We’ve a popular thread on all things related to the neobank’s here. What started as a topic/ thread to list and discuss about the available and upcoming neobanking services, was later pivoted to include all things finance. While it’s still useful and active, I believe a more exclusive neobank related thread is the need of the hour.
With neobanking space so hot and happening, I’m of the opinion that the aforementioned thread be dedicated exclusively to the neobank topic. Instead let’s use this new thread to share and discuss news on fintech, payments, banking etc.
Apple is pulling the plug and is now notifying Indian users of a major upcoming permanent change to their payment system.
No more Indian credit and debit cards on Apple. Apple is refusing to abide by the RBI mandate on autodebit, card tokenisation, and completely killing the use of credit/debit cards!
UPI users on Slice will be able to create unique IDs that will allow them to search for their friends by their names instead of their phone numbers, as is popular on other UPI-supported apps.
“It’s been seven months since the rules for card-based recurring payments changed after the banking regulator’s mandate. Even now, 30%-75% of transactions are failing.”
“Consumers visiting these supermarkets are able to enroll their face and payment information through the Payface app, and once registered, they can simply smile to pay at the checkout without a card or mobile device.”
Wonder what the privacy implications are for such a tech. We’ve the groups like IFF in India fighting such intrusive features with the lack of proper data privacy laws.
UPI will not be free for cash withdrawals via the upcoming ICCW. RBI has mandated that UPI-based withdrawals will have similar costs structures to card-based withdrawals.
As of March, 2022, $41bn of cash was withdrawn from ATM’s across India. $41bn, though reducing compared to UPI’s growth to $128bn in value/month, is still high.
What article are you referring to? I was referring to the RBI circular linked above.
“The on-us / off-us ICCW transactions shall be processed without levy of any charges other than those prescribed under the circular on Interchange Fee and Customer Charges”.
You told its not free then Reserve Bank has mentioned that without levy of any charges.
What that means?
“Customers are eligible for five free transactions (inclusive of financial and non-financial transactions) every month from their own bank ATMs.” - RBI
“Most of the apps acquire their potential clients by advertising on other gaming apps and/or sending promotional text messages. These loan apps source money from unknown individuals and give hassle-free, quick loans to consumers at a high interest rate.”
“India’s top seven banks have nearly 70 million current accounts, but Paytm, PhonePe, BharatPe end up becoming the first port of call for close to 25 million merchants. Banks like HDFC Bank and SBI now want to claw back their share”
India’s first banking Metaverse, Kiyaverse, which will be used by banks and non-banking finance companies (NBFCs) to enable virtual interactions.
“Banks and NBFCs will be able to use the Kiyaverse to make their own versions of an in-branch experience. Customers will be asked to use their personalised avatars within the metaverse to access banking services on multiple interfaces.”
UPI will not be free for cash withdrawals via the upcoming ICCW. RBI has mandated that UPI-based withdrawals will have similar costs structures to card-based withdrawals.
