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Showing posts with label Mobile Payment. Show all posts
Showing posts with label Mobile Payment. Show all posts

Tuesday, 11 April 2017

18:22

Samsung Pay-Make card payments through your phone

Samsung Pay-Make card payments through your phone

 FAQ- Frequently Asked Questions

What is Samsung Pay?
Samsung Pay is a secure and easy-to-use mobile payment service. You can add credit and debit cards of participating issuers / banks on your Samsung Galaxy smartphones which allows you to make purchases almost everywhere.

How does Samsung Pay work?
Samsung Pay uses patented Magnetic Secure Transmission (MST) and Near Field Communication (NFC) to make contactless mobile payments.

Which payment cards can I register to Samsung Pay?
Standard Chartered Bank Debit & Credit Cards can be registered to Samsung Pay

What devices are compatible with Samsung Pay in India?
Samsung Pay supports Galaxy S7 edge, Galaxy S7, Galaxy Note 5, Galaxy S6 edge+, Galaxy A5 (2016) and Galaxy A7 (2016), Other newer models will follow.

Why should I use Samsung Pay instead of my plastic cards?
Samsung Pay offers a simple and convenient payment experience that is quicker than searching through your wallet or purse. Additionally, Samsung Pay adds a level of security to your payment information that physical cards don’t have.

Can I use Samsung Pay in foreign countries?
Please check your card issuer's policies for transactions in foreign countries. If you can use your card in the country you are traveling to, you should be able to use Samsung Pay to make your payment.

Can Samsung Pay make online purchases?
Not currently. Samsung Pay currently supports in-store payments only.

Can Samsung Pay make online purchases?
Not currently. Samsung Pay currently supports in-store payments only.

How does Samsung Pay work?
How do I make in-store purchases with Samsung Pay?
Initiate Samsung Pay by swiping-up from your home screen or Samsung Pay app.
Select the card you want to pay with, by swiping left or right.
Verify your fingerprint and place your phone near the card reader or NFC reader to complete the transaction. Alternatively, enter your 4-digit Samsung Pay PIN* if you have chosen not to use the fingerprint feature.

In case you are prompted for a PIN, you may be required to input the 4-digit Card PIN.

Do I need to have an active internet data connection for Samsung Pay to work?
Samsung Pay requires an active internet connection for card registration and activation. However, an active internet connection is not required to make in-store card purchases. It is recommended the device should be connected to the internet for the best Samsung pay experience.

How can I keep track of purchases I've made with Samsung Pay?
Samsung Pay shows the last 10 purchases. To see the same:
Open Samsung Pay
Choose the card
At the bottom you’ll see available transaction history

The card image I see in Samsung Pay does not match my physical card. Is there an issue with my card?
No. The card image displayed in Samsung Pay may not always exactly match the physical card image.
As long as the following key information displayed on the card image inside Samsung Pay matches with that of your physical card you should not face any issue while making a transaction

The Card Issuer Name
The Card Network Name
The last four digits of the physical card

If you face any issues, please contact your banks/issuers.
What should I do if I lose my original payment card and then receive a replacement card?
The payment cards on Samsung Pay are digital versions of your physical payment cards. If you lose your original payment card and then receive a replacement card, you need to remove the original payment card from Samsung Pay and register the replacement card.
For your convenience, many card issuers will link your new physical card number to your digital card number in Samsung Pay. This allows you to still have access to your purchasing accounts while you wait for the new physical card to arrive.

Can I continue to use my physical payment card if I disable Samsung Pay or remove the digital equivalent on Samsung Pay?
Yes. When you disable Samsung Pay or remove a registered card, you are only suspending the token, or the digital card number that has been assigned to your device for that card. If you wish to suspend your physical card, please contact your card issuer for assistance.

What is the "Retry" button I see when I am trying to make a payment?
The “retry” button appears when the countdown timer has reached its end and the device has not detected an NFC payment or has not received a notification of a successful payment.
The “retry” button allows you to begin the payment process, one additional time, without reauthorizing using your fingerprint or PIN. When an NFC transaction is completed, the retry button will not be shown. Additionally, if a payment success notification is received, the retry button will not be shown.

Can I use Samsung Pay at an ATM?
Currently Samsung Pay will not work at ATMs in India.

The cashier is asking me for the last four digits of my card number. What number should I provide?
You will need to provide the last four digits of the digital card number. For ease of use, the last four digits of the digital card number are located just below the selected card image and are always followed by the following message “Last 4 digits for Cashier”.

