Why companies like Apple are hesitating to launch payment services in India
6 years, 4 months ago

Why companies like Apple are hesitating to launch payment services in India

Firstpost  

The RBI announcement mandating data localization for payment data in April had met with wide objections from the industry, on account of the major changes to the processes as well as costs to companies in setting up payment services in India. Recent news of Apple Pay being put on hold on account of, among other things, the RBI’s data localization mandate, indicates the hurdles being faced by such companies in setting up payment services in India. Ambiguity in the data localization requirements, under both the RBI notification and the proposed data protection law, are among the primary concerns of such companies. Ambiguous nature of RBI’s data localization mandate Of the hurdles faced by these companies, the primary one is of the RBI imposed mandate for storing payment data within India.

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History of this topic

RBI to take on Google, Microsoft with its first-ever cloud platform: Report
1 month, 4 weeks ago

RBI to take on Google, Microsoft with its first-ever cloud platform: Report

Live Mint  

The Reserve Bank of India plans to launch an affordable, local cloud data storage pilot programme in 2025, for financial firms, Reuters reported, citing two sources. The RBI's new initiative will use local IT companies and compete with global providers like Amazon Web Services, Google Cloud, IBM Cloud, and Microsoft Azure, it added. The second source told the news agency …

India plans to curb Google, PhonePe’s dominance in mobile payments: Report
8 months, 4 weeks ago

India plans to curb Google, PhonePe’s dominance in mobile payments: Report

The Hindu  

India’s governing body overseeing the country’s Unified Payments Interface mobile payments system is set to engage with fintech startups to develop a strategy to address the growing market dominance of companies including PhonePe and Google pay in the UPI ecosystem. The National Payments Corporation of India plans to meet executives from companies including CRED, Flipkart, Fampay, and Amazon to discuss …

RBI issues draft guidelines on payment aggregators | Check details
8 months, 4 weeks ago

RBI issues draft guidelines on payment aggregators | Check details

India TV News  

Aiming to boost the payment ecosystem, The Reserve Bank of India on Tuesday issued draft guidelines to further strengthen regulations on payment aggregators. "Given the growth in digital transactions and the significant role that PAs play in this space, the current directions on PAs are proposed to be updated and cover, inter alia, KYC and due diligence of merchants, operations …

WhatsApp adds rival in-app payment options in India commerce push
1 year, 3 months ago

WhatsApp adds rival in-app payment options in India commerce push

The Hindu  

WhatsApp said on Wednesday that it will offer credit card payments and services from rival digital payment providers within its app in India, the latest bet by the Meta-owned service to boost commerce offerings in its biggest market. People shopping on WhatsApp could also pay using popular services like Alphabet Inc’s Google Pay, Paytm and Walmart’s PhonePe but only after …

Apple In Talks With UPI Apps To Launch Apple Pay Service In India: What It Means
1 year, 6 months ago

Apple In Talks With UPI Apps To Launch Apple Pay Service In India: What It Means

News 18  

In good news for Apple fans in India, the Cupertino-based tech giant is reportedly planning to launch its payment service, Apple Pay, in the country. The report claimed that Apple CEO Tim Cook met with HDFC Bank CEO and MD Sashidhar Jagdishan during his trip to India in April to discuss the possibility of bringing the credit card to the …

Apple Pay set to launch in India, talks underway with NPCI: All details here
1 year, 6 months ago

Apple Pay set to launch in India, talks underway with NPCI: All details here

India TV News  

Apple is reportedly in discussions with the National Payments Corporation of India to bring Apple Pay to the country. According to IANS, iPhone users in India may soon be able to scan QR codes and make payments through the unified payments interface using Apple Pay, similar to other popular digital payment apps. Apple Pay provides a convenient, secure, and private …

DC Edit | UPI may be a game-changer
1 year, 10 months ago

DC Edit | UPI may be a game-changer

Deccan Chronicle  

Indians have witnessed but possibly overlooked a proud national accomplishment. It concerns the virtual launch of a linkage in real time between the biggest public payment platform of India, the Unified Payments Interface, and PayNow of Singapore. Creating the UPI was a great achievement for India, both from the vantage points of policy and vision, and creating a legal and …

India's UPI and Singapore's PayNow are now linked: How will this benefit users?
1 year, 10 months ago

India's UPI and Singapore's PayNow are now linked: How will this benefit users?

