconnection from the SWIFT international payment system could result in unexpected consequences, as several countries are now considering the development of alternative instruments

Credit cards gain more currency pipping debit cards for e-commerce

They overtake debit cards for e-commerce and bill payments but remain a minuscule portion of personal loans

E-governance: Draft rules on data anonymisation, mobile security released

The documents are open for public consultation and the comments would be accepted till September 21

RBI to set up fraud registry to check banking frauds: Executive Director

Payment system participants will be provided access to this registry for near-real time fraud monitoring. The aggregated fraud data will be published to educate customers on emerging risks

RBI seeks public feedback on charges in payment systems by Oct 3

Charges for payment services should be reasonable and competitively determined for users while also providing optimal revenue stream for the intermediaries, states the discussion paper

BBPS inward payments to deepen cross-border payment ecosystem in India

Bharat Bill Payment System (BBPS), under the aegis of the RBI, allows recurring utility bill payments through an integrated platform

BNPL credit facility used without caution can lead to a debt trap

Understand all the attendant costs of this facility; delayed repayment will hit your credit score

RuPay credit card-UPI linkage to be operational in 2 months, says NPCI CEO

NPCI will come up with the guidelines in consultation with the ecosystem. It will send a formal proposal to the RBI, and after the apex bank's nod, it will be operationalised.

Google to allow app developers to use rival payment systems, to cut fees

The world's most popular internet search engine said the fee cut applies only to European consumers

RBI, Bank Indonesia agree to expand cooperation in payment systems

The Reserve Bank of India and Bank Indonesia on Saturday entered into an agreement to expand cooperation in payment systems, digital financial innovation

Our cost of funds is the lowest in the industry: Mintifi CEO Anup Agarwal

In a Q&A, Minitifi's co-founder and CEO Anup Agarwal talks about how it has enabled distributors and retailers to increase sales

India's payment systems improve standing in global benchmarking exercise

The number of indicators describing the country as "weak" declined to eight from 12 in 2019

RBI warns of risks from cross-border outsourcing of IT services

The RBI's observations come at a time when it is considering a mandate for domestic processing of payment transactions in order to ring-fence India's local payment systems.

Decoded: The tizzy over RBI's ban on loading PPIs from credit lines

PPIs are instruments that facilitate the purchase of goods and services, conduct of financial services, enable remittance facilities, etc., against the value stored in them

Amid geo-political risks, RBI mulls domestic processing of transactions

In its Payments Vision Document released last week, the RBI said keeping in view the emerging geo-political risks, options would be explored to ring-fence domestic payment systems

HDFC Bank to shift payments from core banking, ensure minimal downtime

This would pave way for minimal payments downtime