Getting Started
How can I start using Samsung Pay?
To use Samsung Pay, you need:
A compatible Samsung device with the latest Android software
A supported payment card from Standard Chartered Bank
A Samsung account
Registered fingerprint or Samsung Pay PIN

How can I register my card?
Cards can be either automatically registered by scanning your card with Samsung Pay or manually inputting the card information.
Then, depending on the policies set by your bank or credit union, Samsung Pay will prompt you to verify your identity through an email, SMS or a phone call.

How many cards can I register into Samsung Pay?
You can register up to 10 payment cards in Samsung Pay. (Credit Cards, Debit Cards)

How long will it take for my card to activate after registering it to Samsung Pay?
The average amount of time between the request for activation and approval will be within minutes, but it can take up to 10 minutes after any additional verification requirements have been met. If this amount of time has been exceeded, remove the card from Samsung Pay and register it again. Contact your card issuer for assistance if you continue to encounter delays.

Can I use Wi-Fi connection to register my card in Samsung Pay?
Yes. However, for the best experience, the device should have a SIM card installed. If you encounter any issues while registering the card over Wi-Fi, we suggest switching to a cellular data connection.

How can I create Samsung Pay account?
When you open Samsung Pay for the first time, you will be asked to sign in to a Samsung account. If you do not have an account, you can create one at that time.

Can I download Samsung Pay from Play store or Galaxy App?
No, you cannot download Samsung Pay from Play Store or Galaxy App. The app will be installed through software update or MR (Maintenance Release) update.

Payments Security
How secure is Samsung Pay?
Samsung Pay uses leading edge tokenization and authentication methods to secure your information. Samsung Pay also uses biometrics as a security measure, enabling users to authenticate Samsung Pay via fingerprint or Secured PIN. In addition to the security measures implemented by Samsung Pay, Samsung’s KNOX service constantly monitors suspicious activity within the device to protect from any malicious attacks.

What is tokenization?
Tokenization is a method of replacing your sensitive payment card information (Card Number, Expiration Date, Security code, etc.) with a device-specific ‘Token’ which acts as a surrogate value. In mobile payments, Tokens are used to protect your payment information and to reduce the security risks inherent to plastic cards.

Does Samsung Pay store my personal/payment information on a server or my device?
No. Samsung Pay does not store your personal/payment information on a Samsung server or the device. Samsung Pay does not change the way your payment information is stored or handled when you make purchases. Your payment information will continue to be managed by your card network and card issuer. Only a device-specific Token, which is used to replace your sensitive payment information, is stored on the device.

What should I do if my device is lost or stolen?
If your device is lost or stolen, you can use Samsung’s ‘Find My Mobile’ service to Lock Samsung Pay (remotely disable) or to Wipe Samsung Pay (remove all the payment cards registered onto your device).

If I were to switch phones, do I need to add the cards all over again?
You would need to register your cards again if you were to change your phone as no data will be stored in the application.

Will my Samsung Pay information still be on my device if it is formatted?
No. Formatting your device will remove all payment cards registered to your device.


Source:Standard Charted Bank 





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Sunday, 15 January 2017

20:22

India ready for four times jump in digital payments: Nandan Nilekani

India ready for four times jump in digital payments: Nandan Nilekani

Nandan Nilekani, who is a part of the Niti Aayog panel on e-payments that is working with chief ministers to promote the use of digital payments systems across the country has said that India is ready for four times jump in digital payments. 

In an interview to a newspaper, Nilekani said that the infrastructure needed to enable more than a billion people to transact digitally is already in place, but unlike the West, where card-based payments are more common, the Indian economy will digitalise through mobile-based payments that are faster and cheaper to roll out. 

Now, it is a matter of increasing awareness and keeping transaction charges low, he added.

Source:DDINEWS


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Friday, 13 January 2017

08:06

Paytm becomes a bank: 5 features to handle your money better

Paytm becomes a bank: 5 features to handle your money better

As Paytm turns its focus on payments bank, it launches new features to make transactions easier for consumers and merchants.

What happens to your mobile wallet?

The wallet balance will become the account balance, if users choose to open an account. The same balance will be used to pay for an Uber ride, pay bills, make recharges and even shop online. Paytm will also push a whole bunch of micro financial service to the account holders, such as micro finance, loans, mutual funds, debit cards, and insurance. Most of these tie-ups are under works, founder Vijay Shekhar Sharma has said.

Self-declared merchants can now accept up to Rs 50,000 directly in their bank accounts

The amount is settled at midnight every day and the settlement charges remain 0%. The bank settlement charges will stay at 0% when amount would be settled to merchants’ Paytm Payments Bank account. In other banks, Paytm might start levying some charges in the months to come.

