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Showing posts with label POS Terminals. Show all posts
Showing posts with label POS Terminals. Show all posts

Tuesday, 13 June 2017

08:30

Double Swiping of Payment Cards to be discontinued from 15th June 2017

Double Swiping of Payment Cards to be discontinued from 15th June 2017

28th May 2017 - Manama, Bahrain - The Central Bank of Bahrain (CBB) has announced that all merchants and shopkeepers in Bahrain are required to stop their present practice of "double swiping" payment cards such as credit, debit, charge or prepaid cards, at their own point of sale (POS) and cash registers, from 15th June, 2017.
“Double swiping” means a merchant or shopkeeper swiping a card for the second time at his or her point of sale (POS) or cash register, immediately after the card transaction is approved in response to the first insert/swipe of the card at a POS belonging to the card acquirer. This practice of "double swiping" is widely considered as unsecure and hence, being discouraged by a number of countries, as well as card companies like VISA, during the last couple of years. 
Over the years, the CBB has taken a number of measures to protect card transactions. Among these are the phasing out of the traditional magnetic stripe cards and adoption of the EMV (Europay, MasterCard and Visa International) compliant chip embedded cards, as far back as 2010, since EMV is widely considered as the global security standard for card transactions. Card transactions in Bahrain are now processed securely, using card information stored in chips. When a card is first inserted in to the acquirer's POS at a sales counter, the card transaction is completed after the necessary approval or denial. The customer immediately receives a transaction advice via SMS message, for both, local as well as international card transactions. Accordingly, a card transaction does not require swiping the magnetic stripe again on the shopkeeper's own POS or cash register.
Merchants have been "double swiping" as a practice over the years, to collect card payment details and cardholders' personal data for internal accounting and/or marketing purposes. However, as this practice of swiping at a shopkeeper’s POS or cash register for the second time provides access to all payment card data, including sensitive information such as security code and personal data encoded on the magnetic stripe, it can effectively lead to card data compromise. Capturing or storing such sensitive card information in a shopkeeper’s computer system, has the potential risk of unintentionally exposing such information to malpractices and card frauds. Furthermore, it can undermine the efforts taken so far to enhance the security of card transactions by moving from magnetic stripes to EMV chip cards. Hence, there is a serious need to stop this unsecure practice of "double swiping" and thereby protect cardholder data against possible theft and to ensure public confidence in card transactions.
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Friday, 6 May 2016

08:46

State Bank of India rolls out mVisa

State Bank of India rolls out mVisa

BENGALURU, MAY 5:  

State Bank of India (SBI) on Thursday announced the launch of mVisa, a mobile-based payment solution.

The service will enable SBI customers to make payments from their smart phones, by scanning the unique merchant QR (Quick Response) code image at merchant outlets, thereby eliminating the need to swipe the physical card at a point-of-sale (PoS) machine.

SBI customers can download the latest version of SBI Anywhere application, from ‘Google Play Store’ and need to register for mVisa payments.

The SBI mVisa merchant app is also available in ‘Google Play Store’ and is used for receiving the payment notification, generation of static and dynamic QR codes and viewing transaction history by the merchants.

SBI mVisa merchants can accept payment from any mVisa customers.

First phase
In the first phase, SBI’s mVisa service has been introduced in Bangalore city and bank has already on-boarded sizable number of merchants in prominent market places in the city.

This facility will be gradually expanded to other cities, SBI said in a release.

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Wednesday, 27 April 2016

08:06

‘SBI Quick’ new facility to control debit card frauds

‘SBI Quick’ new facility to control debit card frauds

Considering the rising number of debit card frauds, State Bank of India (SBI) has launched a facility under 'SBI Quick: SMS and Missed Call Banking' service whereby the customer can choose to activate or deactivate their cards using various platforms, like ATM, and Point of Sale (POS).

The user can use platforms like ATM, Point of Sale (POS), e-commerce websites, international usage and domestic usage for activation and deactivation of debit card. This can be done by just sending an SMS, SBI said in a statement on Monday.

"While the facility of restricting debit card usage is available on the internet banking platform of the bank, we had to find a way to provide our customers with a simple but effective solution to curb this menace," said SBI DMD N K Chari.

