50p reading list #28–12 June 2018
Here’s what’s new.
Stakeholder consultation on FinTech related issues
The Ministry of Finance constituted a steering committee on FinTech related issues and has appointed NIPFP as the secretariat for the committee. NIPFP is organising a stakeholder consultation on June 15 and, CashlessConsumer has been invited to participate. 50p along with CashlessConsumer would be submitting inputs from our community at the consultation. We held a live Hangouts to discuss this. If you missed it, catch the video below and send in your comments by adding to this document.
WhatsApp payments delayed over privacy concerns
The roll out of WhatsApp’s payment features has been delayed owing to privacy concerns with the parent company, Facebook. With the RBI releasing new guidelines on data storage for payment apps, it’s likely to be delayed for a few more days.
SBI launches UPI based remittance mode
UPI’s scale is set to get a big boost owing to an MoU signed between the Department of Economic Affairs and the Monetary Authority of Singapre to expand FinTech ties between the two countries. SBI will now allow account holders at any branch in India to perform cross border remittances via UPI.
Paytm looking to introduce PoS terminals for merchants
After popularizing QR codes in India and launching a pilot for contactless cards, Paytm is looking to work with all payment instruments in India. The company is looking to bring both traditional PoS terminals as well as mobile PoS terminals.
RBI seeks update on payments data storage every fortnight
The RBI has asked payment companies in India to share updates on the implementation of moving their data stores inside the country. RBI is seeking to store full end-to-end transaction details relating to payment systems within India. The move came after concerns with data security and privacy.