Adding money faster through a single-screen

This will allow quicker load times and a faster user experience.

Fingerprints can be set as Paytm password

Like many other apps, Paytm has introduced fingerprint passwords. It’s quick, easy and the company claims its 100% secure.

Pay by scanning the recipient’s Paytm QR Codes from their phone’s image gallery

You can scan the recipients QR codes that they may have received via e-mail or WhatsApp. To be able to do this, users have to tap on the upper-right corner of the screen and tap on ‘Scan Paytm QR from Gallery’.

Queries can be addressed on the Paytm Community Forums

Paytm users can now access the ‘Paytm Community Forums’ option in their Paytm app and get their queries addressed by the 10 million active users on the platform. This huge base of active Paytm users is an active community that encourages conversations around Paytm’s diverse use-cases.

Source:HT
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Thursday, 5 January 2017

06:55

BHIM App, Launched by PM Modi, Explained in 10 Points

BHIM App, Launched by PM Modi, Explained in 10 Points 

HIGHLIGHTS
  • PM Modi launched the Bhim app today for simpler payments without cash
  • Through the app, you can make payments using just a phone number
  • BHIM also supports USSD payments, which work even on basic phones
Prime Minister Narendra Modi today launched BHIM, described by him as a brand-new app that will amount to “a world wonder.” BHIM - Bharat Interface for Money - is named for Dr BR Ambedkar, said the PM, and is positioned to play a big role in the government’s push for digital transactions.

"Be it a smartphone or a feature phone of Rs 1,000-1,200, BHIM app can be used. There is no need to have Internet connectivity," says PM Modi. "One only needs a thumb. There was a time when an illiterate was called 'angutha chhaap'. That has changed. Your thumb is your bank now.”

BHIM allows customers to transact electronically without having to use a credit or debit card, or by creating and storing a mobile wallet.

Here is your 10-point guide to BHIM:
  1. The app allows you to easily transfer money or make a payment from your bank account using only your phone number. If the shopkeeper uses the BHIM app too, just open the app, choose “send money”, and type in the amount and the merchant's phone number to make the payment. The money will be debited from your account, and credited to the merchant's bank account which are linked by you and the vendor to the BHIM app.
  2. BHIM is now available as an Android version download now, and iOS is coming soon.
  3. The app also allows you to scan a QR code. The merchant can generate his QR code through the BHIM app. To pay him, you'd need to tap the Scan and Pay button in the app, and then scan the QR code.
  4. Even without a smartphone, anyone can use BHIM to make payments.You need to dial *99# from any kind of mobile phone, and this will show a menu - by typing in different numbers you can choose to send money, check your balance, or see transaction history.
  5. To send money, for example, you'd type '1' and hit send, then type '1' again to select mobile number. Next, you'd type in the number and the amount, and then a PIN that can be generated using BHIM. This will work on any phone - even Rs. 1,000 feature phones - without an Internet connection.
  6. Shopkeepers can use the BHIM app and receive money from a smartphone, or if the customer has linked a bank account and her Aadhaar ID, then the merchant can use Aadhaar Pay, an app that was soft-launched days ago. For this, the merchant has to have a smartphone (even a basic Android phone will do) and a Rs. 2,000 fingerprint reader. This is currently being distributed free in Aadhaar Payments pilot projects around the country.
  7. On the shopkeeper's phone, the customer types in her Aadhaar number and chooses her bank. Then, the shopkeeper uses the fingerprint reader for instant confirmation to complete the payment. The customer don't need to carry her Aadhar card, or use a phone, only the merchant needs these.
  8. With a mobile wallet app, you have to load money in the wallet before you can use it. With BHIM and all UPI (United Payments Interface) apps, you can directly connect your phone to your bank account - like a debit card. Payments are happening directly from and to bank accounts, so merchants don't have to worry about transferring wallet earnings to the bank either.
  9. There is a Rs. 10,000 per transaction limit, and Rs. 20,000 per day for BHIM.
  10. All UPI-connected banks accept BHIM - this includes all major Indian banks including SBI, ICICI, Axis, and HDFC. Even banks not connected to UPI can receive money through BHIM through IFSC, an 11-digit code assigned to every bank branch by the Reserve Bank of India.
Source:Gadget360
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Saturday, 31 December 2016

18:34

DREAM PAYMENTS RECEIVES $1.5 MILLION INVESTMENT, PLANS TO OPEN CONNECTICUT OFFICE

DREAM PAYMENTS RECEIVES $1.5 MILLION INVESTMENT, PLANS TO OPEN CONNECTICUT OFFICE

Toronto-based Dream Payments has secured a $1.5 million investment from the state of Connecticut through Connecticut Innovations, which supports Connecticut-based companies as they scale.

