Aakash Gupta

NPCI profits soar, but banks struggle with UPI transactions. Experts propose two solutions to unclog India's banking networks, insights by Jochelle Mendonca and Alekh Angre. #Digitalpayments #banking.

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RBI Proposes New Framework On Additional Factor Of Authentication For Digital Payments New AFA Methods: Reserve Bank of India (RBI) proposes new AFA options for digital transactions, including PINs, passwords, cards, and biometrics like fingerprints. Draft Framework: It aims to offer more authentication choices beyond SMS-based OTPs for digital payment security. Dynamic Authentication: RBI suggests one authentication factor should be dynamically generated post-transaction initiation, ensuring it’s unique and non-reusable. Exemptions: Exemptions include small-value contactless card payments, mutual fund subscriptions, insurance premiums, credit card bill payments, and offline transactions up to INR 500. Feedback and Compliance: Feedback is sought by September 15, 2024, with compliance required within three months. This comes as digital transactions and fraud rise, with online frauds up 334% YoY in FY24 Read More: https://lnkd.in/gU3BsxGH

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Fintech Innovation within Regulatory Framework of data privacy and protection ! DigiLocker as singe source of TRUTH , with robust consent mechanism , access to Aadhar, Driving Licence , Vehicle ownership , Address Proofs , PAN insurance policies and many more permitted data and documents certified by Digilcoker or respective departments , like UIDAI, Transport Authority , IT Department many central and state government authorities offer access to issued documents for fetch and verification as requestor status to fintechs , Large discount brokers like , Zerodha , Groww are largest beneficiaries of this access reducing their KYC cost by > 90% This acces to data under consent framework should continue for fintechs for innovation for creating ease of access to BFSI India , any such restrictions under various departments of govt would stall the all innovation that’s happening in India 🇮🇳! Financial inclusion is at basic level in India now ! There is lot to do in credit inclusion , access to insurance , asset and wealth inclusion. Digital Data with DPI and appropriate access to customer data with consent is integral part of financial innovation!

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UPI coming full circle with “UPI Circle “ delegated payment mechanism for the family and Household expenses it’s time each Indian has UPI account to meet their daily needs .. huge opportunity for fintechs to build products on this ! UPI will hit 500 users with 2-3 times of that as circle ⭕️ users , ONDC, UPI circle would make India proving that they can build Amazon with best payment method covering lowest economic and small expenses needs for Indians ! UPI best tool for financial inclusion creating financial translations behaviour digital footprints for possible credit inclusion at next level ! Way to go UPI - India 🇮🇳

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#fintech | #payments | #startups : How Reserve Bank of India (RBI)'s BBPS mandate would impact #fintechs and #banks ? The mandate could disrupt the operations of fintech companies like PhonePe and Cred , which facilitates credit card payments through their platforms , while banks fear substantial investments and loss of control over extensive customer data ecosystems. Read more at: https://lnkd.in/gX6F8iWy

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💥 What's Fueling India’s Digital Payment Boom? From bustling markets to the most remote villages, India’s payment landscape is undergoing a massive transformation. Watch the video to discover the key factors driving this revolution and how digital payments are shaping the future of transactions in India. #DigitalPayments #Fintech #Innovation #DigitalIndia #Ecommerce #UPI #CashlessEconomy #Smartphones #InternetGrowth #TechRevolution #FinancialInclusion #FutureOfPayments

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Make skipping toll queues the norm with the cashless efficiency of NETC FASTag. #NETCFASTag #DigitalPayments Ministry of Electronics and Information Technology I Digital India Programme I Dilip Asbe I Reserve Bank of India (RBI)

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Make skipping toll queues the norm with the cashless efficiency of NETC FASTag. #NETCFASTag #DigitalPayments Ministry of Electronics and Information Technology I Digital India Programme I Dilip Asbe I Reserve Bank of India (RBI)

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RBI is collaborating bilaterally with various countries to link India’s #DigitalPublicInfrastructure – #UnifiedPaymentsInterface (UPI) with their respective counterparts for #CrossBorderPayments. While India and its partner countries will continue to benefit through such bilateral connectivity of fast #PaymentSystems, a multilateral approach like #ProjectNexus will further boost such efforts to expand the international reach of Indian payment systems. Reserve Bank of India (RBI) Bank for International Settlements – BIS https://lnkd.in/dVZdcAPT

