The Economic Times
2 days
The Economic Times
3 days
Till date, Genpact’s employees have answered more than 5,000 calls in English and Hindi. Srinivasan added that most of the queries have been around the procedures to be followed while making online payments, followed by questions on BHIM and Paytm. “There is a lot of education, the kind of questions are very basic. BHIM, the government’s UPI app is the subject of many queries,” said Sandeep Sen, chief executive officer, Aegis, adding that essentially the objective is to educate buyers and sellers such as small kirana stores on how to conduct digital transactions. Aegis has provided 30 employees out of its Kolkata centre. Intelenet too is offering 30 seats from its Mohali centre for the project and expects to incur a cost of around 30 lakh for the entire exercise. “We started it three weeks ago and plan to review it in the first week of February and come back to the government to prove there is merit in the exercise,” Singh said.
The Economic Times
4 days
And many more inconceivable things at this point. “You will have to rethink all your old plans, for example, branches ... do you require physical branches,” asks Dipak Gupta, joint managing director, Kotak Mahindra Bank. “Do you require them at the same rate you did in the past? Probably not.” The Indian banking industry is in the throes of transformation for the first time since Citibank introduced plastic money about 25 years ago when they were hesitant to even set a target on how many would adapt to debit and credit cards. Those were the days when ATMs were few and far between even in metropolitan cities like Mumbai or New Delhi. “Digital transactions have gone up manifold over the last few months,” says Anup Bagchi, head of retail banking, ICICI Bank. “Several digital payment modes such as UPI, e-wallets, credit and debit card among others have leapfrogged owing to the push from the highest office in the country as well as pull against cash.
The Economic Times
5 days
NEW DELHI: Your Aadhaar card could soon become a universal payment ID. In a few weeks, the government will unveil a feature for payments through the Bharat Interface for Money (BHIM) app by simply entering the 12-digit Aadhaar number. Transactions where Aadhaar is listed as a payment ID on the BHIM app will not require any biometric authentication or prior registration with the bank or Unified Payment Interface (UPI). This will make it more mainstream since almost one-third of India already has Aadhaar numbers, which have been linked to their bank accounts. UIDAI is currently working with banks and the National Payments Corporation of India (NPCI) and expects to roll out the feature in the “next few weeks.” Ajay Bhushan Pandey, chief executive of Unique Identification Authority of India (UIDAI), told ETthat almost 38 crore people have already linked their bank accounts with Aadhaar and can receive payment directly from the UPI app without having to register first.
The Economic Times
9 days
Post demonetisation, the government has been pushing for a less-cash economy and promoting digital transactions in a big way. It has also announced a lottery for people who do transactions through digital modes. In fact, digital payment channels like mobile wallets, USSD and RuPay have seen massive uptake and rise in transactions post demonetisation. According to government data, the number of USSD transactions saw a whopping 5,135 per cent jump, from 97 such deals a day on November 8 to 5,078 on December 25. The value of transactions on USSD -- mobile short code message used mainly for banking services on feature phone -- during the same period grew 4,061 per cent from Rs 1 crore a day to Rs 46 crore on December 25. UPI transactions -- which allows users to transfer funds from one bank account to another using a smartphone -- grew 1,342 per cent, from 3,721 such transactions a day on November 8 to 53,648 on December 25.
The Event Chronicle
9 days
Allen Dulles often interceded with his good friend, the late Henry Luce, founder of Time and Life magazines, who readily allowed certain members of his staff to work for the Agency and agreed to provide jobs and credentials for other CIA operatives who lacked journalistic experience.” Bernstein, “ The CIA and the Media .” 24. In his autobiography former CIA officer E. Howard Hunt quotes Bernstein’s “The CIA and the Mediaarticle at length. “I know nothing to contradict this report,” Hunt declares, suggesting the investigative journalist of Watergate fame didnt go far enough. “Bernstein further identified some of the country’s top media executives as being valuable assets to the agencyBut the list of organizations that cooperated with the agency was a veritable ‘Who’s Who’ of the media industry, including ABC, NBC, the Associated Press, UPI, Reuters, Hearst Newspapers, Scripps-Howard, Newsweek magazine, and others.