SBI Quick, a mobile APP, provides a range of services and works on the condition that the SMS/missed call should come from the mobile number registered with the bank.

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Tuesday, 12 April 2016

17:09

Alpha Bank Enter MasterCard contactless

Alpha Bank Enter MasterCard contactless

Easy, fast and innovative everyday transactions!   

With Alpha Bank Enter MasterCard contactless and Alpha Bank Enter Visa contactless , you have access to your account anytime, and everywhere. There is no reason to worry about cash or exchange anymore, since you have access to ATMs anywhere in the world. Free of annual fee and interest, Alpha Bank Enter MasterCard contactless and Alpha Bank Enter Visa contactless are created to facilitate your everyday transactions.In addition, the embedded contactless technology enables you to conduct your everyday payments with unique convenience, in just a few seconds. 

Alpha Bank Enter MasterCard contactless and Alpha Bank Enter Visa contactless are also equipped with Chip & PIN technology and offer maximum security in your transactions either in Greece or abroad, with direct debit to your bank account in Euro.

All over the world, Alpha Bank Enter MasterCard contactless and Alpha Bank Enter Visa contactless make your transactions easier at any time!

More advantages: 
Contactless technology enables you to experience easy, fast and secure transactions at card acceptance terminals with a contactless reader. Inserting your card into the card acceptance terminal (POS) is not required and your transactions are completed in a few seconds.
For payments up to 25 Euros, transactions are completed within seconds, without entering your Personal Identification Number (PIN). Payments above 25 Euros can also be conducted with the use of contactless technology, by entering your PIN each time it is requested and always without the need to sign the purchase receipt.
  • Link of your card to Alpha Bank accounts (up to 5)  for ATM transactions.
  • Option of your daily purchase and cash withdrawals limit.
  • Purchases at millions of merchants in Greece and abroad, with direct debit to your bank account.
  • Checking of your bank accounts’ balance anytime at all Alpha Bank and DIAS network ATMs.
  • Cash withdrawals at any Alpha Bank and DIAS network ATMs in Greece.
  • Detailed quarterly statement with all your card transactions or electronic monthly report through e- statements.

The only limit to your purchases is the balance of your linked bank account.

Alpha Bank Enter MasterCard contactless and Alpha Bank Enter Visa contactless makes your every day transactions easier.

...and of course of the highest security! 
  • Chip & PIN technology for maximum security in all your transactions in Greece and abroad.
  • Delivery of  a non activated card which can be activated at any of Alpha Bank΄s ATM.
  • As soon as you fill in the application form for your new card, you receive your personal identification number (PIN).
  • Option of your daily transaction limit, for purchases or cash withdrawals.
  • Card Loss Centre of Alpha Bank operates 24 hours a day.
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Thursday, 31 March 2016

08:02

Yes Bank:Smart Box for Consignments Delivery through e-commerce

Yes Bank:Smart Box for Consignments Delivery through e-commerce 

Parcels are placed in smart boxes nearby from where they can be picked up at one’s conveniencee 
MUMBAI, MARCH 30:  
E-commerce players bleed money more in logistics than in the fabulous discounts they offer on various products.

Track a delivery boy who begins the day with about 30 consignments to be delivered. Given the traffic conditions and deplorable roads across most Indian metros that seems a stiff target. But wait, jams occur even while waiting for elevators to reach so many high-rise offices.

You can spend 15-20 minutes waiting for your turn to get into the right elevator. Imagine the delivery boy struggling up only to find the recipient out for lunch or some meeting. That’s another trip, more delays, more costs and lower margins — and, of course, more blood on e-commerce players.

What if, instead, there is a simple solution — where your package is delivered to a pre-designated pickup spot, close to your residence/office where you can go and pick up your package at your convenience — after swiping your card and paying the necessary amount? YES Bank is in the process of doing precisely that in tandem with some e-commerce players.

The solution they have come up with is a ‘smart box’ — a 10 feet by 3 feet box with about 52 compartments/lockers of various sizes — in which the parcels will be deposited. An SMS giving you the access code will be sent to your mobile. After swiping your card at the PoS (point-of-sale) machine kept near the smart box and making the payment, the designated compartment will open automatically and you can pick up your package.

