Every dollar of fraud now costs banks and credit unions roughly $2.92 — a 9.3% increase over 2017. As worldwide card fraud continue to rise , it is fundamental that the payments industry steps up to the challenge to prevent further data breaches and losses. One of the key elements of keeping data secure is PCI […]
Road Map for Digital Payments in India
The Reserve Bank of India has defined a vision for digital payments from 2019 to 2021, to “empower every Indian with access to a bouquet of e-payment options that is safe, secure, convenient, quick and affordable.” To this end, it says it intends to follow an approach that enhances customer experience, empowers payment systems operators and […]
Easing Tax Regulations for boosting Startup Ecosystem
In 2016, the government had announced that startups which did not have a total turnover of INR 25 Cr and was involved in innovation and development of new products were eligible for this benefit. They were also allowed to choose the three-year term during the first seven years. These current provisions have been interpreted in a […]
Aadhaar Amendment Bill June 2019 – Restoring Aadhaar based e-KYC route for Fintech
The Union Cabinet yesterday approved the Aadhaar and Other Laws (Amendment) Bill, 2019, and will now be introduced in the first session of Parliament, set to begin on June 17th, for ratification by the Lok Sabha. The proposed amendments are the same as those contained in the ordinance circulated by the President in March this year. According to an […]
Consent Brokers: India’s new Data-Sharing Model on Consent Layer
India is now moving to a new protocol on data-sharing with user’ consent as its centrepiece. Like with the Unified Payments Interface (UPI), it will usher in an era of digital transactions, this new class of non-banking financial institutions called Account Aggregators (NBFC-AA)holds the potential to be a Game-Changer. What is an Account Aggregator (NBFC-AA) ? Account Aggregatorsare the […]
Report of “Committee on Deepening of Digital Payments” – Summarized Version
As per the Report of Nandan Nilekani Committee on Deepening of Digital Payments, the Reserve Bank of India (RBI) and the government must target 10X growth in the volume of digital payments in the next three years. This growth will be driven by a shift from high-value, low-volume, high-cost transactions to low-value, high-volume, low-cost transactions. Initiatives […]
Budget Bonanza for Corporate BCs , Merchant Acquirers and Bharat Bill Payments Operators (BBPOs)
Government has announced Pradhan Mantri Kisan Samman Nidhi scheme (PM-KISAN), an income support scheme for 12 croressmall and marginal farmers, in the interim Budget. Under this, the farmers who own less than two hectare land will receive a total of Rs. 6,000 in three instalments in a year. The scheme is being introduced with a retrospective effect from December […]