The Iran Project
9 days
UPI Former Gen. James Mattis said at his confirmation hearing to serve as the next U.S. secretary of defense that he regards Iran as the Middle East's biggest destabilizing force. The retired Marine general, chosen by President-elect Donald Trump to lead the Department of Defense, provided written responses to questions to the Senate Armed Services Committee. The 56-page document identified Mattis' view of potential conflict spots around the world, and said of Iran: Iranian malign influence in the region is growing. Mattis' comments differ from the view of the outgoing administration of President Barack Obama that better relations with Iran could be achieved. Without mentioning figures regarding troop strength, Mattis asserted that U.S. troops need to remain in Iraq and in Afghanistan . Our principal interest in Iraq is to ensure that it does not become a rump state of the regime in Tehran, he wrote.
The Economic Times
10 days
IT is hard to gauge BHIM’s identity as a consumer app without understanding the Unified Payment Interface (UPI) platform that powers it. The UPI concept itself was made possible by the National Payments Corporation of India (NPCI), an umbrella organisation set up in 2006 at the behest of the Reserve Bank of India for all retail payment systems of the land. It is singularly responsible for paving the way for tech startups to work with commercial banks on one hand and serve customers like you and me on the other. UPI needed all banks to become interoperable with the UPI technology (between February and June 2016), which is no mean task. NPCI took two extra months to ensure as many banks as possible were on board a compact system. UPI is how apps like PhonePebuilt in less than a year — help make the inter-banking experience as simple as email for customers.
The Economic Times
10 days
IT is hard to gauge BHIM’s identity as a consumer app without understanding the Unified Payment Interface (UPI) platform that powers it. The UPI concept itself was made possible by the National Payments Corporation of India (NPCI), an umbrella organisation set up in 2006 at the behest of the Reserve Bank of India for all retail payment systems of the land. It is singularly responsible for paving the way for tech startups to work with commercial banks on one hand and serve customers like you and me on the other. UPI needed all banks to become interoperable with the UPI technology (between February and June 2016), which is no mean task. NPCI took two extra months to ensure as many banks as possible were on board a compact system. UPI is how apps like PhonePebuilt in less than a year — help make the inter-banking experience as simple as email for customers.
The Economic Times
13 days
It is an absolute pre-requisite for Digital India," he said. When asked by when will the public wifi hotspots become a reality in India, Sharma said the regulator's mandate is to provide recommendations and framework. "Implementation is not our mandate. So, we will create such conditions or try to give recommendations that will ensure that these proliferate," he added. Digital payment channels have seen massive uptake and rise in transactions after demonetisation was announced on November 8. According to the government data, UPI transactions -- which allow users to transfer funds from one bank account to another using a smartphone -- grew 1,342 per cent, from 3,721 such transactions a day on November 8 to 53,648 on December 25. In value terms, it grew 647 per cent, from Rs 1.93 crore a day to Rs 14 crore, during the same period. On December 30 last year, Prime Minister Narendra Modi launched an indigenous digital payments app BHIM for fast and secure cashless transactions using mobiles.
Collective Evolution
13 days
“I know nothing to contradict this report,” Hunt declares, suggesting the investigative journalist of Watergate fame didnt go far enough. “Bernstein further identified some of the country’s top media executives as being valuable assets to the agencyBut the list of organizations that cooperated with the agency was a veritable ‘Who’s Who’ of the media industry, including ABC, NBC, the Associated Press, UPI, Reuters, Hearst Newspapers, Scripps-Howard, Newsweek magazine, and others.” E. Howard Hunt, American Spy: My Secret History in the CIA, Watergate, and Beyond , Hoboken NJ: John Wiley & Sons, 2007, 150. When the first major exposé of the CIA emerged in 1964 with the publication of The Invisible Government by journalists David Wise and Thomas B. Ross, the CIA considered purchasing the entire printing to keep the book from the public, yet in the end judged against it.
TIME - News
15 days
It's been less than a week since the start of 2017 , but this footage of a dog jumping rope with his owner is already making a good case for being one of this year's best animal videos . In the clip, Purin an 11-year-old Beagle who lives in Japan and his owner, Makoto Kumagai, break the Guinness World Record for most skips by a dog and a person in one minute on a single rope by completing 58 jumps. Purin also holds the records for most balls caught by a dog with its paws in one minute and fastest 10 meters traveled on a ball by a dog, according to UPI . Watch the full video below. [h/t UPI.com ]
The Economic Times
16 days
NEW DELHI: When Prime Minister Narendra Modi launched the Bhim app last week, the common platform for the Unified Payment Interface (UPI) was touted as the next big thing that would help widen the adoption of cashless transactions in the country. Yet, the National Payments Corporation of India (NPCI), the agency that handles all retail payment systems in the country, is "getting impatient" with companies such as Flipkart, Amazon, Paytm and Indian Railway Catering & Tourism Corporation for taking time to integrate with UPI, which forms the core of Bhim. That’s because customers who have downloaded the app arent finding enough avenues to use it because merchantsespecially online ones that are expected to generate the bulk of such payments – have been slow to warm up to the new system. AP Hota, managing director, said NPCI is "not very happy" with the 70,000 UPI transactions a day, the figure before the Bhim app was launched on December 30.