Pilot in Delhi

This is what the bank has installed as part of a pilot project in DMRC Delhi. The bank has deployed about 12 such boxes and PoS machines there and hopes to add another 125 by June. It plans to roll these out across other metros and have about 1,000 such machines across the country within a year.

Ritesh Pai, Senior President and Country Head, Digital Banking, YES Bank, said the bank has identified many high convergence areas, highly frequented, and high-density populated areas — such as corporate business parks, buildings, or high-end residential flats with 200-300 flats in one complex — typically the locations from where people order these consignments. Smart boxes will be put up with in-built payments functionality at these places, he said.

He explained, “Whenever you order your consignment, your e-commerce marketplace (for example, a Flipkart, Snapdeal or Amazon) will prompt you by saying, ‘By the way there is a smart box located nearby (based on your pin code). Would you like to opt for delivery there?’

“Now, if you agree, then the logistics guy will deliver it there (where it will remain for three days) and you will get an SMS alert and a one-time password to access the smart box.

“You can go there at your convenience, where there is a kiosk with an unmanned PoS machine. On the basis of your order number, the price is flashed, after which you swipe your card and key in your pin. The moment the payment is authorised, the box opens up and you can carry home your consignment.”

Win-win situation

Ritesh says this is a win-win situation. Efficiency will improve, he says, counting on the fact that deliveries can now be done even at night. Importantly, e-commerce players will also get the money into their account within a day — instead of the average time of a week that it takes now. And customers need no longer experience the anxiety or guilt of missing the delivery boy.

Ritesh says the solution is being piloted with a couple of small websites and has started seeing success. Bigger e-commerce entities are expected to join in soon.

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Tuesday, 15 March 2016

18:03

Mobile Payment Solutions :ICICI BANK

Mobile Payment Solutions :ICICI BANK

ICICI Bank unveils mobile payment solution to make payment from NFC enabled smartphones 

MUMBAI: Private sector lender ICICI Bank on Tuesday unveiled a mobile payment solution to enable its credit and debit card customers make payments by just waving their smartphones at a near field communication (NFC)-enabled merchant terminal.

The mobile payment solution available in the bank's 'Pockets' app, provides improved convenience of 'Touch & Pay' as customers are no longer required to carry physical card or cash to pay in stores.

ICICI Bank will be using the Host Card Emulation (HCE) technology to create 'virtual' cards for 'physical' credit or debit cards (Visa/MasterCard) of the Bank, as selected by the customer.

The virtual card resides in the Bank's secure cloud server. Using the virtual cards, an ICICI Bank customer can initiate electronic payments from NFC enabled smartphones by just waving his/her phone near a contactless merchant terminal. 
While the virtual card bears a different card number, the credit limit and expiry date remains same as the original physical card.

The customer's card details are stored virtually in the bank's secure cloud server and not on the customer's mobile phone. Additionally, the display of the card on the smartphone shows only last four digits of the virtual card. Thus, even if a customer loses the mobile phone, he will not lose any confidential information. 

"As of now 40,000 terminals are ready to accept NFC payments and we are in the process of increasing this number. As per RBI laws the maximum amount of transactions is Rs 2,000 as of now. We as a bank want to open all the possible channels for interaction of a customer and reduce all forms of friction in the system of payments and this is part of that effort" said Rajiv Sabharwal, executive director, ICICI Bank. 


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Monday, 28 December 2015

12:56

SBI to bank on integrated channel strategy to optimise services

SBI to bank on integrated channel strategy to optimise services

To wring more efficiency from its operations, State Bank of India is preparing an integrated channel strategy for the next three years to achieve an optimum mix between various distribution channels.

The distribution channels through which India’s largest bank provides services include branches, ATMs, Point of Sale (POS) terminals, internet banking, mobile banking and business correspondent and customer service points.

The move to come up with an integrated channel strategy comes in the backdrop of transactions on alternate channels (or non-branch channels) seeing substantial traction in the last few years.

For example, as at September-end 2015, the number of internet banking and mobile banking transactions increased to 58.50 crore (from 39.95 crore as at September-end 2014) and 4.94 crore (3.31 crore), respectively.

