Payment Systems

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

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