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WhatsApp Shares Your Payments Data With Facebook – Report
After a beta run, the WhatsApp payments feature still awaits a full roll out. But in the latest report, it has been revealed that WhatsApp may have shared the payments data of users with its parent Facebook. The WhatsApp payments feature is…
India Post Will Become India’s Biggest Bank; 34 Cr Users To Get Digital Banking Services!
As per a recent decision made by Ministry of Finance, India Post Payments Bank will now merge with the massive network of 1.5 lakh post offices, across India. This will make India Post India’s largest banking network. SBI, which is…
Indian Banks Experience 1 Fraud Every Hour; Rs 1.6 Crore Loss Every Hour Recorded!
Between April 2016 and March 2017, Indian banks reported a total of 12,533 cases of frauds, all across the country. These findings were shared by  Institutional Investor Advisory Services, which is a proxy advisory firm. The total loss…
Reliance Launches Their First Ever Bank; Jio Payments Bank Is Now Live!
RBI has informed the nation that Jio Payments Bank is now live. The banking operations under Jio Payments Bank would be a 70:30 venture between Reliance and State Bank of India, which will provide backend support for banking operations.
Another Bank Fraud Exposed; Jeweller Defrauds 14 Banks Of Rs 800 Crores!
The Central Bureau of Investigation has exposed yet another bank fraud worth Rs 824.15 crores against the Chennai-based jewellery chain Kanishk Gold Pvt Ltd. after State Bank of India (SBI) filed a complaint against Kanishk Gold of cheating…
BharatQR Now Must For All UPI Apps By Banks; UIDAI Aims 1 Billion UPI Transactions!
NPCI, which is spearheading the UPI movement in India, has mandated for all UPI apps by banks to support BharatQR code via their app. In case any bank doesn’t follow this rule, then the facility to use UPI platform for money transfer can be…
India May Cross $1 Tn Digital Transactions By 2025; 80% Transactions Would Be Digital!
ACI Worldwide has released a report which is pretty bullish on the future of Digital India. The findings of the report predict that by 2025, four out of five transactions in India would be digital, and total consolidated digital…
Paytm App Asks For Root Permission; Finds An Easy Escape When Cornered!
There has been a marked increase in the usage of digital payments that has made payments easier at the touch of a finger. One such app providing these services is Paytm App. It is one of the oldest Indian players in this space and as such,…
What Will Happen to Your Mobile Wallets if You Don’t Complete Your KYC?
The mobile wallet users of Paytm, MobiKwik, Freecharge, Amazon Pay, PhonePe, OLA Money and others will not be able to use their mobile wallets to transact from now if the KYC is incomplete. As per the new RBI guidelines, the digital wallets…
Paytm Becomes India’s Largest UPI Transactions Platform!
Digital payment transactions are estimated to be worth Rs 12,568 crore in the country at the moment, and Paytm has been a major contributor. The recent integration of UPI into Paytm Wallet has worked wonders for both UPI and Paytm. Paytm…
RBI Assures Wallet Money Can Be Used Without KYC; But Refuses To Extend Deadline!
In case any mobile wallet like Paytm user hasn’t completed the KYC or Know Your Customer process, then the money remaining in the wallet shall be left immobilized. This was as per the strict KYC rules formulated by RBI last year.
Calamity Strikes Punjab National Bank, Again: Sensitive Data Hacked!
Punjab National Bank has once again found themselves on the wrong side of the news. After a massive scam of Rs 11,000 crore, hit them last week, they are now facing a data hack, quite serious in nature. It seems everything is going wrong…
Strict RBI KYC Rules Can Immobilize 90% Of Digital Wallets In India Next Month!
In October last year, Reserve Bank of India had issued strict guidelines for digital wallet operators in India and gave them a deadline of year-end to comply with KYC norms for all users. The deadline was later extended until February 28.
Paytm’s Secret Experiment: Lock Money Added Via Credit Card, And Stay Silent!
Recently, it was revealed that Paytm has started a ‘secret experiment’, without informing the users about it. As a result, several of the users’ money was locked and converted it into gift vouchers. Some users who added money into Paytm…
eSpending To Touch $100 Bn By 2020; But 1.5 Lakh eTransactions Are Attacked Daily!
While a Google Report predicts that Indians will spend $100 billion online by 2020, another report from the Govt. states that 1.5 lakh e-transactions are compromised daily. This clearly means that we need more safety and security,…
Rs 11,400 Cr PNB Fraud Stuns Banking Sector – Here’s How It Happened!
The entire banking sector of India was stunned when PNB announced that they have been hit by a banking fraud to the tune of Rs 11,400 crore. Although banks have been facing issues of fraud since long, the magnitude of this PNB fraud was the…
WhatsApp’s P2P Payment Feature Can Change Digital India: 3 Observations!
WhatsApp, world’s most popular and widely used messenger app with over 200 million daily users in India have rolled out the beta version of their peer to peer payment feature in India and it has the power to change Digital India forever.
WhatsApp UPI-Based Payments Spotted In Beta – Final Rollout Soon!
WhatsApp had announced its integrated UPI based payments service back in April 2017 and has been working on the digital payments feature since the past year. The Facebook-owned social messaging company has finally made the feature live to…
Cash Vs Digital Payments: What Does India Prefer?
While demonetisation was subjected to much ridicule and scrutiny, the fact remains that it undoubtedly lead to the growth of digital payments in India. Despite the opposition it faced from many sections of the country, digital payments have…
Digital Transactions Cross $2 Trillion Mark; Wallets Beat UPI In Growth, Debit Card Still #1 Option!
Reserve Bank of India has released the data for digital transactions for January 2018 and going by the looks of it, it seems that Digital India is on to a solid start this year. Both in terms of volume and value, digital transactions (which…