Dream Payments snagged the funding through CI’s $5 million VentureClash competition in October, which provides early-stage companies with the opportunity to grow their businesses in Connecticut. This year’s competition attracted 200 applicants, with Dream Payments winning the top $1.5 million investment prize.

“CI is excited to close this deal with the top investment award winner of VentureClash,” said Matt McCooe, CEO of Connecticut Innovations. “This company has a strong leadership team and we look forward to supporting the company’s expansion in the U.S. market.”

“The US market is experiencing a major shift toward mobile commerce, creating dramatic demand for Dream Payments’ platform,” said Brent Ho-Young, CEO of Dream Payments. With the funding, Dream Payments plans to open a 10-person Connecticut office for US expansion.

Ho-Young said that Connecticut is an ideal location to launch its US operations thanks to its proximity to Toronto.

“As Dream is a mobile payment network that partners with leading financial institutions, Connecticut would put us in close proximity on the east coast with our key current partners, as well as countless other financial institutions that we intend to collaborate with,” Ho-Young said about the benefits of setting up shop in Connecticut.

“Connecticut would provide Dream with access to a vast labour pool of financial services and software engineering university graduates and experienced professionals. Talent such as this is extremely difficult to find and Connecticut would be an exceptional area to recruit from and house such professionals.”

Ho-Young said that US-based VCs are waking up to the fact that many promising FinTechs are launching in Canada — though McCooe added that this interest in FinTech is a global trend.

“The massive disruption in the financial system is due to the introduction of mobile and cloud computing into a rickety antiquated financial infrastructure makes for an attractive investment thesis for VCs,” said McCooe. “With respect to Canada, the favourable exchange rates create an attractive arbitrage opportunity for VCs. And investing in Canada, due to legislative changes over the years, is virtually the same for us as investing anywhere in the US.”

McCoee said that CI plans to invest about USD $5 million in the Calgary, Toronto, and Vancouver markets.

“The US is currently migrating to both EMV / CHIP payment cards and contactless payments. Dream provides turnkey mobile point of sale solutions and powers a payment network that enables merchants to accept these new forms of payments,” said Ho-Young. “US-based merchants and financial institutions are now actively seeking the solutions that Dream provides. With the demand there, as well as the financial support that we have obtained from our current investors and Connecticut Innovations, the timing couldn’t be better for Dream to expand to the US.”

Source:Betakit.com



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Monday, 14 November 2016

22:27

Temporary Operational Changes in Limits and Waive Charges -Ministry Of Finance

Temporary Operational Changes in Limits and Waive Charges,

E-Payments :
  • All Central Government Departments and Public Sector Enterprises are being instructed to use the method of e-payments to the maximum extent possible.
  • RBI has advised National Payments Corporation of India (NPCI) to waive its      transaction charges on transactions settled through National Financial Switch(NFS) till 31st December, 2016.
  • Banks are also being advised to waive similar charges currently levied by them.

Limits of Withdrawal Enhanced
  • The withdrawal limit of Rs.20,000/- per week has been enhanced to Rs.24,000/-. The withdrawal limit of Rs.10,000/- per day has been removed.
  • The limit of Rs.4000/- for over the counter exchange against old Rs.500/- and Rs.1000/- notes has been increased to Rs.4500/-. This will enable the Banks to
  • give lower denomination notes for Rs.500/- while dispensing the remaining Rs.4000/- through Rs.2000/- notes.
  • The ATMs are progressively getting recalibrated. As and when they are recalibrated, the cash limit of such ATMs will stand enhanced to Rs.2500/- per
  • withdrawal. This will enable dispensing of lower denomination currency notes for about Rs.500/- per withdrawal. Other ATMs which are yet to be recalibrated,
  • will continue to dispense Rs.2000/- till they are recalibrated.
  • Business entities having Current Accounts which are operational for last three months or more will be allowed to draw Rs.50,000/-per week. This can be done 
  • in a single transaction or multiple transactions. This will enable the small business entities to pay wages to their workers and make sundry payments.
  • Adequate cash will be made available with District Central Cooperative Banks (DCCBs) to facilitate withdrawal from existing accounts. The cash withdrawal limits for Banks will apply in case of DCCBs also.

The above measures would substantially enhance the reach of the banking system to exchange notes and facilitate cash withdrawal from bank accounts.

