AADHAAR ENABLED PAYMENT SYSTEM
New credit card rules: HDFC Bank, Axis Bank, other banks customers cannot make credit card bill payments using PhonePe, Paytm
Credit card bill payment rules: As of July 1, customers with credit cards from major banks like HDFC Bank and Axis Bank will no longer be able to settle their credit card bills using third-party applications such as PhonePe, Amazon Pay, and Paytm.
RBI, ASEAN countries to create instant cross-border retail payments platform
The Reserve Bank of India and ASEAN nations are collaborating on "Project Nexus," aimed at establishing a platform for instant cross-border retail payments by linking fast payment systems. India joins Malaysia, Philippines, Singapore, and Thailand as founding members, with plans to expand globally by 2026, enhancing efficiency and reducing costs in international transactions.
Hitachi Payment Services receives RBI nod for payment aggregator
Hitachi Payment Services has received RBI's final authorization to operate as an Online Payment Aggregator under the Payments and Settlement Systems Act, 2007. This authorization allows Hitachi to expand its digital services, offering comprehensive payment solutions such as UPI, Netbanking, and BNPL. The company processes over 2.5 billion digital transactions annually and aims to boost digital payment adoption and innovation across India.
In depth: AI builds a bridge to the last mile
Kishan Pal, a 43-year-old farmer from Bijnor district in Uttar Pradesh, uses AI-based voice payments to instantly send money to his mother, Savitri, in Ballia, UP.
RBI strikes against UPI, digital payment fraud, plans to set up a digital payment intelligence platform
Fight against digital payment frauds: The RBI proposes a digital payments intelligence platform to combat a surge in digital payment frauds. Fraud cases reported to the RBI jumped 300% to 36,000 in FY23 compared to FY22, highlighting the need for a system-wide approach. The central bank forms a committee that will examine setting up this infrastructure to facilitate real-time data sharing across the digital payments ecosystem.
Bengaluru Airport launches India's first biometric-enabled self-bag drop facility
DigiYatra passengers using the self-bag drop at Bengaluru airport can select the 'scan your face biometric for baggage drop' option. They will then be prompted to choose the 'DigiYatra' icon to proceed. The machine will instruct the passenger to look directly into the camera to capture their biometric image. It will then generate the passenger's flight details and prompt them to declare any dangerous goods they might be carrying.
- Go To Page 1
NPCI, Peru central bank ink pact to build UPI-like payments system
The partnership makes Peru the first South American nation to adopt NPCI’s technology. It will enable BCRP to facilitate instant payments between individuals and businesses within Peru, and expand the usage of digital payments among the country’s large unbanked population.
RBI to boost rupee's internationalisation, liberalise norms for non-residents
The Reserve Bank of India (RBI) is intensifying efforts to internationalize the Indian Rupee (INR) by making regulatory changes for non-residents and enhancing the appeal of the GIFT City as an international financial center. The RBI plans to liberalize regulations related to INR accounts for non-residents and allow them to open rupee accounts outside India.
New RuPay payment mechanism using NFC: Know who will benefit from it and who may not need it
NFC sticker powered by RuPay: A silicon sticker powered by RuPay using near field communication (NFC) technology is set to be launched. This sticker can be fixed on any solid surface and requires no internet or power and is also waterproof. You can use this NFC sticker for payments at any NCMC enabled terminals in Assam ASTC, Delhi metro, Mumbai BEST, etc.
Tide enables bill payments for MSMEs to streamline expenses
Tide’s Bill Payments are expected to help small businesses pay for a range of utilities such as electricity, gas, postpaid mobile and broadband bills.
Centre plans a unified portal for all digital public goods
In a move to streamline access, the government is developing a central platform to house all its digital public goods (DPGs). This one-stop portal aims to simplify citizen interaction with services like Aadhaar, UPI, and ONDC.
NPCI inks pact with Bank of Namibia for developing UPI-like instant payment system
This strategic partnership aims to enhance digital financial services and bolster real-time Person-to-Person (P2P) and Merchant payment transactions (P2M) in the African nation.
World Bank looks for consulting firms to create state level DPI adoption index
This will be carried out with the ministry of electronics and information technology (MeitY) overseeing the process, an official aware of the matter told ET, adding that the last date for firms to apply is April 30.
Aadhaar ATM: In need of urgent cash but don’t have time to visit the bank? Here is how to get cash from home
The IPPB (India Post Payments Bank) Online Aadhaar ATM (AePS) service allows you to access cash from the comfort of your home if you need it quickly and don't have time to visit a bank or ATM.
New NPS rule from April 1: How to do two-factor Aadhaar authentication to log into National Pension System account
New NPS rule: The Aadhaar-based login authentication will be linked with the present User ID and Password login method, allowing for 2-factor authentication to access the CRA system.
