PAYMENT SYSTEM
India-Russia summit in Moscow to focus on payment system for trade
Prime Minister Narendra Modi and President Vladimir Putin are set to focus on enhancing financial transactions between India and Russia during their annual summit in Moscow. With Russia facing SWIFT restrictions, both leaders aim to establish quicker and more efficient payment mechanisms. Plans include enabling the use of national currencies for tourists and students, involving RuPay and MiR cards.
Broadcasters move NCLAT against Google fees on apps
The Indian Broadcasting & Digital Foundation (IBDF), representing TV broadcasters and OTT platforms, appealed to the National Company Law Appellate Tribunal (NCLAT) against an interim order from the Competition Commission of India (CCI). The CCI denied interim relief from Google's app payment policies. IBDF’s counsel urged NCLAT to stop Google from charging fees on app transactions and onboarding. Fees, between 11% and 26%, affect paid app downloads, in-app purchases, even with alternate payments.
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.
India, four SE Asia countries plan instant retail cross-border payments
Five central banks from India, Malaysia, Thailand, Singapore, and the Philippines collaborate on Project Nexus, a cross-border retail payments platform set to launch by 2026, facilitated by the Bank for International Settlements (BIS). Nexus will integrate digital payment systems like India’s UPI and Singapore’s PayNow, potentially linking 1.7 billion people globally.
Airbus says will buy 'major activities' of subcontractor Spirit
European aerospace giant Airbus announced on Monday its intention to acquire major activities related to Airbus from subcontractor Spirit AeroSystems. This move comes as US competitor Boeing prepares to take over the majority of Spirit AeroSystems' operations.
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.
Credit card bill payment hurdles; startup funding logs slight uptick
Happy Friday! The central bank has mandated credit card bill payments through Bharat Bill Payment System (BBPS), but only eight of 34 banks are live on the network, causing concern among payment companies. This and more in today’s ETtech Morning Dispatch.
RBI using forex market tools to ease liquidity tightness
RBI uses forex tools to inject cash into banking system ahead of large outflows due to advance tax payments, keeping borrowing costs low and increasing reserves without impacting inflation-fighting stance.
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.
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%.
R Gandhi welcomes RBI's focus on banking safety and payment system soundness
RBI has been paying more attention on that in recent months, especially the disclosure, relating to the terms and conditions of the most important terms and conditions of the credit that is being offered by the credit institutions and there that is the first step which had already been taken.
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, payment industry meet discusses contours of new draft PA guidelines
The digital payments industry representatives met with senior officials of the Reserve Bank of India to share their feedback on the recently released draft guidelines for payment aggregators. This comes when US payment giant Stripe seems to be withdrawing from the domestic payments market in India.
IBA chief explains what bank frauds really are, stresses on critical 'golden hour'
As per the RBI's recent annual report, fraud cases surged to 36,075 in FY24, marking a significant rise from 13,564 reported in the previous fiscal year. The report highlighted that a majority of these frauds, in terms of volume, were related to digital payments, including card and internet transactions.
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.
HSBC and StanChart step up GIFT City play, buy stakes in CCIL-IFSC
"Being the global bank that we are, what we do, therefore, is connect India to the rest of the world and connect the rest of the world to India and GIFT is clearly onshoring what was happening offshore," HSBC India CEO Hitendra Dave told ET.
CCI unable to prove market dominance, Google tells NCLAT
Google argued before the National Company Law Appellate Tribunal (NCLAT) that the Competition Commission of India (CCI) order, which imposed a penalty of Rs 936 crore on the company, was vague and excessive. The company contended that the regulator failed to provide evidence that Google's policies had harmed competition.
RBI Guv Shaktikanta Das discusses ways to scale up UPI ecosystem with stakeholders
Reserve Bank Governor Shaktikanta Das held a meeting with banks, NPCI, third-party application providers, and technology service providers to discuss strategies for expanding the UPI ecosystem. The discussions covered strategies for scaling up UPI infrastructure, expanding product portfolio, and addressing challenges in the ecosystem. The central bank will examine suggestions and take appropriate action. The meeting was attended by RBI Deputy Governor T Rabi Sankar and other senior officials.
India, Ghana agree to operationalise UPI link in 6 months
India and Ghana plan to implement UPI on GHIPSS in 6 months. JTC meeting explored MoU on Digital transformation, Local Currency Settlement, AfCFTA opportunities in Accra, led by Commerce Ministry.
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