Similarly, ATM and POS transactions rose to 158 crore (133 crore) and 3.77 crore (2.59 crore), respectively.

According to Rajnish Kumar, Managing Director, SBI, “We are preparing our three year plan….An integrated channel strategy is being worked out.
“The idea is that if you don’t need a branch then don’t open it. You open it with a certain purpose in mind. Not for just transaction banking.”
Kumar said that the bank is currently analysing as to how it can achieve an ideal customer touch point mix between various channels such as branch, ATMs, POS, internet and digital banking.

As at September-end 2015, SBI had 3.7 lakh touch points – 16,415 branches; 56,930 group ATMs (also includes multi-function and self-service kiosks and cash deposit machines); 2.4 lakh POS terminals; and 58,571 customer service points.
The SBI MD said “Ultimately, you (customer) have to ask the question, why I need to go to a bank branch? We still need bank branches. That I firmly believe. It is not that bank branches are going to disappear.

“…If I can do something on my mobile or internet banking then for transactions, at least, branch visit will not be needed.”
Since ATMs do not permit withdrawal over Rs 40,000 and cash deposit machines allow deposit of only Rs 50,000, Kumar explained that customers have to visit branches for high value transactions. They will also need to go to branches for signing loan documents or getting advisory.

“Ultimately our goal and aim would be that our branches focus more on sales and advisory and handholding the customers if they have any difficulty,” he said.

It may be pertinent to mention here that last year, the RBI’s technical committee on mobile banking underscored that in terms of per-transaction or per-branch costs, mobile banking transaction is economical compared to the traditional banking channels and hence there is need for banks to encourage the mobile banking channel in a big way keeping in mind the long term economic gains.

HR Audit
Meanwhile, SBI is planning to appoint a consultant for carrying out human resources (HR) audit including conduct of an employee engagement survey. As on September-end 2015, had a complement of 2,11,433 staff members comprising 81,666 Officers, 90,760 Assistants and 39,007 Sub-ordinate staff.

The Survey, among others, is aimed at determining the level of excellence in HR functioning in the Bank in terms of the quality of personnel recruited and retained, the various HR policies and processes adopted / followed to make HR a truly strategic business partner.

Source :BankingUpdates
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Sunday, 6 December 2015

21:25

Banks in Chennai deploy boats to dispense cash

Banks in Chennai deploy boats to dispense cash

At a time when banking -- especially ATMs operations -- have come to a standstill, few banks have come forward for their customers by deploying mobile ATMs and boats to dispense cash.

Some banks have decided to waive off penalty on late EMI payments. It may be noted, all the banks in flood-affected areas will remain open on Sunday till extended business hours.
On Friday, Department of Financial Services conducted a review meeting with all the public and private sector banks and reviewed services in Chennai and other flood-affected districts in Tamil Nadu.

All the banks have been asked to restore banking services in affected areas as early as possible and provide ATM and other services round the clock.
They have been requested to provide mobile ATMs/PoS Machine services through Bank Mitras mounted on boat or other means. Banks have been asked to replenish cash in all the ATMs. All the banks in floo-affected areas will remain open on Sunday and will also offer extended business hours.
State Bank of India said that despite the fact that many of the branches and ATMs of the bank have been severely affected by the heavy downpour in Chennai, the bank has taken steps to ensure that the majority of the branches are working.
Most of the ATMs in the city are dispensing cash. ATMs which are not functioning are attended to on priority basis. Bank is deploying Mobile ATM which is moving around the city dispensing cash.

"We have also arranged hand held machines to dispense cash through mobile vans and our employees are stationed at various parts of the city with the hand held machines. Boats are deployed for dispensing cash at places which are marooned.  We have also made arrangements for opening 47 branches in the affected areas on Sunday (December 6) for the public," said SBI.

Canara Bank has said that in view of the heavy flood situation in Chennai / Kancheepuram and certain areas of Tamilnadu State  14 branches of the bank could not function. Currency Chest Cash Movement has been stopped and  270 ATMs have been affected.

The bank has sent Mobile ATMs from Bangalore and has started functioning. The same is being utilised in worst affected areas in Chennai, said the bank.
Bank's 15 branches in worst-affected areas in Chennai City / Kancheepuram would function tomorrow till 2.00 PM and 25 cordless POS machines arranged for use in affected areas for cash withdrawal from tomorrow (i.e., December 06, 2015) for which the bank has formed a Task Force, said the bank.

