Bharat QR-Quick Response To The Needs Of Digital Payment
Although the banks were already on their way to devise and promote digital payment with the primary objective to reduce the cost of transactions, to tap the next gen customers and for financial inclusion however it was Demonetization of old currency notes which is making the big push to digital payments. The government wants to achieve a less cash society and it is doing everything in its ambit to do so.
The government of India has already launched Unified Payment Interface (UPI) for smartphones and Unstructured Supplementary Service Data (USSD) for basic feature phones. The government has also introduced BHIM (Bharat Interface for Money) app which is a unified UPI app. Another introduction by the Government is the AadhaarPay that enables the people to make cashless money transactions using Aadhaar Card and their fingerprint for biometric authentication. To make the payment process easier and hasslefree, the National Payment Corporation of India (NPCI) a GoI organisation which has developed IMPS, UPI and BHIM has now rolled out yet another product called Bharat QR code payment transfer mechanism for cashless electronic payments.
Over the last few years, a lot of people have moved on to the cashless payment methods using debit and credit cards, however, this method of cashless electronic payment transaction has strings attached in terms of cost of owning and running the card swipe machines and transaction fees. The GoI has now taken another step to encourage digital payments and has simplified things for merchants and for the customers by launching the Bharat QR Code.
What is QR Codes and How it Works?
QR code or Quick Response code is a two dimensional machine readable code that is made up of black and white squares. It is used to store URLs and other information which can be read by the camera of a smartphone. Bharat QR code will make use of QR code system for payments across merchant outlets.
هذه القصة مأخوذة من طبعة July 2017 من BANKING FINANCE.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك ? تسجيل الدخول
هذه القصة مأخوذة من طبعة July 2017 من BANKING FINANCE.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك? تسجيل الدخول
'Deep Fake' - an emerging risk for Banking & Financial Sector
Deepfake KYC fraud is a growing concern in India, where fraudsters leverage AI-generated deepfake videos and images to bypass Know-Your-Customer (KYC) verification processes. This has significant implications for financial institutions, fintech companies, and other organizations that rely on KYC to verify the identity of their customers.
RBI CIRCULAR
Operational framework for reclassification of Foreign Portfolio Investment to Foreign Direct Investment (FDI) - November 11, 2024
India's Fiscal Discipline: A Path to Economic Stability and Growth
In a significant economic development, the fiscal deficit for the financial year 2023-2024 (FY24) has been recorded at 5.6% of GDP, falling below the government's revised estimate. This unexpected positive outcome highlights effective fiscal management and a recovering economy, offering a ray of optimism amidst global economic uncertainties.
Augmenting Productivity by Embracing Employee Engagement
As the world's largest coffeehouse chain, Starbucks is a brand that understands the value its employees add to the business. At Starbucks, every employee knows they are valued members of the team. It took Starbucks some time to do this. They have prioritized implementing employee-friendly rules from the beginning.
Ethics in Artificial Intelligence: Navigating the Future Responsibly
Ethics in AI encompasses a wide range of issues, including fairness, accountability, transparency, and the potential for bias. At the core of these discussions lies the question: How do we ensure that AI serves humanity rather than undermines it? As AI systems increasingly influence critical areas such as healthcare, finance, and law enforcement, the stakes are high.
Digital Banking: The Need of the Hour
Development of an economy, especially economic growth primarily depends on industrial development. The industries depend on financial institutions support for funds especially from banks. Banks encourage individuals save and mobilise funds from bank deposits.
Cyber Crimes in Banking: India's Battle Against the Digital Menace
The increasing adoption of digital banking services has transformed the way Indian consumers engage with banks. According to research from the Reserve Bank of India (RBI), the country's digital payment ecosystem expanded by approximately 55% between 2021 and 2023.
Legal News
The Supreme Court (SC) ruled that clauses allowing public sector undertakings (PSUs) to unilaterally appoint arbitrators to resolve disputes with private contractors are invalid.
The Rise Of Green Marketing: Driving Sustainable Change
Green marketing refers to the practice of promoting products or services that are environmentally friendly or sustainable. It involves incorporating eco-friendly elements into various aspects of marketing strategies, including product development, packaging, advertising, and distribution.
ICICI Bank partners with PhonePe to offer instant credit on UPI
ICICI Bank announced that it has partnered with PhonePe to offer instant credit on UPI to its pre-approved customers on the app of the digital payments company.