Firstpost  

India has experienced a technological revolution in recent years. With the Unified Payments Interface being connected to PayNow on Tuesday, Indians can now send money to their friends, coworkers, and relatives in Singapore via digital payment systems like Google Pay and PayTM. 🎥A short film screened on UPI of India and PayNow of Singapore It elucidates how the linkage of …

UPI goes global: NPCI facilitates digital payments for non-resident Indians; all you need to know
1 year, 11 months ago

UPI goes global: NPCI facilitates digital payments for non-resident Indians; all you need to know

Live Mint  

The Unified Payments Interface, developed by the National Payments Corporation of India has been revolutionizing the digital payments landscape in India since its launch in 2016. An operating circular was issued on 10th January 2023 allowing NRIs to use their international mobile numbers for making payments through UPI. This move is a significant milestone in promoting the usage of UPI …

RBI’s digital rupee useful in overseas payments: IMF
2 years ago

RBI’s digital rupee useful in overseas payments: IMF

Deccan Chronicle  

Chennai: India can effectively use a Central Bank Digital Currency as an avenue for cross-border payments in view of high volume of inbound remittance, said the International Mone-tary Fund, adding that international cooperation would be a key factor for its success. The RBI could opt for introducing both a retail and wholesale CBDC, addressing inefficiencies for both retail and wholesale …

RBI Mulls Addressing Monopoly of PhonePe, Google Pay in UPI Space; Deputy Guv Explains
2 years, 4 months ago

RBI Mulls Addressing Monopoly of PhonePe, Google Pay in UPI Space; Deputy Guv Explains

News 18  

Reserve Bank of India deputy governor T Rabi Sankar on Wednesday said that the central bank was going to find a solution to the problem of payments done on the United Payments Interface getting concentrated on two big players — Google Pay and PhonePe. We are also looking at Europe to see how we can address this issue,” said T …

UPI will Act as Delhi’s Digital Bridge to Drive Rupee Across Global Payment Corridors
2 years, 5 months ago

UPI will Act as Delhi’s Digital Bridge to Drive Rupee Across Global Payment Corridors

News 18  

A cash on delivery payment, purchase at a hypermarket, mom-and-pop stores and vegetable cart, mobile recharge, bill payment, filling at a fuel station and an offering at a temple – what cuts across all these activities is a UPI payment — scan and pay. This development of zero dependence on foreign card network operators is India’s response to US sanctions …

Govt Mulls Tie Up Between India Post Payments Bank and WhatsApp: See What's on Cards
2 years, 6 months ago

Govt Mulls Tie Up Between India Post Payments Bank and WhatsApp: See What's on Cards

News 18  

The central government is mulling a tie up between the India Post Payments Bank and leading messaging platform WhatsApp to offer a host of banking and financial services, a report has said. In a bid to keep up with the digital age, the government may also consider a collaboration between India Post and WhatsApp, to offer even better services within …

Apple Tells iPhone Users In India To Change Their Payment Method: How It Works
2 years, 7 months ago

Apple Tells iPhone Users In India To Change Their Payment Method: How It Works

News 18  

Apple has changed its payment systems in India, asking people to remove their debit/credit card details to buy apps and other items off the App Store. The new rule comes into effect from June 1, 2022, when credit and debit cards will no longer help you purchase apps and subscriptions for Apple TV+ or iCloud among others. How To Pay …

RBI rules break Apple payments in India, Apple stops taking credit and debit card payments
2 years, 8 months ago

RBI rules break Apple payments in India, Apple stops taking credit and debit card payments

India Today  

Apple has stopped accepting card payments for subscriptions and app payments on the App Store. Users in India can no longer use their credit or debit cards to make payments for services or purchases on the App Store. The Apple Support page shows that users can make purchases and subscribe to services by paying through net banking, UPI or Apple …

Tech tips: How to make UPI payments without using the internet
2 years, 9 months ago