ICICI Bank spokesperson said, "ICICI Bank will not levy any penalty for its customers in Chennai for delay in EMI payments for the month of November. It will also waive off charges for cheque bounce in the same period."

Similarly, HDFC bank said, "In a gesture of support to the people of Chennai, we would like to inform our customers in the city that the penalty for delay in EMI and card payments will be waived off for the month of November. We would like to assure everyone that the bank is leaving no stone unturned in providing continuous banking services in the city. Given the scale of the natural disaster there are challenges and we regret the inconvenience caused to our customers".

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Thursday, 5 November 2015

08:06

Corporation Bank makes salary account attractive to compete with private banks

Corporation Bank makes salary account attractive to compete with private banks

State-run banks are rarely aggressive, especially when it comes to wooing customers away from private sector rivals which are known for pampering corporate clients with extraordinary services. But Corporation Bank is trying to change this perception, and is taking the battle right up to the doorstep of ICICI Bank and Bank by signing with Reliance Industries for its salary account. What's more, Essar Steel and JK Industries are next in line.

Top officials from the bank said that the move is aimed at improving the share of low cost deposits and margins. SR Bansal, chairman and managing director of Corporation Bank, said, "The bank plans to increase the low cost deposits to 25%. Therefore, we are in talks with corporates like Reliance, JK Industries and Essars to get their salary account."

At present, the share of low cost deposits is 20% as against 40% in case of commercial banks such as State Bank of India (SBI), ICICI Bank and HDFC Bank. Low cost deposits comprise current and savings account where banks offer just 4% on savings account, and no interest on current account.

The bank, currently under pressure due to rising bad loans and poor demand for loans, aims to improve its share of low cost deposits to 25% from 20% and improve its margins by 25 basis points to 2.25% by the end of this fiscal year.

Among the various benefits that the bank plans on deposits of Rs 1 lakh is Rs 10 lakh accidental cover, Rs 50 lakh of air insurance cover and a 50% discount on lockers. Besides, the customer will have free access to airport lounge, no fee on debit and credit card, no charges on NEFT and RTGS transactions, cash withdrawal limit of Rs 1 lakh from ATM at one go, 50% waiver of processing fee on housing, auto and personal loans.

"Bank is taking various other measures to improve the margins such as reduce expenses, deploy more point of sale (PoS) machines and lower the share of high cost deposits," said Bansal. In the last six months, the bank has doubled the PoS machines to 60501 which helped it garner attract account deposits of Rs 195 crore.

Meanwhile, the bank appointed IT company Wipro for replacing its core banking solutions (CBS) for a consideration of Rs 400 crore. So far, the bank had been operating on Cobol-based software which was developed in-house but had become outdated, according to Bansal.

The new CBS will run on Finacle software and the first rollout of 50 branches would happen in December. "On implementing CBS, the ease of doing banking with Corporation Bank will improve which in turn will enable us to attract more customers," said Bansal.

The bank has 2375 branches and about 3000 ATMs. As on June 2015, the company had posted a net profit of Rs 204 crore for June 2015 against Rs 231 crore in June last.
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Friday, 4 September 2015

07:44

Finance Ministry has its way, you will soon be able to withdraw Rs 5,000 through point of sale machines at shops,

Finance Ministry has its way, you will soon be able to withdraw Rs 5,000 through point of sale machines at shops,

If the finance ministry has its way, you will soon be able to withdraw Rs 5,000 through point of sale machines at shops, up from Rs 2,000 now. This can potentially bring down the use of automated teller machines (ATMs) to just large-value transactions.

A senior finance ministry told ET that the government is in discussions with the Reserve Bank of India (RBI) to increase the withdrawal amount from the current limit of Rs 2,000 per day. The facility was made available in 2013 for all debit and prepaid card holders.

"There is a case for increasing the amount, more so in Tier III and Tier IV cities where ATMs are less and also at a lot of distance," the official said, adding that the move will support the mission of providing universal banking access.

