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Showing posts with label e-commerce. Show all posts
Showing posts with label e-commerce. Show all posts

Wednesday, 31 May 2017

09:34

Norms to protect customer in fraudulent transaction soon: RBI

Norms to protect customer in fraudulent transaction soon: RBI
MUMBAI: Reserve Bank will soon come out with final guidelines on customer protection which would limit customers liability in case of unauthorised electronic banking transactions, RBI deputy governor S S Mundra said on Tuesday.
Last year in August, RBI had issued draft circular on limiting liability of customers in case on fraudulent banking transactions, resulting in debits to their accounts or cards. RBI had asked comments and suggestions on the same.
"Based on the feedback received from the concerned stakeholders, final guidelines (on limiting liability of customers) are expected to be issued shortly," Mundra said at a event here.
HIGHLIGHTS
Reserve Bank will soon come out with final guidelines on customer protection
This will limit customers liability in case of unauthorised electronic banking transactions
RBI deputy governor S S Mundra said technology is being increasingly used in banking services
Mundra said technology is being increasingly used in delivery of banking services in recent years but it has brought in associated risk of security as is evident in few high profile cyber incidents, thefts of personal information, fraudulent use of ATMs, net banking frauds and cases of unauthorised access to banks servers.
"With greater thrust on digital banking, especially in the wake of demonetisation and consequent increase in complaints relating to the unauthorised or fraudulent transactions, a need for having a comprehensive policy to limit the liability of customers cannot be overemphasised," the deputy governor said.
Mundra said the final guidelines will clearly talk about the timeline for reporting fraudulent transactions, the liability customers will have to bear in case of unauthorised transactions and the responsibilities of banks in such instances.
He also asked banks to strengthen their IT security system ahead of the release of the final guidelines.
"In view of the impending guidelines, it would be prudent on the part of the banks to internally tighten their IT security system and customers service delivery through the IT-enabled platform and operating procedures so that grievances are minimised," Mundra said.
He asked banks to improve their call centre services and automated response system so as to provide less hassle to customers while using them.
"My experience is that you keep on navigating through the (IVR) menu and finally you need to talk to the customer service representative. It is good to use the technology, but we need to ensure that the technology is serving the intended purpose," he said.
Mundra said some of the banks have started using artificial intelligence and have done a pilot of putting a robotic assistance in the branch for guiding the customers.
"I would only urge that though it is a smart move, but ensure that it also does not end up in the same fashion as call centres or automated response system. It should be really be able to help the customers," he said.

Source:TOI


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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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Saturday, 3 December 2016