Tech tips: How to make UPI payments without using the internet

India Today  

India is on its road to becoming a cashless economy. Until now, the UPI payments could only be done from a smartphone, and people owning feature phones would still have to go for cash mode. “UPI 123PAY is an instant payment system for feature phone users who can use Unified Payments Interface payment service in a safe and secure manner. …

RBI's UPI for Feature Phones; You Don't Need Smartphone, Internet for UPI Payments
2 years, 10 months ago

RBI's UPI for Feature Phones; You Don't Need Smartphone, Internet for UPI Payments

News 18  

The Reserve Bank of India on Tuesday launched a new digital payment mode — Unified Payments Interface called UPI123Pay for feature phones. “UPI123Pay will digitally empower millions across the country and help NPCI achieve its dream of a billion plus daily UPI transactions,” said Biswamohan Mahapatra, chairman, National Payments Corporation of India, the umbrella organisation for retail digital payments in …

UPI Payment Without Internet, Smartphone: RBI to Launch UPI for Feature Phones Today
2 years, 10 months ago

UPI Payment Without Internet, Smartphone: RBI to Launch UPI for Feature Phones Today

News 18  

You don’t need a smartphone or internet connection to do Unified Payments Interface payments anymore. To enable thousands of feature phone users with the digital payment ecosystem in the country, the Reserve Bank of India is all set to launch UPI123Pay on Tuesday. Why UPI Payment for Feature Phones RBI governor Shaktikanta Das announced to launch a UPI-based payment system …

WhatsApp empowers 500 villages in India with access to digital payments
3 years, 1 month ago

WhatsApp empowers 500 villages in India with access to digital payments

Hindustan Times  

Instant messaging platform WhatsApp announced on Wednesday the ‘Digital Payments Utsav’, its pilot program of empowering 500 villages across Karnataka and Maharashtra with access to digital payments through ‘payments on WhatsApp’. We have started this pilot programme in 500 villages across Karnataka and Maharashtra as part of our mission to take on board the next 500 million into the digital …

iPhone users can now use UPI, RuPay, Netbanking for App Store payments
3 years, 5 months ago

iPhone users can now use UPI, RuPay, Netbanking for App Store payments

India Today  

Apple users now have three new payments modes for App Store-related payments in India. You can now use UPI, RuPay cards, and net banking to pay on the App Store.” Apple in a separate page has detailed how users can add the new and more convenient payment modes. — To add a new payment mode, tap on Add Payment Method …

RBI Restricts Mastercard: How Will It Impact Existing Customers?
3 years, 5 months ago

RBI Restricts Mastercard: How Will It Impact Existing Customers?

The Quint  

In a 2018 statement, MasterCard CEO and President, Ajaypal Singh Banga, said that data localisation may fail to provide safety and security to Indian banks, merchants. Meanwhile, Sharat Chandra, an emerging tech evangelist told The Quint that since there is hardly any money left to be made in payments business, payment data collected can be used by Mastercard to build …

Amazon, Google vie for piece of India’s digital payments market
3 years, 10 months ago

Amazon, Google vie for piece of India’s digital payments market

Live Mint  

Technology giants Facebook Inc., Amazon.com Inc. and Google and credit-card providers Visa Inc. and Mastercard Inc. are among those vying for unprecedented access to India’s burgeoning digital retail payments market. In a market where cash is still king, digital payments are quickly gaining ground as India’s 1.3 billion people are starting to embrace online shopping and services such as online …

Online Payment Systems Beyond RBI: A Threat To National Financial Security
3 years, 11 months ago

Online Payment Systems Beyond RBI: A Threat To National Financial Security

Live Law  

"Data is the new oil". Given this backdrop, and the recent developments concerning companies whose activities of using customer data without consent, casts an imminent danger to the privacy, security and even safety of the user in the digital age. The new Privacy Policy and Terms of Use of WhatsApp have mentioned that it shares the customer data with Facebook …

Nothing stops companies from processing data in India itself: Paytm CEO
3 years, 11 months ago

Nothing stops companies from processing data in India itself: Paytm CEO

The Hindu  

Expressing support for data localisation, Paytm founder Vijay Shekhar Sharma on Tuesday said data generated in India should be processed within the country. Speaking at the 15th India Digital Summit, Mr. Sharma said there is nothing that stops companies from processing data in India itself. "I think India will make the world's most superior products, and that is why we …

