Demonetisation: Paytm wallet will merge with coming payments bank

December 5, 2016

New Delhi, Dec 5: The Alibaba-backed digital payments and commerce platform Paytm is transferring its wallet business into the newly created entity for its planned payments bank. This is a mandatory step being followed by the company to fulfil the rules laid out by the Reserve Bank of India. Paytm , which is run by One 97 Communications, has two key businesses--payments business and commerce marketplace. The Paytm founder Vijay Shekhar Sharma, so far, has got an in-principal approval from the country's central bank for launching a payments bank which is under the name of Sharma. For the commerce business, the company has created another entity--Paytm E-commerce Private Limited.

paytmPaytm spokesperson confirmed the development. "As per the directions of the Reserve Bank of India (RBI), the company would transfer its wallet business to the newly incorporated Paytm Payments Bank Limited (PPBL) after receipt of necessary approvals.The transfer will be complete once payment bank licence is obtained," the spokesperson said in an emailed response. The company said the transfer of its wallet business into the payments bank entity is being done with the consent of all shareholders and the board. "The structure was a part of our payment bank application itself when we applied for it in 2014," the statement said.

As per the RBI guidelines, Sharma will have to hold a majority stake of 51%, in the payments bank entity. He has put Rs 112 crore as of now in the entity. Chinese e-commerce giant Alibaba is the largest shareholder in Paytm's holding company One97 Communications with about 40% stake in the parent company.

To be sure, Paytm's payment bank launch has been getting delayed since middle of this year with the company announcing a beta version of payments bank by Diwali this year. "We are working with Fidelity, Infosys and Oracle to deploy a scale-able platform that will be able to meet with the requirements of the bank when it launches. There are no timelines.," the spokesperson said. Telecom major Airtel has already launched their payments bank in Rajasthan. The Noida-based company is also in middle of fresh fund raise to the tune of $250-300 million out of which $60 million has already come into the company's account from Taiwan's Mediatek.

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Agencies
June 9,2020

Soon, you may be able to withdraw cash from an ATM without touching any part of the machine. AGS Transact Technologies, a provider of cash and digital payment solutions and automation technology, on Monday said it has successfully developed and tested a touchless ATM solution in light of the COVID-19 pandemic.

The ‘contactless' solution, currently under demo at interested banks, enables a customer to perform all the steps required to withdraw cash from an ATM using the mobile app itself. 

The customer simply has to scan the QR code displayed on the ATM screen and follow the directions on their respective bank's mobile application. 

This includes entering the amount and mPIN required to dispense the cash from the ATM machine. 

According to the company, the QR code feature makes cash withdrawals quicker and more secure, and negates the chances of compromising the ATM Pin or card skimming.

"The new Touchless ATM solution is an extension of the flagship QR Cash solution which ensures safety of the users and will provide a seamless cash withdrawal experience with enhanced security," said Ravi B. Goyal, Chairman and MD, AGS Transact Technologies Ltd.

With minimum investment, the banks can enable this solution for their ATM networks by upgrading the existing software.

AGSTTL has so far installed, maintained and managed a network of over 72,000 ATMs across the country and also provides customised solutions to leading banks. 

The company earlier introduced UPI-QR based Cash withdrawal solution in partnership with Bank of India. 

This is how the solution works.

Open the Bank mobile application on your smartphone and select QR Cash Withdrawal. Enter the amount you wish to withdraw on the mobile app and scan the QR code on the ATM screen.

Next, confirm the amount by clicking on ‘proceed' in the app and enter the mPin to authenticate the transaction. Now collect the cash and receipt and you are done.

"The seamless, cardless and touchless withdrawal method is designed to provide easy transaction flow, without the need to touch the ATM screen or enter the pin," said Mahesh Patel, President and Group Chief Technology Officer, AGS Transact Technologies.

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Agencies
June 7,2020

New Delhi, Jun 7: The Government of India (GoI) must strengthen the laws to protect animals, said People for the Ethical Treatment of Animals (PETA) India CEO Dr Manilal Valliyate on Sunday, following an elephant's death in Kerala and cow injured due to ingestion of explosives in Himachal Pradesh.

"Such incidents are not just restricted to certain regions but are happening all across the country. PETA receives more than 100 similar cases every day. People send in their complaints to us, not just for cows and elephants but for so many other animals as well," he said.

The PETA chief urged the GoI to strengthen the laws established to protect animals.

"As per the current laws set out against animal cruelty, the perpetrator would only be charged Rs 50,000 as a fine. That is equivalent to no punishment at all," added PETA India CEO.

He expressed his anguish against municipal agencies as well, saying that they are not doing "serious" work. He also highlighted how cows are left on the roads to wander, after milking them, to feed on garbage, in several parts of the country.

"These injustices against animals through explosives has been going on for quite a while. But for the first time, it has received such public attention," he said.

After a pregnant elephant was fed cracker-filled pineapple and her eventual death on May 27 in Kerala's Palakkad district, a pregnant cow sustained fatal injuries on May 25 due to accidental ingestion of explosives in Dadh village of Bilaspur district of Himachal Pradesh.

One person has been arrested in the Dadh village for allegedly hurting the cow.

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Agencies
April 4,2020

Kozhikode, Apr 4: In a bid to maintain the lockdown amid COVID-19 outbreak, Police in Kozhikode is monitoring the situation using drone cameras and making sure that people are not breaking the law.

The police have so far arrested 41 persons who were out on a morning walk on Saturday during the lockdown in the backdrop of coronavirus outbreak.

The SHO of Town South Police Station informed that the accused were later released on bail.
At least 295 cases have been reported in the state so far.

Talking about COVID-19 testing, State Health Minister KK Shailaja told media: "Nine labs are conducting polymerase chain reaction (PCR) tests in Kerala. We've received 2000 rapid test kits and will start rapid tests from tomorrow. If a person tests positive in rapid test, we need to confirm it with PCR test."

The total number of COVID-19 positive cases in India climbed to 3072 on Saturday, according to Ministry of Health and Family Welfare.

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