Over 63% of women in India are seeking entrepreneurial avenues, shows PayNearby survey
Anand Kumar Bajaj, Founder, MD & CEO, PayNearby, said, "The increasing adoption of newer services such as e-commerce, mutual funds, and fixed deposits signifies a promising trend in rural areas, where women are gearing up to engage in formal economic activities. We aim to empower women with greater autonomy over their savings, investments, and other crucial aspects," Bajaj added.
Aadhaar frauds: RBI ready with masterplan to curb Aadhaar-enabled payment system (AePS) scams
AePS has emerged as one of the most popular payment systems, especially in rural areas in the last few years. At present, 35 commercial banks, 40 rural banks, and 52 cooperative banks offer an Aadhaar-enabled payment system, according to the NPCI website. However, the system has been plagued by issues such as lack of infrastructure and security risks. Currently, there is no two-factor authentication on the Aadhaar-enabled payment system.
RBI to further strengthen security features of AePS to curb frauds
The Reserve Bank of India announces plans to bolster security measures for the Aadhaar-enabled payment system (AePS) to combat fraud risks. Current concerns revolve around the lack of two-factor authentication, posing vulnerabilities, especially for older users. The move aims to introduce additional fraud prevention mechanisms, potentially including timed OTP authentication. Strengthening AePS security is vital for fostering financial inclusivity, particularly in rural areas where digital literacy may be lower.
RBI to streamline Aadhar-enabled payment system, introduce additional risk management measures
Right now, there is no two factor authentication for Aadhar enabled payments, which is risky and the cause for many frauds. The customer can pay the merchant by entering their Aadhar number and biometrics like fingerprints and iris. Fraud with iris happens more to older people, as fingerprints become difficult to capture with age.
Will penalise states not MGNREGA workers if not linked with Aadhaar-based payment system: Minister Giriraj Singh
Singh said while as per the earlier system, MGNREGA beneficiaries could receive payment through mixed route (National Automated Clearing House or APBS), it was brought to the notice of the Centre that in many cases beneficiaries have made repeated changes in the bank account number and many wage payment transactions were being rejected due to account number being old.
Stop 'weaponising' Aadhaar to deny benefits to NREGA workers, says Congress
Congress' Jairam Ramesh, a former Rural Development Minister, questioned the MoRD's statement that job cards will not be deleted over the APBS issue, that different 'stakeholders' in certain 'consultations' have found ABPS as the best payment route and that ABPS helps workers get their wage on time and avoids transaction rejections.
'Stop weaponising technology': Congress slams govt over Aadhaar-based system in MGNREGA payments
Congress general secretary in-charge communications Jairam Ramesh said the fifth extension of the deadline set by the Ministry of Rural Development (MoRD) to mandate the payments for the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) through the Aadhaar-Based Payment System (ABPS) ended on December 31, 2023.
SBI, Bengaluru Police Commissioner, Kolkata police warn about this Aadhaar fraud; 2 ways to lock Aadhaar biometrics
Aadhaar biometrics: The fraud does not require SMS or OTP authentication, which is much more concerning. According to the reports, the Indian market has apparently seen an increase in a new type of scam employing Aadhaar cards.
Scammers targeting Aadhaar payment system to drain bank accounts: Here is how to lock Aadhaar online
Beware! Scammers are exploiting vulnerabilities in the Aadhaar-enabled Payment System (AePS) to empty bank accounts without SMS or OTP authentication. To prevent fraud, the Bengaluru Police commissioner has issued a warning and the State Bank of India (SBI) has advised customers to lock their biometrics through the m-Aadhaar app or UIDAI portal. In these scams, criminals use victims' Aadhaar biometric data to withdraw funds without consent.
NPCI stepping in to stop AePS frauds, suggests ways to banks
The retail payment body which runs AePS wants banks to explicitly seek customer consent regarding this service at the time of account opening.
Bank of Baroda (BoB) World app scam could be tip of iceberg, RBI should appoint IT auditors in banks: Forum
Bank of Baroda app: The RBI governor, Shaktikanta Das, has been urged by a civil society platform to implement an information security (IS) audit mechanism for banks that have mobile banking apps.
This new Aadhaar-related banking fraud is on the rise; why you need to lock your Aadhaar biometrics now
According to the forum, banks are directly responsible for this fiasco, which has led to thousands of innocent depositors lose their hard earned savings through frauds using the AEPS.
Lock your biometrics, prevent hacking linked to Aadhaar card: Ritesh Bhatia
Ritesh Bhatia, a cybercrime investigator and cybersecurity consultant, warns that biometrics linked to Aadhaar cards can be easily hacked and stolen. Criminals are using high-resolution cameras to capture fingerprints from various sources, such as property registrations and SIM card registrations, and selling them to other cybercriminals. With access to the Aadhaar number and bank details, these criminals can withdraw money using Aadhaar Enabled Payment System (AEPS) micro ATMs.
Load More