WhatsApp Payments Is Now Live With SBI, ICICI Bank, HDFC Bank And Axis Bank For UPI Payments
4 years ago

WhatsApp Payments Is Now Live With SBI, ICICI Bank, HDFC Bank And Axis Bank For UPI Payments

News 18  

WhatsApp Payments feature is now available to up to 20 million users in India for enabling UPI payments. The Facebook owned WhatsApp platform confirms that WhatsApp Payments are now Live with State Bank of India, ICICI Bank, HDFC Bank and Axis Bank, and will enable the National Payments Corporation of India’s Unified Payment Interface system for users to make payments, …

India will be a large data economy; will have data refinery: Ravi Shankar Prasad
4 years, 1 month ago

India will be a large data economy; will have data refinery: Ravi Shankar Prasad

The Hindu  

The government plans to cultivate India as a large data economy and as a precursor, the country will soon have its Data Protection Law in place, said Union IT Minister Ravi Shankar Prasad. Opinion | The Data Protection Bill only weakens user rights “We are keen to promote India as a large centre for data economy and we will also …

WhatsApp introduces payment services in India
4 years, 2 months ago

WhatsApp introduces payment services in India

The Hindu  

WhatsApp unveiled payments services in India following approval by the National Payments Corporation of India after a wait that extended for more than two years. However, not all users in India — one of the biggest markets for the unit of Facebook — would be able to access the feature as NPCI had mandated expansion of WhatsApp’s UPI user base …

WhatsApp Pay now live in India: Link these 5 bank accounts to use service
4 years, 2 months ago

WhatsApp Pay now live in India: Link these 5 bank accounts to use service

Live Mint  

With over 400 million users, WhatsApp has received the National Payments Corporation of India's approval to ‘Go Live’ on UPI in a graded manner. However, the UPI payments service will reportedly be rolled out to 2 crore WhatsApp users initially while the Facebook-owned messaging app has more than 40 crore users in the country. 5 banks WhatsApp has partnered with …

WhatsApp payment service goes live in India
4 years, 2 months ago

WhatsApp payment service goes live in India

The Hindu  

WhatsApp on Friday announced the roll out its payments services in India following approval from the National Payments Corporation of India after about over two years of waiting. However, not all users in India — one of the biggest markets for the U.S.-headquartered tech giant with over 400 million users — will be able to access the feature as NPCI …

WhatsApp Payments gets a nod to allow users make UPI-based payments in India: How to use on Android, iOS?
4 years, 2 months ago

WhatsApp Payments gets a nod to allow users make UPI-based payments in India: How to use on Android, iOS?

India TV News  

After a two-year wait, WhatsApp has finally been allowed to start rolling out its payments service -- WhatsApp Payments -- in India. On IOS, head to the Settings option and select the 'Payments' option In both cases, tap the 'New Payment' option and then the 'Accept and Continue' option Following this, add your bank from the list that pops up, …

WhatsApp starts UPI payments service in India from today
4 years, 2 months ago

WhatsApp starts UPI payments service in India from today

Live Mint  

WhatsApp has started its payments service in India on Friday, the messaging app said in a blog post. WhatsApp, which counts India as its biggest market with more than 400 million users, had been running a peer-to-peer payments service with limited users for over two years, awaiting regulatory approvals. WhatsApp said it had partnered with five Indian banks, ICICI Bank, …

WhatsApp Pay goes live in India: Here is how to use it
4 years, 2 months ago

WhatsApp Pay goes live in India: Here is how to use it

India Today  

WhatsApp Pay is now available for users in India. Expressing his thoughts about launching WhatsApp Pay in India, Facebook CEO and co-founder Mark Zuckerberg said, “We’ve been working on this with the National Payments Corporation of India, who oversee everything to make sure it’s secure and reliable. WhatsApp has five partnered with five leading banks including ICICI Bank, HDFC Bank, …

Google - Paytm Feud: Is It Time To Regulate Application Stores In India?
4 years, 2 months ago

Google - Paytm Feud: Is It Time To Regulate Application Stores In India?