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Saturday, 12 November 2016

09:33

Paytm to hire 10,000 agents to expand offline merchant network

Paytm to hire 10,000 agents to expand offline merchant network

NEW DELHI: Mobile payments and commerce platform Paytm will hire over 10,000 agents to expand offline merchant network to over 20 lakh touch-points by the end of the current fiscal. 

Currently, the Alibaba-backed firm has about 4,000 such agents and over one lakh offline merchants on its platform. 

"As millions of consumers across India have taken to using their Paytm Wallets to transact offline, our biggest opportunity is to be available in every town and city in the country. We want to reach there faster, looking to further strengthen our onboarding teams as we continue to build India's biggest payments network," Paytm Senior Vice President Amit Sinha said. 

Brick-and-mortar merchants and other online-to-offline sectors present a huge opportunity for digital payment companies, especially in the wake of Rs 500 and Rs 1,000 notes being demonetised. 

Various reports and industry experts believe payment volume and transaction sizes via digital platform is expected to grow manifold in the coming months. 

Paytm said its platform saw an overwhelming 435 per cent increase in overall traffic within hours of the Prime Minister's announcement.

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Saturday, 29 October 2016

21:06

ATM :Apart from Cash Withdrawal and Checking Account Balance

ATM :Apart from Cash Withdrawal and Checking Account Balance

ET Wealth lists 9 useful services that can be availed from an ATM, apart from cash withdrawal and checking account balance. 
1. Open or withdraw a fixed deposit 
You can open a fixed deposit with your bank using an ATM. 
Select ‘Open Fixed Deposit’ on the ATM menu, select the duration, enter the amount and confirm the other necessary details. 
2. Recharge your mobile 
Prepaid services of most mobile operators can be recharged from an ATM. 
You can also recharge mobile phones of friends or family members in the same manner. 
Select 'Mobile Recharge', enter your mobile number and re-confirm, then enter the recharge amount. 
3. Pay income tax 
Some banks offer the convenience of paying income tax using ATMs. This includes advance tax, self-assessment tax as well as tax due after regular assessment. 
You need to register for the facility on the bank's website or branch first. 
Once the amount is deducted from your account, the ATM will generate a unique number (CIN). You can visit the bank website after 24 hours and print the challan using the CIN. 
4. Deposit cash 
Many banks have installed cash deposit machines in ATM kiosks. 
One can deposit up to Rs 49,900 per transaction. 
Denominations of Rs 100, Rs 500 and Rs 1,000 are accepted. 
5. Pay insurance premium 
Insurers like LIC, HDFC Life and SBI Life have tied up with banks to facilitate premium payment through ATMs. Just keep the policy number handy. 
Go to 'Bill Pay', select insurer, enter policy number and date of birth or mobile number, then enter premium amount and confirm. 
6. Apply for personal loan 
To avail of small ticket personal loans, you don’t need to approach a bank branch or speak to a phone banking executive. Some private sector banks now offer pre-approved personal loans for customers using ATMs as the point of disbursal. 
The loan amount is decided using advanced analytics, which take into account the customer’s transaction details, account balance, salary credits, and credit and debit card repayments. 
7. Transfer cash 
If you do not have access to Netbanking, funds can be transferred from your bank account to that of another bank using an ATM. 
You need to register the beneficiary account online or at bank branch. 
Upto Rs 40,000 can be transferred to the beneficiary account in a day, with no limit on the number of transactions. 
8. Pay your bills 
You can pay utility bills like your telephone bill, electricity bill, gas bill and others through ATMs. 
You need to register the biller on the bank’s website before you can make the payments. 
9. Book railway tickets 
Public sector banks like SBI and Punjab National Bank, among others, offer the facility at select locations on railway premises. 
As of now, only long distance reserved tickets are issued this way. 
Some of these tasks are better served by newer channels 
Transfer of cash, bill payment, booking of railway tickets and paying insurance premium do not require a visit to the ATM. They can be done through Netbanking and mobile banking. 

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Thursday, 13 October 2016

22:33

Walking The Payments Testing Tightrope

Walking The Payments Testing Tightrope
Testing payments is a necessary part of the business, yet a challenging one to address. Inadequate software testing can have dire consequences, but the increased complexity in payments testing has caused many institutions to overlook its importance. Iliad Solutions is looking at a new way to address this major payments challenge — by moving away from fragmented testing and ensuring success in an ever-changing environment.


Putting any type of payment system or solution out into the market without adequate testing may sound like an unrealistic scenario, but a surprising number of institutions fall short.

In the specialist area of payments testing, things have become increasingly more challenging. Ever-evolving standards, proprietary interfaces and formats, cryptography, the evolution of new messages and tokens and the constant external forces of crime and fraud all add immeasurable layers of complexity, which need to be managed and controlled. Add to this an increasing move towards Agile development, and it’s easy to see why testing payments is not quite as simple as it used to be.