05:27

MODE OF PAYMENT SYSTEM WITHOUT CASH

MODE OF PAYMENT SYSTEM WITHOUT CASH


Are you one of the many lakhs of people in the country who have just received their monthly salaries, but don’t have the cash in hand to spend it? The good news is that you can move around with lakhs of rupees of purchasing power in your pocket – the only thing is, it won’t be cash. But, it will be as good, if not better. Credit cards, debit cards, meal cards all carry a certain purchase limit and can be used easily at many shopping centres and stores. With the Modi government demonetising old Rs 500 & Rs 1000 banknotes, more people are being compelled to move towards cashless transactions. So, how does one go cashless? Here are some options for you to consider:
1) Net banking: It allows you to use your banking services from any place across the country. All you need is an internet connection, a username and a password to log in to your net banking website – and voila – ou are ready to use net banking. With the help of net banking, you can check your account balance, statements, you can pay your credit cards bills, electricity bills, do a wi-fi recharge…you can even recharge a mobile or any prepaid connections. It allows you to do third party payment transfer. From net banking, you can also apply for a loan. Purchase of mutual funds, insurance can also be executed through net banking. It is a very secure mode of carrying out multiple transactions. It comes with a range of transaction options such as IMPS, NEFT, RTGS.
2) Credit Card: Suppose you went to a shop and purchased grocery for Rs 5000 and on an agreed future date of payment in good faith, you made the payment on that particular day. Extending the same logic, why should you carry cash when you can simply use a credit card which serves the same purpose? The credit card saves your time as there is no need to go to banks or ATMs. You only need to swipe your card through a machine which shopkeepers and grocery stores normally keep these days. On every purchase made through credit cards, you get reward points which again can be used for the purchase of other products.
There is a misconception about credit cards that you will have to pay hefty charges, but if you are paying your bills within the time frame (due date) then there’s no credit involved. Credit is the grace period given by the banks for paying up the bill. You normally get a credit limit based on your income level, but that also depends on certain factors such as your past credit score, stable job, liabilities against any loan taken and various other payment dues. Some merchant outlets may charge up to 2.5% extra if credit card is used, so do watch out for that.
3) Debit Cards: They are just like credit cards, without the ‘credit’ element. Whenever you are in need of money, this card will provide you cash 24×7 through any ATM machine. There is no need to worry about bank timings, stand in queues for withdrawing cash – leaving out special circumstances like the one we are seeing right now. These are bank account-linked ATM cards, that are mainly used for withdrawing cash. As soon as the cash is taken out from an ATM machine, by swiping your card, the amount gets deducted from your bank account. An instant message is sent to your registered mobile phone providing you the details of cash withdrawal. These are widely accepted cards. Debit cards can be used for online transactions and at merchant outlets.
4) Gift/Forex Cards: These are prepaid cards which have certain cash limit assigned to them. These are readily accepted cards and can be used at any shop and can also be used for online purchase of products. Most of these cards are reloadable but they are reloaded only when the amount is either consumed or gets expired. You can request for this prepaid card through your net banking by going into the card section and selecting the option of ‘request for prepaid cards’ and with few verifications, you will get your card at your doorstep.
5) Digital Wallets: Instead of keeping money in your pocket, purse or physical wallet, you can keep money in e-wallets. These e-wallets are similar to your physical wallets which you keep in your pocket. It is a mobile based application which can be downloaded from any app store and can be accessed through your mobile phone. Transaction or transfer of funds through these wallets can be done across the country between person to person (usage of e-wallet app should be same between the end users). The only thing you need to do is to reload your wallet eacy time by transferring money into it through your bank account. These wallets are highly encrypted, so, there is no need to worry about security. Currently, e-wallets are offered by PayTm, Mobikwik, Freecharge, Oxigen, Reliance Money, etc. Even banks like SBI, HDFC Bank, AXIS, ICICI Bank, etc. have launched their e-wallets app viz a viz Buddy, Payzapp, Lime, Pocket respectively.
6) UPI (Unified Payment Interface): Simply put, it enables you to transfer money from one bank account to another. It is an infrastructure provided by NPCI’s (National payment Corporation of India) to all the public, private & cooperative banks where they can build their own interface and help the common man easily make micropayments with a maximum cap of Rs 1 lakh through various modes like virtual address (a single identifier code), account no with IFSC code, mobile number or adhar number. It will ease the e-commerce payment gateway where we do not have to share account number or any sensitive information between person to person. Moreover, UPI works 24×7 on real-time fund transfer system.
7) E- Coupons: These electronic coupons are offered by various online mega stores. They are very helpful in taking discounts on purchase done through online shopping. We only need to enter the e-code and get the discount automatically. They do not require any printing or clipping. They carry unique identification code which can be accessed through the internet at particular sites. Some of the coupons which are available online are groupons, nearby coupons, shopping site coupons, etc.
8) Physical coupons: These are paper coupons which come in small denominations of Rs 10 to Rs 50 with a validity of 6 months to 18 months. These are used by corporates to reward their employees. The best use of these coupons can be done in buying meals from places such as Pizza Hut, Dominoes, KFC, Big Bazaar, etc. Out of many, two big giants that are providing these coupons are Sodexo and Ticket Restaurants.
9) AEPS (Aadhaar Enabled Payment System): Going ahead, you can use Aadhaar cards as a debit card in various merchant stores. These cards have been already linked to your bank accounts. You will be provided with a finger scanner at the merchant’s store to do your payments. Aadhaar-cum debit cards will allow you to do micro-payments for not more than Rs 4000. However, there are several questions like which bank account will be taken into consideration for making payments.
10) Med Health Cards: These are discount cards specially designed to avail benefit from the healthcare sector. These cards provide various health care savings programs. These cards provide free OPD consultation service. You can use this card and get a health check up done.