Live Law  

Recently, the Paytm application. With this background, this article examines how application stores such as Google's Play Store are regulated in India. The authors recommend that a similar legislation must be contemplated for the regulation of application stores and mobile applications in India as well in order to curb inordinate exercise of power by application stores over their listed apps …

Apple online store goes live in India: Services, offers and everything else you need to know
4 years, 3 months ago

Apple online store goes live in India: Services, offers and everything else you need to know

India Today  

Apple Online Store has gone live in India with a host of interesting services. We can’t wait to connect with our customers and expand support in India with the Apple Store online on September 23!,” Tim Cook had said about the launch of the Online Store in India. The online store would feature all the latest Apple products including the …

Google Pay now allows for NFC-based payments in India: Know how it works
4 years, 3 months ago

Google Pay now allows for NFC-based payments in India: Know how it works

India TV News  

Google Pay in collaboration with Visa and banking partners on Monday rolled out tokenisation across its platform, enabling users to safely transact with their cards and use Tap-to-pay feature on near-field communication -enabled point of sale terminals and online merchants. With tokenisation, Google Pay Android users can use their debit or credit card to make payments through a secure digital …

Opinion | Bridging the financial divide digitally
4 years, 4 months ago

Opinion | Bridging the financial divide digitally

Live Mint  

The world economy has succumbed to the covid-19 pandemic over the past few months, leading to steep cuts in discretionary purchase. The phenomenal growth of the Unified Payment Interface in a country as diverse as India has drawn attention of all the big tech companies around the world with firms like Google requesting the US Federal Reserve to build a …

Google Pay: Delhi HC seeks Centre, RBI response on plea alleging guideline violation
4 years, 4 months ago

Google Pay: Delhi HC seeks Centre, RBI response on plea alleging guideline violation

Live Mint  

New Delhi: The Delhi High court on Monday sought response from Centre, Reserve Bank of India and others on a plea for directions to Google Pay to ensure immediate compliance of data localisation norms, data storage and data sharing norms. The plea filed by advocate Abhishek Sharma alleges that the company is storing personal sensitive user data in contravention of …

WhatsApp Pay to Rely On Fintech Solutions Made By Indian Companies
4 years, 5 months ago

WhatsApp Pay to Rely On Fintech Solutions Made By Indian Companies

News 18  

One of the biggest milestones in India’s quest for becoming a Digital-First Nation has been the introduction of unified payments interface. Recently, Prime Minister Narendra Modi spoke about the growth and gaps in India’s digital economy in a recent address to leaders of the US-India Business Council. It is noteworthy that the National Payments Corporation of India recently put a …

No Permission Granted To Whatsapp For Full Scale Operations On UPI System : RBI Tells SC [Read Reply]
4 years, 5 months ago

No Permission Granted To Whatsapp For Full Scale Operations On UPI System : RBI Tells SC [Read Reply]

Live Law  

The Reserve Bank of India has told the Supreme Court that it has not granted permission to Whatsapp to go live for full-scale operations on Unified Payments Interface system.The RBI further told that it "concerned that WhatsApp was storing some payment data elements outside India beyond the permitted timelines indicated in the circular and the Frequently Asked Questions on 'Storage. …

Paytm's Japanese foray PayPay reaches 25M users in just over a year
4 years, 10 months ago

Paytm's Japanese foray PayPay reaches 25M users in just over a year

India TV News  

Paytm, India’s largest payments company today announced that its Japanese smartphone-based payment settlement service PayPay, a joint venture between SoftBank Corp., Yahoo Japan Corporation and Paytm has notched up 25 million registered users on its platform. In addition, PayPay's growing network now has over 1.94 million merchant partners and local stores in Japan, who have embraced the payments platform and …

The issues around data localisation
4 years, 10 months ago

The issues around data localisation

The Hindu  

Among the many important laws that were introduced in the winter session of the Lok Sabha was the Personal Data Protection Bill, 2019. The PDP Bill enables the transfer of personal data outside India, with the sub-category of sensitive personal data having to be mirrored in the country. Finally, regarding the protection of civil liberties, the argument is that local …

Opinion | Business possibilities in a world of digital payments
4 years, 11 months ago