Though it may be hard to keep up in the payments testing space, not keeping up can cost banks or payments processors big time.

“When financial institutions get things wrong, high-profile exposure in the press and social media damages corporate reputation and share prices,” Anthony Walton, CEO of Iliad Solutions, stated.

Unfortunately, for many of those institutions, payments testing continues to receive insufficient attention until it’s too late. The root of this mistake, Walton explained, lies in the whole process of testing payments, which is often facilitated by a maze of standalone simulators, in-house tools, stubs and ‘mocks’ (ad hoc pieces of code developed by the organization).

These are historic ways of working and are now, largely, out of date. Iliad has identified that organizations need to be able to develop new technology faster and to be first to market given the challenge posed by new, nimbler entrants and the increase in customer expectations.

Rising To The Payments Testing Challenge

According to Iliad’s research and analysis, there are very specific ways organizations can overcome the pain points of setting up a test plan and reducing the risk and cost of their projects.

The first is through virtualization. Virtualization delivers great benefits through the removal of resource constraints, the consolidation of skills and a testing approach that creates a standardized environment.

“Virtualization enables the simulation of a real-world environment, without the impossible costs of operating for testing purposes multiple mirror images set up end to end,” Iliad explained. “In the payments space, though, lacking support for the relevant standards, message flows and cryptography means that standard generic platforms can only hope to scratch the surface of what is possible.”

Being able to virtualize an environment is, in most cases, sufficient to produce greater efficiencies. Creating multiple virtual images of the system under test enables entire testing streams to be run in parallel.

“It is no longer sufficient to test elements of the payment process flow individually and in silos. The payments cycle incorporates all aspects of the payment process, from initiation all the way through to settlement and reconciliation, and the test environment should have the capacity and capability to test this as if in the real world,” Anthony explained.

Another thing to look at is the benefits of automation. To many people, the benefits of automation are obvious. Tests are consistent, can be run faster and run over and over again with fewer overheads. As more automated tests are added to the test environment, more can be run each time. Manual testing never entirely goes away, but efforts can now be focused on more rigorous and consistent tests.

Succeeding In The Age of Agile

For years, the creation and deployment of software has revolved around waterfall development patterns, where each element in the sequence largely depends upon the completion of the one before. But as computing power and the demands on development departments have increased over the years, organizations have evolved to using a more iterative, progressive approach to development.

However, in an Agile environment, where iterative processes focus on reducing the size of cycles and creating a fluid program through which software elements can be created rapidly, Iliad stated that testing can ensure success.

“The principles of Agile demand that testing is a core part of the whole process, not simply a random addition or something that merely checks a 
piece of code is working,” Walton explained. This requires more than just making sure software can work in the development environment. Proper testing means that the payments system can operate in a real deployment throughout the entire Agile process.

This means putting a well-executed test strategy in place, one that focuses on the collaborative and simultaneous learning about the software. In an environment that is designed to expose learning, share intelligence and support real-world deployments, continuous integration and testing automation are key.

“Service virtualization enables the end-to-end modeling of a complete environment for testing purposes by simulating the behavior of software components and removing dependencies and constraints on development and testing teams,” Walton said.

