News about Business Standard.
January 30th, 2017
Indian mobile wallet providers may soon be required to insure their customers’ money. “The government is mulling over bringing insurance into the segment, on the lines of debit and credit cards,” Business Standard reports. “It has already held three meetings with mobile wallet and insurance companies and hopes to bring in the new regulations to make it mandatory for mobile wallets to insure money. The Ministry of Electronics and Information Technology will soon come out with the rules.”
December 5th, 2016
The Government of India is working on a mobile app that can be used by shopkeepers and merchants for receiving Aadhaar-authenticated payments, “bypassing credit and debit cards, PIN and password”, Business Standard reports. “Through this mobile application, the handset will be used for authenticating biometrics of customers making Aadhaar-enabled payment,” the publication says. The Unique Identification Authority of India (UIDAI) is also planning to increase the number of biometric authentications made through Aadhaar to 40 crore (400m) a day from 10 crore (100m) to “encourage more use of the platform”.
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.”
May 23rd, 2016
Starbucks is to launch its mobile payment and loyalty app in India this year. “The platform will allow you to make payments from your phone and allow you to participate in the My Starbucks Rewards programme through your phone,” the coffee chain’s Sumitro Ghosh told Business Standard. Mobile payments now account for nearly one in four transactions made across the company’s US locations.
September 17th, 2015
Indian retail conglomerate Future Group is in the process of launching its own mobile wallet, CEO Kishore Biyani has revealed. “In the next two years, we will have more than 40 wallet companies in the country; there has to be value addition in whatever idea you do. We are also launching our wallet now,” Biyani told visitors to the India Retail Forum (IRF), Business Standard reports.