【New Delhi】We are at the cusp of a technology revolution. The country started off with something called Unified Payments Interface, based on a long existing technology of immediate payment service (IMPS), ultimately graduating to Bharat Interface for Money (BHIM).
The organisation behind all these technologies, National Payments Corporation of India (NPCI), recently launched a common QR code app (BharatQR) and has in the past few weeks initiated the process for fingerprint-based payments called AadhaarPay.
But, innovation is not focused only on consumers; banks are also transforming their internal processes by leveraging technology. Banking, today, is in a revolutionary mode that can restructure the workings of finance capital and governance systems. Blockchain, the technology behind Bitcoin, is increasingly gaining currency and may well bring about a second revolution for modern day banking.
The digital ledger system called Blockchain is now finding uses across banking channels, trade finance, insurance industry, company voting and record keeping. The system works like a shared Google spreadsheet, but much more potent and secure. So, each transaction gets recorded on the spreadsheet for all in the system to see, but one can only make changes once all parties agree to augmenting it. And this is what has led to Bitcoin gaining more relevance.
○Higher charges on cards may deter kirana shops
【Mumbai】Your corner kirana stores may not have any incentive to move to digital payments under the new card fee regime proposed by the Reserve Bank of India (RBI).
New charges on payments made using debit cards proposed by the RBI are higher than what they were pre-demonetisation for shops with sales of over Rs 5,500 a day (more than Rs 20 lakh a year).
With the pre-demonetisation cap on charges imposed by the RBI coming to an end on March 31, the central bank has proposed a new structure with effect from April 1.
Under the new proposal, shops with turnover below Rs 5,500 day will pay lesser fees (0.4%, or 40 paise on every Rs 100).But this is a segment that does not pay taxes and, therefore, there is no fiscal incentive to move to cards.
○Note ban has taken the fizz out of India biz: Pepsi’s Nooyi
【New Delhi】India’s demonetisation move has had a significant impact on PepsiCo’s India business in the fourth quarter.
PepsiCo Chairman and CEO Indra Nooyi, in an earnings analysis call on Wednesday, said “...demonetisation had a significant impact on our India business in the fourth quarter. And there are still some lingering effects. I’m not sure we are totally out of the woods,” she stated.
Blockchain revolution: How India, others can change the world
Higher charges on cards may deter kirana shops
Note ban has taken the fizz out of India biz: Pepsi’s Nooyi
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