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Saturday, 12 November 2016

09:21

To become a Paytm VIP and earn benefits worth Rs. 5000 by doing KYC at the nearest Paytm agent

To become a Paytm VIP and earn benefits worth Rs. 5000 by doing KYC at the nearest Paytm agent

Paytm introduces Nearby, a seamless way to find your nearest Paytm merchant

NK Business, New Delhi [India], Nov 11 : As part of its ongoing mission of helping India go cashless, Paytm, India's largest mobile payments and commerce platform, today introduced the 'Nearby' feature on its platform. This will enable Paytm customers to get information about their nearest Paytm merchant

Paytm 'Nearby' will carry a directory of 800,000 Paytm's offline merchants and partners across India. In the first phase this list is 200,000+ and will continue to grow everyday.

Customers on their Paytm app or web can now browse through a list of shops and locations near them that offer services like accepting Paytm, adding cash to Paytm wallet and upgrading accounts by doing KYC. This not only provides convenience to customers but also provides visibility to thousands of small and medium merchants by connecting them to millions of Paytm customers.

"I am confident that while our customers will appreciate the increased convenience of finding Paytm services near them, our merchants and partners will value the exponential increase in visibility and new business 'Nearby' feature will bring. This is a great example of how mobile technology can drive business across the retail industry by redefining the hyper-local space," said DGM Paytm, Sonia Dhawan.

The new 'Add Cash' feature allows customers to find the nearest points such as ICICI and Axis bank branches where they can get cash loaded in their Paytm wallet.

Paytm users can use any of these add cash points across the country. The 'Upgrade your Wallet' option lets customers become a Paytm VIP and earn benefits worth Rs. 5000 by doing KYC at the nearest Paytm agent.

The company is aiming to get a larger market share in O2O categories by reaching every nook and corner of the country. As millions of Indians take to using Paytm to transact offline, the company has set a bolder target to achieve its goal of helping India go cashless. Currently India's largest payment network, Paytm wants to touch 4 million offline merchants by March 2017. 

Source:New Kerala



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Monday, 15 August 2016

17:19

E-verifying without net banking: More banks to follow PNB,UBI

E-verifying without net banking: More banks to follow PNB,UBI 

NEW DELHI: After Punjab National Bank and United Bank of India, more banks are likely to soon start a facility wherein an account holder can verify his income tax return on e-filing site even without having netbanking.

Electronic Verification Code (EVC) can be generated by pre-validating the bank account on the e-filing portal of the Income Tax Department. Read More..Click Here



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Friday, 1 April 2016

15:22

Foreign Direct Investment in Online Marketing?

Foreign Direct Investment in Online Marketing?

New clarity on e-commerce may smoothen entry for foreign giants like Alibaba 

BENGALURU: The new rules on foreign direct investment in online marketplaces could accelerate the entry of overseas firms such as China's Alibaba Group, both as investors and retailers, and potentially alter India's ecommerce landscape given their deep pockets.

Alibaba Group, a significant investor in electronic payments and marketplace Paytm, recently declared it was keen to begin operations directly in India this year, after its president J Michael Evans and global managing director K Guru Gowrappan met Telecom Minister Ravi Shankar Prasad. 

"The policy will bring in more interest from investors who have not yet entered the (Indian) market from countries like China and Japan as the fear of working through loopholes is now gone," said Satish Meena, a senior analyst with Forrester Research. 

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Monday, 12 October 2015

18:04

Axis Bank ties up with Snapdeal to provide collateral free loans

Axis Bank ties up with Snapdeal to provide collateral free loans

Axis Bank has tied up with Snapdeal to provide pre-approved, collateral-free loans to sellers on the online marketplace. The loans, ranging from Rs2 lakh to Rs1 crore, will be disbursed till 31 October.

“The loan offers are especially designed to enable sellers who are mostly SMEs (small and medium enterprises) to scale up inventory and meet the huge surge in demand in the run-up to Diwali,” Axis Bank said in a statement.