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"𝗧𝗵𝗲 𝘀𝗰𝗮𝗹𝗲 𝗮𝘁 𝘄𝗵𝗶𝗰𝗵 𝘁𝗵𝗲 𝗽𝗮𝘆𝗺𝗲𝗻𝘁𝘀 𝗶𝗻𝗱𝘂𝘀𝘁𝗿𝘆 𝗼𝗽𝗲𝗿𝗮𝘁𝗲𝘀 𝗶𝗻 𝗜𝗻𝗱𝗶𝗮 𝘁𝗼𝗱𝗮𝘆 𝗶𝘀 𝗯𝗶𝗴𝗴𝗲𝗿 𝘁𝗵𝗮𝗻 𝗮𝗻𝘆𝘄𝗵𝗲𝗿𝗲 𝗶𝗻 𝘁𝗵𝗲 𝘄𝗼𝗿𝗹𝗱 – 𝘆𝗼𝘂 𝗱𝗼𝗻’𝘁 𝘀𝗲𝗲 𝘁𝗵𝗲 𝗸𝗶𝗻𝗱 𝗼𝗳 𝘃𝗼𝗹𝘂𝗺𝗲𝘀 𝘁𝗵𝗮𝘁 𝘆𝗼𝘂 𝘀𝗲𝗲 𝗶𝗻 𝗜𝗻𝗱𝗶𝗮 𝗳𝗼𝗿 𝗨𝗣𝗜." In this interview, Arpan Majumder of Drona Pay sheds light on the level of fraud prevention in India's fast-evolving FinTech space. Regulators are focused on building trust and securing customers, which means handling massive payment volumes with real-time protection—a challenge legacy platforms never faced before the rise of digital payments. With everything digital today, the need for robust security has never been greater. ▶ Learn more about how Arpan’s team is pioneering secure, inclusive digital payments in India to protect banks and customers: https://lnkd.in/dsK95RnB #FinTech #FraudPrevention #RegTech #FinancialInclusion #DigitalPayments #InnovativeSolutions Sahil Anand | Ramkumar Venkataraman | Chetan Parekh | Ramakrishnan Viswanathan | Divya Shah | Pankul Verma | Aditya Agarwal | Robin Amlôt | Amit Jain | Nikhil Gokhale | Nitin P. | Subit Saurav | Ojas Kulkarni | Sumit Gilitwala

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RBI Implements Stricter Security Norms to Safeguard Payment Systems. How do you think these new RBI guidelines will impact the security of digital transactions in India? #DigiMaaya #RBI #India #Fintech #DigitalBanks #PaymentSystems

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India's Unified Payments Interface (UPI) has revolutionized digital payments by enabling seamless and instant transactions nationwide. As the #UPI ecosystem expands, the role of Third-Party Application Providers (TPAPs) is increasingly significant. Here's an in-depth look into TPAP licensing, its importance, regulatory framework, market dynamics, and prospects. Evolution of UPI and Rise of TPAPs: The inception of UPI aimed to facilitate peer-to-peer (P2P) transactions but quickly evolved to include peer-to-merchant (P2M) transactions. Initially, intermediary UPI apps like GPay and PhonePe dominated the transaction space. The National Payments Corporation Of India (NPCI) introduced TPAP licensing to democratize payment processing, empowering businesses to control their UPI experience. Importance of TPAP Licensing: Enhanced Customer Experience: TPAP licensing allows businesses to offer seamless in-app UPI payments, significantly enhancing customer experience. Reduced Dependence: It reduces dependence on intermediary apps, allowing businesses to regain control over their checkouts. Expansion of UPI Adoption: TPAPs play a crucial role in expanding UPI adoption by providing diverse payment options to users. Regulatory Framework for TPAPs: NPCI Guidelines: NPCI prescribes rules, regulations, and guidelines for TPAPs' participation in the UPI ecosystem. Compliance Requirements: TPAPs must comply with all applicable laws, regulations, and circulars issued by NPCI and regulatory bodies. PSP Banks' Role: PSP Banks, which connect TPAPs to the UPI platform, are responsible for ensuring TPAPs' compliance and security. Challenges and Considerations for TPAPs: Regulatory Navigation: TPAP licensing involves navigating through complex regulations and incurring associated costs. Development Efforts: Becoming a TPAP requires significant development and integration efforts, along with continuous maintenance. Intensifying Competition: Market competition intensifies as more players enter the UPI ecosystem, posing challenges to existing TPAPs. Roles and Responsibilities: NPCI Oversight: NPCI oversees the UPI platform and prescribes guidelines for TPAPs' participation. PSP Banks' Facilitation: PSP Banks facilitate TPAPs' connection to the UPI platform and ensure their compliance and security. Adherence to Standards: TPAPs must adhere to NPCI's regulations, maintain security standards, and facilitate grievance redressal for users. TPAP licensing plays a crucial role in shaping India's #digital #payments landscape, allowing businesses to offer seamless and secure in-app UPI payments. With a robust regulatory framework and continued innovation, TPAPs are poised to drive further growth and adoption of UPI in India.

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😎Looks like those bad loans are finally🤩 behaving! 🔋💰Moody's affirms ratings of Indian banks, signifying a positive economic trend. 🔖 #India #Banking #Economy #Fintech #TrustoPaySecure #TrustoPay #Fintech #SecurePayments  #Innovation

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Digital payments are not the future—they are the present. 💸 Hear from Vijay Shekhar Sharma of Paytm on how India is embracing innovation faster than ever before! Rathnakar Samavedam #digitalindia #fintechrevolution #Paytm #innovation

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