The Economic Times
16 days
Mashable
17 days
India's big push to go digital and embrace epayment solutions could soon have the backing of a major player: Google. SEE ALSO: BHIM app will replace all cash transactions in India: PM Modi Google CEO Sundar Pichai said today the company is thinking and working hard to bring some of its services that will work on top of the Unified Payments Interface. The UPI is India's audacious project to make person-to-person and e-commerce transactions swifter and easier . Speaking about UPI, Pichai said, "I think it's a bold and courageous move and it is a platform shift for the underlying economy to try and digitize how cash moves around and we are excited by it," he said in an interview with NDTV , adding that such major moves often take time to play out. Read more... More about Finance , Money , India , Upi , and Sundar Pichai
The Economic Times
17 days
NEW DELHI: Sundar Pichai, the India-born chief executive of the world’s largest Internet company Google, has described the Modi government’s demonetisation exercise as a bold and courageous move that could propel the country to the forefront of digital payments. “I have spent my life developing platforms. Every time you drive a platform shift, it has a big multiplicative effect, leveraged effect. Digitising a country of the scale of India, and making it work well, truly will have a beneficial effect,” said Pichai, who is currently in India on awork-cum-personal trip. The Google CEO said his company will work overtime to evolve products for a more ‘digitisedIndian economy. “We are closely looking at UPI (Unified Payments Interface), and ways in which our products and services including Android can support it (digitisation) better.” Forty four-year-old Pichai brushed away fears about protectionism in the wake of Donald Trump’s victory in the US and the Brexit vote.
The Economic Times
17 days
Your mobile wallet could be heading for a painful death. Read why“In the long term, systems like UPI stand a better chance as they enable direct transfer from bank accounts to pay,” said Shah of Norwest.
The Economic Times
17 days
By any metric, it has been tremendous progress overall. So, I dont think that’s in doubt. I think there are good questions being asked about if progress is reaching everyone, uniformly. And I think there are good questions being asked in the US about median wages. Also Read: If UPI Payments work in India, it will work everywhere: Sundar Pichai, CEO, Google Definitely, I think they are important issues to address. I would broadly say that the US is one of the most open economies in the world and I expect it to be that way. Globally, these trends are macro, secular trends… so I am optimistic. You were educated in India and then went to the US and then progressed right to the top of a company like Google. Would this openness of people and access to talent, change because of recent events? I have always felt the US to be an open and inclusive country.
The Economic Times
18 days
This would cover transactions through Immediate Payment Service (IMPS), USSD-based *99# and Unified Payment Interface (UPI) systems. The relaxations, RBI had said, are in tandem with initiatives taken by the government to "incentivise greater adoption of digital payments by large sections of the society."
The Economic Times
19 days
NEW DELHI: For about two months till the launch of the Bharat Interface for Money (BHIM), more than a dozen people at a New Delhi company slogged it out, spending sleepless nights to ensure that the app was safe and that the security loopholes were plugged before it went live. This dedicated team comprised employees of Lucideus Tech, one of the cybersecurity companies that provided security for the app developed by the National Payment Corporation of India and launched by the Prime Minister on Friday. "We literally worked all night for the last few weeks on the app. Over a dozen people at Lucideus were working exclusively on this," said Saket Modi, chief executive of the company. Lucideus has in the past worked with organisations such as ICICI Bank, Standard Chartered, IndiGo and KFC. BHIM, the mobile app based on the Unified Payments Interface (UPI), is initially available only on Android devices.
The Economic Times
19 days
How Team Lucideus spent sleepless nights to make Modi's BHIM app invincible An authentication takes place between the bank and the user’s mobile number registered with the bank. The third is the UPI PIN, set by the user.
The Economic Times
19 days
How Team Lucideus spent sleepless nights to make BHIM invincibleAn authentication takes place between the bank and the user’s mobile number registered with the bank. The third is the UPI PIN, set by the user.
The Economic Times
22 days
Daily Mail - India
22 days
BHIM app is meant for common people to make payments directly from bank account to another bank account using just the mobile number of payment address.