DIGITAL WALLET
Are banks open or closed today?
Saturday bank holiday 2024: As per the regulations, all banks will be closed on Sundays, second and fourth Saturdays, and national and regional holidays. ATMs will be available throughout these holidays, and internet banking services will remain operational.
No more licensed biz, Paytm to focus on distribution model
Digital payments major Paytm wants to stay away from getting into any regulated businesses and would rather focus on building distribution heft. The senior leadership have taken a conscious call to not go after regulatory licenses but rather work with licenced entities and distribute products better.
Hyperscalers host EkStep digital public goods, build AI bot
Tech giants Amazon Web Services (AWS) and Google Cloud are providing cloud storage and services to make the digital public goods (DPGs) created by non-profit EkStep Foundation available online. They are also collaborating to develop an AI-based virtual assistant for the foundation.
Neobanking startup Jupiter gets RBI nod for mobile wallet licence
Neobanking startup Jupiter, backed by Tiger Global and Peak XV Partners, secures a prepaid payments instrument licence from the RBI to offer digital wallets for UPI payments, fund transfers, and bill payments.
Now autofill your UPI Lite wallet: You will soon get option to have auto debit mandate to maintain UPI Lite balance
UPI Lite: The Reserve Bank of India announced that now UPI Lite wallet is to be integrated with the e-mandate framework. This will help in auto-replenishment of the UPI Lite balance. If the balance in UPI Lite balance goes below a threshold amount, funds will be automatically added. Read here to know more about this feature of UPI Lite.
Inadequate tech at banks to blame for UPI downtimes
RBI governor Shaktinata Das mentioned that downtime in the UPI payment system is primarily due to weak technology on the banks' side rather than issues from NPCI. The volume of UPI transactions per day exceeds 450 million, with several instances of downtime reported in May 2024. The central bank has been working to reduce downtime instances to less than 1%.
How brands should inspire politicians to move away from 'divide' and 'drown’ to ‘unify' and 'thrive’
Political parties should be emulating those marketers who have already cracked New India. To narrow-cast our population as a fundamental oneness, courtesy technology and aspiration. Then to engage experientially, with customer-centric regional empathy.
Japanese crypto exchange says lost $300 million bitcoin in 'leak'
Japanese crypto exchange DMM Bitcoin said it had lost bitcoin worth around $300 million in what it described as "an unauthorised leak" from its digital wallet. DMM Bitcoin said the amount of the "leak" was about 48.2 billion yen ($300 million), which equals to 4,502.9 bitcoins.
Google Wallet in India partners with Pine Labs to offer gift cards
Google Wallet users can store and manage Gift Cards within the app and will receive reminders to use them at checkout. Google had launched the Google Wallet app for Android users in India earlier this month.
Bitcoin falls 3% as traders mull risk of sales linked to Mt. Gox
Bitcoin fell as traders monitored transfers by wallets belonging to the failed Mt. Gox exchange, whose administrators are returning a $9 billion hoard of the largest digital asset to creditors.
Fraud, crypto & wallet: A virtual hold for a real crime
Soon after a transaction by a scammer or the use of a mule account to purchase cryptos is tracked, the virtual digital assets (VDAs) can be moved to the proposed special account which would be under the control of a law enforcement agency (LEA).
Wallet recovery firms buzz as locked-out crypto investors panic in bitcoin boom
Losing access to a crypto wallet is a well-known problem. Investors forgetting their intricate passwords is a primary reason, but loss of access to two-factor authentication devices, unexpected shutdowns of cryptocurrency exchanges and cyberattacks are also common
Google Wallet launched in India: Step-by-step guide on how to use it; how it is different from Google Pay explained
Google Wallet: This article is about how to use Google Wallet and how different is it from Google Pay. As per Google, this wallet can be used for various utility functions like storing Air India, Indigo Airlines flight boarding pass, PVR and INOX cinema tickets. Read here to know more.
Google Wallet is now available for Android users in India
It is different from Google Pay app which helps manage money and finances.
ED seizes Rs 90 crore funds kept in Binance, ZebPay, WazirX wallets
Enforcement Directorate seized Rs 90 crore from cryptocurrency wallets in a money laundering probe connected to the 'E-Nugget' online gaming scam, involving high returns and multiple arrests with assets worth Rs 163 crore seized or frozen.
End of Paytm’s existing wallet biz; Tribe Capital’s India play
Happy Tuesday! Regulatory actions have crippled Paytm Payments Bank's mobile wallet business. This and more in today’s ETtech Morning Dispatch.
UPI rule change: Soon use money in PhonePe, Amazon Pay, any wallet to pay via Paytm, other UPI apps; check RBI new rule
UPI rule change for PPIs: Currently, money in your prepaid wallet (like PhonePe) can only be used for UPI transactions through the app offered by the wallet issuer itself. This limits your options — you can't use PhonePe money on Paytm or BHIM, for example. To address this, the Reserve Bank of India (RBI) has proposed allowing users to link their prepaid payment instrument such as wallets with any third-party UPI app. This means greater flexibility. What changes for UPI customers? How is this move going to help you?
Digital Rupee: RBI widens scope of CBDC; non-banking payment companies to facilitate transactions
Digital Rupee transaction: The Reserve Bank of India has proposed that CBDC (Central Bank Digital Currency) or, the eRupee, to be accessible to broader sectors of customers.
Paytm bank RBI Ban: Indian fintech is fast, furious — and fraudulent?
The Reserve Bank of India has taken regulatory action against Paytm and Visa Inc., and more nonbank intermediaries may be targeted. The growth of neo-banking in India has increased the risk of fraud. KYC regulations and digital payments face challenges, and nodal accounts are used for real-time processing.
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