Under the government's ambitious financial inclusion scheme, the Pradhan Mantri Jan Dhan Yojana (PMJDY), banks have opened 17.74 crore accounts with deposits of more than Rs 22,000 crore.

"Ease of taking out money is essential to the success of these schemes," the finance ministry official said. Last week, RBI enhanced the limit for cash withdrawal at PoS machines to Rs 2,000 per day in Tier III to VI centres. The limit in Tier I and Tier II cities remained unchanged at Rs 1,000 per day.

Another government official, however, said that RBI prefers a gradual increase in the withdrawal amount. "The RBI wants the increase to be spread over a period of a year or two as it looks to build a robust e-payment system," he added. RBI has already set up a committee to work out a medium-term (five-year) measurable action plan for financial inclusion, which includes a review of the supportive payment system.

As per existing regulations, the cash withdrawal facility is available at merchant establishments designated by the respective banks. Customer charges are not to exceed 1% of the transaction amount at all centres, irrespective of the withdrawal amount. An executive director at a public sector bank (PSB) said that the move will complement payments banks and will also ease pressure on PSBs.

"We are forced to scale up our ATM presence in areas where there is very low economic viability and the bank has to bear expenses on account of cash management services and security," he said.

 Source:Bank updates.
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Sunday, 30 August 2015

13:24

State Bank of India not averse to fund startups


State Bank of India not averse to fund startups 

MUMBAI: The country's largest lender State Bank of India is keen to play a part in the flourishing startup scene, and is open to invest in a financial sector company which can help in its operations, a senior official has said. 

"We are open to engage with start-ups...this will be a strategic one wherein we can invest in a financial sector company which could help us," a senior bank official said over the weekend. 

The bank has neither invested in any startup yet, nor in talks with any, the official added. 

When asked if it is looking at creating a dedicated fund within the bank, as many corporates have done, the official replied in the negative. 

"Funds are not a problem. If we get the right fit, there are various avenues through which we can invest," the official said, adding one such vehicle might be doing it through the Oman India Joint Investment Fund. 

Last week, a media report said chairperson Arundhati Bhattacharya had a meeting with start-ups in Bengaluru in which new companies from the financial services sector presented their potentially disruptive solutions. 

he RBI decision to increase the cash-out limits at the POS terminals in rural areas is a welcome move, the official said, adding 1.06 lakh of its P0S machines have the capability to act as micro-ATM which can help the merchants with their cash management. 

Over a three-year period, the bank is planning to increase its P0S machines to 1 million, which will make it the largest in the P0S network in the country, the official said. 


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11:21

RBI doubles PoS cash withdrawal to Rs 2K in Tier III-VI centre

RBI doubles PoS cash withdrawal to Rs 2K in Tier III-VI centre

The Reserve Bank today doubled the limit for cash withdrawal at Point-of-Sale (POS) in Tier III to VI centres to Rs 2,000 per day to improve customer convenience.

"This facility will be available for debit cards and open system prepaid cards issued only by banks," the RBI said in a statement.

The RBI in July 2009 had allowed cash withdrawal at POS terminals for debit cards and subsequently in September 2013 this facility was extended to pre-paid cards issued by the banks.
"The Reserve Bank has doubled the limit for cash withdrawal at Point of-sale (POS) in Tier III to VI centres from Rs 1,000 to Rs 2,000 per day," it said.

However, the limit remains unchanged at Rs 1,000 per day at Tier I and II centres.

The RBI envisages that the enhanced amount for Tier III- VI centres will add to "customer convenience and aid re-cycling of cash in Tier III to VI centres even as the push towards a less cash society is pursued".

It said the facility will be reviewed keeping in view the progress in e-payments and other related developments.

"In order to bring transparency in the charge structure, banks have been advised that customer charges levied, if any, should not exceed 1 per cent of the transaction amount at all centres," it said.

All merchant establishments where this facility has been activated, should display/indicate clearly the availability of cash withdrawal along with the charges, if any, payable by the customers, RBI added.

Cardholders can use PoS for withdrawal irrespective of whether they make a purchase or not. "Cardholders must swipe their cards at the POS and provide PIN for authentication similar to withdrawing cash at an ATM," RBI said.

Source:Bankupdates.
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