Opinion | Business possibilities in a world of digital payments

Live Mint  

Among the many travails being faced by our honourable finance minister Nirmala Sitharaman nowadays is the furore caused by her recent announcement of the zero merchant discount rate policy for payments through RuPay debit cards and Unified Payments Interface instruments. Critics of this policy lament that it would begin to reverse the progress India has made in recent years to …

Google writes letter to US Federal Reserve to adopt UPI-like payments mechanism; draws cheers among Indian entrepreneurs
5 years, 1 month ago

Google writes letter to US Federal Reserve to adopt UPI-like payments mechanism; draws cheers among Indian entrepreneurs

Firstpost  

A top banker told Tech2, UPI is being pushed to go global and now if it manages to draw the attention of the US Federal Reserve it will be big fillip for NPCI. Unified Payments Interface, the smartphone-based digital payments mechanism developed by the National Payments Corporation of India has been cited as a major success story worth replication in …

US wants to ensure India's data localisation plan doesn't stymie growth in transactions: Mnuchin
5 years, 1 month ago

US wants to ensure India's data localisation plan doesn't stymie growth in transactions: Mnuchin

India TV News  

The US wants India to ensure that its data localisation plan does not "stymie growth” and American financial transaction companies are treated "fairly", Treasury Secretary Steven Mnuchin has said. US firms like Google, Mastercard, Visa and Amazon have lobbied against data localisation rules around the world including India, stressing that it would make their operations more complicated and costly. The …

RBI sets up more rivals for Paytm, GooglePay, wants up to ₹10,000 pre-paid platform
5 years, 1 month ago

RBI sets up more rivals for Paytm, GooglePay, wants up to ₹10,000 pre-paid platform

Live Mint  

New Delhi: The crowded field of payment platforms, Paytm and GooglePay, will soon have more competition. The central bank has said the loading /reloading of such pre-paid instrument will be only from a bank account and used for making only digital payments such as bill payments, merchant payments, etc. India’s current digital payment system is dominated by government’s United Payment …

WhatsApp Pay can't be deployed in India, RBI tells Supreme Court
5 years, 2 months ago

WhatsApp Pay can't be deployed in India, RBI tells Supreme Court

India Today  

WhatsApp rolled out its UPI-based payments service in India to select group of users in India last year. According to a report by The Times of India, the apex bank has told the SC that WhatsApp Pay cannot be deployed in India as it does not fully comply with India's data localisation norms. Notably, RBI's statement came in response to …

Google Pay into data localisation compliance
5 years, 2 months ago

Google Pay into data localisation compliance

India TV News  

Google Pays monthly active user-base grew three times to reach 67 million in September 2019 up from 22 million in September 2018, a top company official said on Wednesday. "We have grown three times in terms of monthly active users and areat 67 million monthly active users as of September 2019 and that is up from 22 million users in …

Like Google Pay, you may use WhatsApp payment service in two months
5 years, 3 months ago

Like Google Pay, you may use WhatsApp payment service in two months

India TV News  

Facebook-owned instant messaging giant WhatsApp will be compliant with data localisation norms over the next two months, post which it can roll out its much-delayed payments service, says the National Payments Corporation. Even after the launch of WhatsApp's payments service, it will take at least two years to reduce the cash dominance in the economy as the user base of …

WhatsApp's compliance with local data under question by Indian Supreme Court
5 years, 5 months ago

WhatsApp's compliance with local data under question by Indian Supreme Court

Firstpost  

WhatsApp has been testing a payments service but local data storage norms have delayed an official launch. India’s top court has given the central bank six weeks to report on whether WhatsApp had complied with data localization norms as the Facebook-owned messenger gears up to launch a payments service in the country, a person involved in the matter said. WhatsApp …

WhatsApp to roll out payments feature in India this year
5 years, 5 months ago

WhatsApp to roll out payments feature in India this year

Live Mint  

Bengaluru: WhatsApp will roll out its payments service in India this year following a year-long pilot, its global chief Will Cathcart has said, as the Facebook-owned messaging giant taps an upsurge in digital payments in its dominant market. "It's a regulatory approval question in India at this point," Facebook CEO Mark Zuckerberg said on Thursday on the company's earnings conference …

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