Source:Pymnts.com 

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Tuesday, 11 October 2016

08:06

Change the way you pay

Change the way you pay
Mohaiman Mostafa, a young entrepreneur has come up with pay365, a newest addition in the mobile wallet market of Bangladesh. He recently sat with Dhaka Tribune and talked about pay365 and his plan with it
Blending technology with innovative financial services is something that drags us from the time of barter to the time of bitcoin. In today’s world, over 95% money is virtual one and billions of transactions have been made through wire in every minute.
In a country like Bangladesh, people still rely on paper money but the idea of plastic money has started to find its footing, especially in the urban areas in the last one decade. People have also gotten accustomed with other payment options like bKash, Payza and other mobile wallet platforms. Banking on that, Mohaiman Mostafa, a young entrepreneur has come up with pay365, a newest addition in the mobile wallet market of Bangladesh. He recently sat with Dhaka Tribune and talked about pay365 and his plan with it.
Q: You had been working in successful US Company, what drove you back to Bangladesh?
Right after completing my graduation in Finance in 2013 from The Ohio State University, USA, I wanted to come back to Bangladesh and contribute something valuable for the country. Although it was a hard decision for me to come back because I was working for a fortune 100 company called Nationwide Insurance, I didn’t stop to reconsider. All I did was try to find ways to motivate myself to come back. I did not also want to do something that will benefit me only monetarily. Representing Bangladesh to the world and take Bangladesh to the next level was my primary goal.
Q: How did you come up with the idea of pay365?
While I was in Ohio, I started a fund raising campaign with Bangladesh Student Association at OSU and with that money, we built a school for underprivileged kids with Jaago foundation. These activities helped me network and find a mentoring partner Tanzim Shams with whom the idea of Pay 365 came up. The idea was simple: mobile wallet and payment by a QR code or NFC, an idea new to Bangladesh. But implementation seemed almost impossible. I even opened the company FyneTech in Columbus, Ohio to associate and educate myself on the IT industry. Finally after we had worked out a business plan and software architecture, I decided to come back in 2014 and build Pay 365 leaving behind a lot of opportunity, IT outsourcing projects, green card and all that.
Q: Can you give us a brief about your journey in implementing pay365?
During the planning stage I was aware that my childhood friend’s father Mahboob Zaman (former president of BASIS) owns an IT company. I called him once and he invited me for discussions. The whole journey started with DataSoft. The security aspect of Pay 365 was almost unknown to us. DataSoft is one of the leading IT companies in Bangladesh and has provided IT solutions to most of the banks in Bangladesh. We contacted Dutch Bangla Bank Limited (DBBL) and our project started end of 2014. There were a lot of struggles from then on. We had to work a lot on the tokenisation platform created by DBBL, build security portals by complying with VISA, mastercard and Bangladesh Bank which were major security requirement for a mobile wallet like Pay 365. In short we had to make it as it is in USA and similar to what Apple pay and Google Wallet is in USA.
The payment industry is evolving every day. First it was cards then mobile banking now payments have become easier on your smartphone.
Q: How do you rate Datasoft and Mahbub Zaman’s contribution in implementing pay365? 
I have to say that throughout the whole journey the only motivating factor was the trust and belief that Mahboob Zaman had on me and our team at DataSoft. We faced no obstacles regarding budget or contacts but as we were building this for the first time in Bangladesh, we spent a lot of time on research. Of course I initiated the idea and was in charge of the whole project, but it’s because of Mahboob Zaman that we have built successfully the first mobile wallet in Bangladesh. This is because Mahboob Zaman believes in changing lifestyles and has contributed a lot for the IT industry of Bangladesh. He believes that Pay 365 will have a transformative effect on people’s lives in a developing country like Bangladesh by bringing easier, faster and safer payment method. Of course I had the support from my friends and family but his support for a start-up company and encouragement towards young entrepreneurship is indeed rare in Bangladesh.
Q: How does the app work?
Pay 365 has 3 parts Easy pay, more secure than your physical wallet, and Rewards. User will have to only tag their bank’s information during sign up ONCE. They can also save multiple bank accounts. They don’t have to carry their cards to cash with them anymore. DBBL securely saves the bank information and every time some pays they will need to have their money in their bank and they will go to their favorite store and pay. The payment process is simple you just have to go to the app; tap on pay, a QR Code will generate and just scan the phone. Not only that, we also have reward program where users will be getting rewards every time they use the pay system. The higher they go up in the membership level the more the rewards they will get.
Q: ‎Do you think pay365 will find its footing in Bangladesh?
It should because this is a concept that is successful in most developed countries in the world. Even in India they have Repay and Pay TM. We have more features and surprises coming up. The payment industry is evolving every day. First it was cards then mobile banking now payments have become easier on your smartphone. Smartphone penetrations are also growing in Bangladesh because of cheaper phones. Hence we have to go digital now. We have Dutch Bangla Bank as an acquiring bank now and we are planning to bring other banks on board soon. We are going live in the month of September and user can then use this app in most retail outlets in Dhanmondi , Gulshan and Banani.

Q: What are the obstacles that you think pay355 will face?
Changing people’s spending behaviours and habits can be an obstacle because people first need to understand that smartphones are much safer than your physical wallet. It’s even safer than your card and cash. It’s also important to teach people how to use the app. The challenge will be in conversion marketing and I hope we succeed on that. I also think country’s economic stability is also an important factor because we depend on businesses like e- commerce, retail outlets like coffee shops and restaurants, universities, departmental stores where people will actually go and spend. It’s important that businesses grow and the merchants can use this app as a tool to increase their business growth. Bringing all merchants under one platform can also be an obstacle because pay 365 also facilities merchants to make their retail marketing strategy more efficient, find the best fit and track the demographics and lifestyle, and make the best use of data analytics. Not all merchants are ready to understand and accept this concept in Bangladesh yet.

