News about the NFC market in India — trials, pilots, tests and live services.
November 25th, 2016
Indian mobile payment provider Paytm has suspended a new feature in its mobile app two days after its launch, citing the need to “add additional certifications and features” before making it available again. App POS was launched to allow Paytm merchants to accept all debit and credit cards using their mobile phone. “We will re-launch this product as soon as we have updated the product,” Paytm writes in a blog post. App POS was unveiled in the wake of withdrawal of Rs 500 (US$7) and Rs 1,000 ($14) notes.
November 23rd, 2016
The Reserve Bank of India (RBI) has increased the limit of money that can be kept in a mobile wallet to Rs 20,000 (US$291) from Rs 10,000 (US$145.5) following the withdrawal of Rs 500 (US$7) and Rs 1,000 ($14) notes. “The total value of reloads during any given month shall also not exceed Rs 20,000,” RBI says in a circular. The measures will be applicable until 30 December 2016, subject to review. One97 Communications, owner of mobile payment platform Paytm, asked RBI to increase the limit to Rs 25,000 (US$364) in July this year.
November 17th, 2016
Indian mobile wallet provider MobiKwik says it is ready to serve 300m users, up from its current 35m customer base, in the wake of the government’s withdrawal of Rs 500 (US$7) and Rs 1,000 ($14) notes from circulation. A spokesman says it has registered 18 times growth in transactions since the announcement of demonetisation earlier this month and is gearing up to accept 100m daily transactions. Mobile financial solutions provider Mahindra Comviva told NFC World demonetisation would make mobile payments the “de-facto payment mode” in India.
November 17th, 2016
Commuters on the Mumbai Metro service will soon be able to pay for journeys using mobile payments platform Paytm. “Commuters can install and recharge the Paytm app on their mobiles, switch it on, scan the QR code for identifying Mumbai Metro as the payee and pay the correct amount of fare,” Business Standard reports. “A unique transaction ID will be displayed on the Paytm app and the mobile phone with the ticketing officer at the counter will receive an SMS with the same transaction ID.”
November 16th, 2016
Customers of India’s RBL Bank can now make QR code-based mobile payments using Mastercard’s Masterpass QR mobile payments solution, which has been integrated as a payment option within the bank’s OnGo mobile wallet. “Shoppers can…
November 15th, 2016
Mobile payment transaction volume in India is expected to grow more than 90% each year over the next five years, with digital payments becoming the “de-facto payment mode” in the country, in the wake of…
November 14th, 2016
India’s first artificial intelligence banking robot has made its debut in a branch of City Union Bank in Chennai, The Times of India reports. Lakshmi is said to be able to voice intelligent and informal answers on more than 125 banking subjects. Sensitive financial information like account details are displayed on the robot’s screen and not voiced. The bank has plans for 25 to 30 robots at key branches by the end of the year if Lakshmi proves a hit with customers.
November 11th, 2016
Four students from India’s Birla Institute of Technology and Science have developed an SMS-based biometric authentication system for use in rural areas with poor internet connection. The team has developed an Android app to allow fingerprint scans to be taken and then turned into an encrypted, numeric code which can be sent by a simple SMS message. The team’s idea won the grand prize in the Accenture Innovation Jockeys 5 competition earlier this month.
November 10th, 2016
PayPal has enabled money transfers via Apple’s Siri voice command function, enabling users with iOS10 devices to make payments by speaking requests. The function will be available in 30 countries. “PayPal users can now send…
November 10th, 2016
Smartphone maker Micromax is to offer the mVisa QR code-based mobile payments service through its Udio mobile app across India, in collaboration with Visa and payments solution provider TranServ. The service will be available to…
November 4th, 2016
Alipay parent company Ant Financial is investing an undisclosed sum into Thai online payment provider Ascend Money. “Together with Ant Financial, Ascend Money will grow its online and offline payment and financial services ecosystem and strengthen its trusted and convenient payment services for users and merchants,” Ant Financial says. Reports that Ant Financial was seeking to buy a 20% in Ascend Money emerged in June 2016. The company made a similar investment in Indian mobile payment platform Paytm in September 2015.
November 4th, 2016
Half of banking customers around the world are using the products or services of at least one fintech firm, according to the first World FinTech Report (WFTR) from Capgemini and LinkedIn, but customer trust in…
October 28th, 2016
India’s Yes Bank is to integrate ToneTag’s sound-based contactless payments system into its Yes Pay mobile wallet, The Economic Times reports. ToneTag uses sound waves instead of NFC to connect a smartphone, that has a mobile wallet app installed, with a POS device, allowing owners to make contactless payments. “We are bullish about our alliance as we continue to strive in making payments seamless for end users,” says Ritesh Pai from Yes Bank.
October 24th, 2016
Delhi Metro Rail Corporation (DMRC) is to release wearable travel smart cards from next month, The Hindu reports. “Affordable” wrist watches, wristbands and mobile covers will be available, with the corporation hoping to sell about 6,000 items each month initially. “We have already finalised a vendor who will install these chips inside the merchandise,” a DMRC spokesperson says.
October 18th, 2016
India’s Yes Bank has partnered with Lastmile.mobi to develop a biometric point-of-sale terminal using iris scanning technology. The Iris EMV PoS integrates card payments with the Indian government’s Aadhaar identity project’s electronic know your own customer (E-KYC) and E-signing systems. Yes Bank senior president Ritesh Pai said the device “has multiple uses for both retail and corporate customers right from e-KYC verification and ATM functionalities to disbursal of small loans to merchants”.
August 26th, 2016
Some 8,000 employees across India are making payments in workplace cafeterias by tapping their pens, ID cards or even key chains against contactless terminals using Zeta Super Tag, an NFC tag that adheres to any object.
June 27th, 2016
More than two thirds of Indian millennials (67%) have purchased goods online and in-store using their mobile phone, research from ACI Worldwide reveals. “For those who shop using their mobile device, they do so more frequently — and with lower transaction values — than non-millennials,” the research firm says. “More than a third of respondents prefer alternative payments (e.g. PayPal, Alipay) for mobile-initiated purchases.”
June 27th, 2016
The Reserve Bank of India (RBI) has released its framework for payment and settlement systems with a view to moving the country towards a “less-cash” society. Vision-2018 “reiterates the commitment of the Reserve Bank of India (the Bank) to encourage greater use of electronic payments by all sections of society,” RBI says. “Building a robust payments infrastructure in the country to increase the accessibility, availability, interoperability and security of the payment systems will continue to remain a key objective.”
June 15th, 2016
Commuters across Bengaluru in India will soon be able to pay for travel on buses operated by Bengaluru Metropolitan Transport Corporation (BMTC) with a tap of an open loop contactless card provided by Axis Bank….
June 6th, 2016
India’s HDFC Bank is to launch a mobile payment service that will support NFC, host card emulation (HCE) and QR code based payments in order to compete with other mobile payment services that are expected to roll out in the country, including Apple Pay, Samsung Pay and Android Pay. “PayZapp contains a prepaid wallet and a virtual prepaid card,” Times of India reports. “Bank customers can also store their credit or debit cards in a dematerialized form in the app and use them for electronic payments.”