The bank did not specify what the average interest rate on these loans would be. Sellers on Snapdeal, India’s second largest e-commerce firm, will not need to submit any financial statements or proof of income tax payments for availing these loans.

These collateral-free loans will be offered to select sellers under Snapdeal’s seller financing programme—Capital Assist. Sellers will be identified for these offers on the basis of their past performance on the e-commerce platform, the statement said.

In May, State Bank of India had tied up with Snapdeal to offer similar loans.

On Tuesday, Jasper Infotech Pvt Ltd, which runs Snapdeal, said it will disburse loans worth Rs 1,000 crore by March to small and medium businesses listed on its platform as part of Capital Assist.

The company has already provided loans worth Rs 200 crore to help sellers meet their working capital requirements, co-founder and chief executive Kunal Bahl said.

Under the initiative, the company has partnered with leading non-banking financial companies and banks that include State Bank of India, Tata Capital, IIFL, ICICI Bank, HDFC Bank, RBL Bank, L&T Finance, Reliance Capital, Neo Growth, Lending Kart and Capital Float, among others, Snapdeal said.

Source:BankingUpdates
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Saturday, 26 September 2015

21:50

E-commerce: RBI allows banks to use e-payments for imports

E-commerce: RBI allows banks to use e-payments for imports

In order to facilitate e-commerce, RBI today permitted banks to enter into pacts with Online Payment Gateway Service Providers (OPGSPs) for import payments.

The facility, the RBI added will “only be available for import of goods and software (as permitted in the prevalent Foreign Trade Policy) of value not exceeding USD 2,000”.

Foreign entities, desirous of operating as OPGSP, will have to open a liaison office in India with the approval of the Reserve Bank before operationalising the arrangement with any bank.
Domestic entities functioning as intermediaries for electronic payment transactions and intending to undertake cross border transactions will have to maintain separate accounts for domestic and cross border transactions.

RBI had earlier permitted banks to offer the facility to repatriate export related remittances by entering standing arrangements with OPGSPs in respect of export of goods and services. The limit has been fixed at fixed at USD 10,000.

E-commerce in India has been growing at a blasting pace, driven by affordable smartphones and increasing Internet penetration.

Internet and Mobile Association of India estimates the overall e-commerce market, of which e-tail is a segment, at USD 16 billion. The e-tail market in India is expected to grow 10 times to USD 50 billion by 2020.

Source :Banking Updates
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Friday, 4 September 2015

16:07

Yes Bank to Enter Credit Cards Business

Yes Bank to Enter Credit Cards Business

Yes Bank today said it will enter the credit card space by June and has appointed former HDFC Bank executive Rajanish Prabhu to lead the division, as it announced a new organisational structure to boost retail and corporate banking.

"Credit cards are being launched in Q1 of FY17 to fully complete the retail banking product suite," the bank said in a statement.

The city-headquartered bank, which started operations in 2004, has been looking to enter the competitive and high margin credit cards business for over a year now. Mr Prabhu will serve as senior president and national head of the division.

Mr Prabhu's last job was as regional director for CyberSource Corporation, a company promoted by Visa for processing e-commerce transactions. Prior to that, he served for 11 years with HDFC Bank in multiple businesses, including credit cards.

The announcement to enter the credit cards business comes following foray into home loans. It today said it will also start serving the affordable housing segment as part of the home loan offering.

Meanwhile, the bank said its senior group president Pralay Mondal will also lead the commercial banking segment serving business of up to Rs 500 crore turnover, and rural banking, in addition to the branch banking, retail and small businesses.

Chitra Pandya will head the entire liability product range and Mani Ayyar will lead the newly created rural and inclusive branch banking business.

In another hire from the bigger rival HDFC Bank, it has picked up Ratan Kesh as the head for branch service delivery, contact centre and service excellence.

It is targeting to increase the branch network to 1,500 by March 2018 and 2,500 by March 2020, from the 630 as of end of June 2015.

On the urban branch banking front, it has divided the country into two regions which will be led by Narendra Dixit and Akshay Sapru, respectively.
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