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Friday, 16 September 2016

07:41

Bharat Bill: pay bills anytime, anywhere

Bharat Bill: pay bills anytime, anywhere

Currently, bill payment facilitators have to tie-up bilaterally with different billers. The new system, a pilot now, would give access to several billers to all participants

The process to make your bill utility payments easier began last month with the National Payments Corporation of India (NPCI) launching the pilot project for Bharat Bill Payment System (BBPS). NPCI is an umbrella organisation for all retail payments in the country.

As per the framework, a customer will have a single location—physical or electronic—where she can pay bills such as for electricity, telephone, water, gas, and direct-to-home television. There will be instant confirmation once the payment is made.

Payments can be either made in cash or through any of the various electronic modes of payment. Cheque payments are not a part of the system. Participants who will function as operating units (OUs), will carry out these transactions for the customers.

The initiative is in line with the Reserve Bank of India’s (RBI) vision to facilitate payments for customers anytime, anywhere.Read More.. Click Here

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Wednesday, 3 August 2016

07:58

Banks eager to help you beam money to friends faster

Banks eager to help you beam money to friends faster

The U.S. banking system lags behind places like Europe when it comes to instant person-to-person payments. But a number of big financial institutions are now trying to get in the game. 

Some banks in the digital payments network called clearXchange are now allowing customers to send and receive money instantly to customers of participating banks using just a mobile number or email address. 

The exchange is owned by Bank of America, BB&T, Capital One, Chase, PNC, U.S. Bank and Wells Fargo. They're competing with scrappier players like Venmo and Square Cash, which are becoming popular apps for beaming payments to friends and family.

Wells Fargo, one of the clearXchange participants, has allowed peer-to-peer payments for a few years but just launched the "real-time" capability for them Monday.  

“If you're splitting a dinner check or paying a babysitter and you don't have cash or don't want to use cash, real-time fund availability just takes the money from one account and puts it in another account within a couple minutes,” said Wells Fargo spokesman Kris Dahl. 

With an app like Venmo, the money may not get to your bank account for a day or two. However, Venmo is really popular among millennials. And banks want millennials' business.

Jim Sinegal, an analyst at Morningstar, said the instant peer-to-peer payments alone won't be especially lucrative for banks. But they serve a strategic purpose. 

“The idea is that it's a gateway for the more profitable payment transactions: from consumer to merchant, from government to consumer," he said.

A potential disadvantage for banks, though, is that their apps might not be as easy and fun to use as some of the tech companies’ apps are, according to Talie Baker, an analyst at Aite Group. 

An app like Wells Fargo’s requires extra steps, such as logging into the mobile app with your bank account and password, assuming you don't have an iPhone with thumbprint identification. Then you have to click through a few additional options before finding the one to “send money now.” 

“I think that's the hurdle for banks right now—them being able to make their apps as frictionless and have that cool appeal,” said Baker. “Because Venmo is really cool.”

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Friday, 15 July 2016

22:59

Master Circular – Mobile Banking

Master Circular – Mobile Banking
1. Purpose
To provide a consolidated document containing all rules / regulations / procedures prescribed to be followed by banks for operationalising Mobile Banking in India.
2. Classification
Statutory Guidelines issued by Reserve Bank of India under section 18 of Payment & Settlement Systems Act, 2007, (ACT 51 of 2007).
3. Previous Guidelines consolidated
The Master Circular compiles the instructions contained in the circulars issued on Mobile Banking as listed in Appendix.
4. Scope
The guidelines are applicable to all commercial banks (including Regional Rural Banks), Urban Cooperative Banks, State Cooperative Banks and District Central Cooperative Banks.
5. Introduction
5.1 Mobile phones, as a medium for extending banking services, have attained greater significance because of their ubiquitous nature. The rapid growth of mobile users in India, through wider coverage of mobile phone networks, have made this medium an important platform for extending banking services to every segment of banking clientele in general and the unbanked segment in particular.
5.2 In order to ensure a level playing field, Reserve Bank brought out a set of operating guidelines for adoption by banks. The guidelines, finalised following a wide consultative process with the stakeholders, were first issued in October 2008 and since then have been updated keeping in view the developments taking place.
5.3 For the purpose of the instructions contained in this Master Circular, ‘Mobile Banking transaction’ means undertaking banking transactions using mobile phones by bank customers that involve accessing / credit / debit to their accounts
5.4 Banks are permitted to offer mobile banking services (through SMS, USSD or mobile banking application) after obtaining necessary permission from the Department of Payment & Settlement Systems, Reserve Bank of India. Mobile Banking services are to be made available to bank customers irrespective of the mobile network.


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