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Even more than three years after demonetisation and all-out efforts to make most transactions through electronic, cash is still king, as it thrives in a digital India, said fintech start-up Paytm founder Vijay Sekhar Sharma.

"While cashless economy is not possible in India, less cash economy will be in the future. Less cash is the only solution, not the elimination of cash," Sharma told IANS in an interview after unveiling an all-in-one payment gateway on Tuesday.

Asserting that it would take 5-10 years for India to make the transition to digital payments from the traditional mode of cash, Sharma, 41, said the e-payment industry benefitted more from the November 8, 2016 note ban and withdrawal of old Rs 1,000 and Rs 500 denominations.

"I think it (demonetisation) helped the industry despite lack of specific help. But the world has changed since then. It is about the scale of distribution of merchants that is what is propelling digital payments," said Sharma.

Most of the cash not only came back into circulation, but also remains as the mode of payment for the majority due to its convenience for the people used to such transactions.

Expounding Paytm's zero service charge, Sharma said the strategy is sustainable as it leads to acquiring more customers and merchants, enabling newer business opportunities.

Paytm also does not levy a service charge to small merchants for its payments services, unlike organised players like Uber.

"Though there is a monetisation model, the merchants who are small shopkeepers, become our financial services customers as they open a bank account, which is profitable."

Paytm secured a Payments Bank license from the Reserve Bank of India to offer a savings bank account, Rupay debit card and money transfer services.

"We are banking on payment services acquiring customers and merchants who avail banking, lending, insurance, wealth and software services like billing software and business ledger software services eventually," Sharma noted.

The mobile first bank services include zero balance and zero digital transaction charge accounts.

"Basically, payments, cloud, commerce and financial services are a cohort we follow. So, payments is our customer as well as merchant acquisition. If it breaks even, we are happy because other line items make more money, he affirmed.

Noting that in a market like India, one cannot price services at a premium unlike in a developed country like the US, the billionaire businessman said a consumer in a developing country would not be able to afford such a hefty charge.

Forbes ranked Sharma as India's youngest billionaire in 2017, with a net worth of $2.1 billion.

While several countries operate on the model of higher service charges, Sharma said newer business models have to be discovered in India, as customer lifecycle value is accounted for more stages than in other nations.

Asked about an upscale retailer like Zara not giving a wallet payment option during its recent end of season sale in Bengaluru, Sharma said Paytm was addressing such hiccups with its all-in-one payment solutions.

"It's an opportunity, because if the retailer has our all-in-one point of sale machine, where in they enter the amount, it shows both the Quick Response code (QR) and card payment options," he observed.

Sharma compared older swiping payment machine to feature phones and modern ones to feature-rich smartphones.

"If you notice, they look like feature phones and the modern day card machine is more a smartphone like. You can add the smatphone components, which can add the features," reiterated Sharma.

Though Paytm's all-in-one QR point of sale machine integrates the billing system, its chief executive said it was not ideal to have an independent QR feature.

Paytm has 16 million strong merchant user base, which Sharma aims to raise to 26 million base in the next one year.

Sharma has launched in this tech city an all-in-one payment gateway and Paytm Business Payments solution, which enable digital payments through multiple methods for small and medium enterprises (SMEs) and an Android point of sale machine.

With the new gateway solution, collecting digital payments through multiple methods can be achieved seamlessly while Paytm Business Payments solution enables automated vendor payments, including employee salaries and customer refunds among others.

The One97 Communications-owned Paytm aims to help SMEs streamline and digitise their business activities using its new solutions, which enhance the overall efficiency of both accepting and making payments.

Paytm has a data bank of over 200 million saved cards and bank accounts, a feature which enables partner apps to shorten transaction times and propel faster conversions while using the all-in-one payment gateway.

Complementing the two solutions, Sharma also launched an all-in-one Android point of sale machine, which can accept payments through all forms such as cards, wallets, UPI apps and even cash.

The device has a QR code that supports all contact and contactless payments, coming with integrated billing software customized solutions for different sectors such as catering, ticketing, parking and others.

The handheld Android device is equipped with an in-built printer, scanner and can also generate bills.

Valued at $16 billion, Paytm is not alone in the fiercely competitive Indian fintech space where a dozen players like PhonePe, MobiKwik, Kotak 811 and deep pocketed international giants Google Pay and Amazon Pay are in the fray.

Mangaluru, Mar 22: A video being circulated in the social media purportedly of a man infected with COVID-19 at a hospital here is fake, its authorities said.

The video which shows a youth, dressed in pink trousers and wearing a mask, struggling to breathe on a blue hospital bed, had gone viral after which the Wenlock hospital issued a clarification.

The video started circulating after Dakshina Kannada Deputy Commissioner made public Sunday that a person has tested positive for coronavirus at the hospital.

Follow live updates of coronavirus cases in India here

"A video of a patient convulsing on a hospital bed is being circulated on social media. This video is not of Wenlock hospital. Besides, we do not use blue beds," the hospital said in a statement, adding that they will file a complaint with the police regarding the video.

The first COVID-19 case in the district was confirmed at the hospital on Sunday.

The 22-year old man who came here from Dubai was tested positive and is under treatment in the isolation ward.

Apr 10: The UAE reported 331 new coronavirus cases - through extensive testing - and two deaths late Thursday night.

The UAE conducted over 40,000 coronavirus tests over the past two days across various segments of society, including citizens and residents, using latest state-of-the-art-technology in line with the Ministry of Health and Prevention's plans to intensify Covid-19 screenings to contain the spread of the virus.

The Ministry also revealed that two patients suffering from Covid-19, an Asian national and an Arab, had died due to complications caused by the virus. Both of the deceased had prior chronic illnesses. The total number of deaths has now reached 14.

UAE announced on Thursday that places of worship will be closed in the country until further notice - amid the coronavirus situation. Authorities decided to extend the closure of mosques, churches and other places of worship in the UAE until further notice for the safety of community members, Wam reported. The measure has been taken to prevent the spread of Covid-19 in the country.

The decision was taken in coordination with the National Authority for Emergency and Disaster Management, the General Authority for Islamic Affairs and Endowments, federal, local religious bodies and health authorities in the state.

Residents face deportation for breaking rules

People who repeatedly flout 'stay at home' measures and endanger others' lives are inviting harsh punishments including deportation, a senior police officer has said.

"The UAE's Attorney-General has already announced the fines and punishments for breaking rules on social distancing and curfew restrictions. Repeated offenders or those who commit crimes that have a 'snowball' effect on the society will be fined, jailed and deported at the end of their term," said Col Saeed Al Hajeri, head of the Cyber Crime Department at Dubai Police, in an exclusive interview with Khaleej Times.

Al Hajeri said the Dubai police are tightening the noose against violators by resorting to 'naming and shaming' them.

The officer said 'reckless residents' will face serious consequences as they are not allowing the government to serve the people.i.  

Movement permit not to be misused

The officer said residents should not misuse the movement permit introduced by the Dubai Police and those who go out without a permit will be fined on their Emirates ID. Al Hajeri said they expect residents to be highly responsible. "Those who are exempted from taking movement permit can use the company letter to go to work but not for other purposes. You cannot fool the system by obtaining a permit for buying medicine and then going out to visit your sister or brother."

Social media as a double-edged sword

Warning people against circulating rumours and videos mocking authorities, the he said people should instead use the time to be productive or creative.

"We encourage people to use this time to learn new skills and not create scams and endanger the society. This is a difficult time and it will pass. What is more important is what you gain out of this."

Col Al Hajeri said the Dubai Police are aware that many people are using social media as a positive tool and encourage them. "We encourage that, and want people to use social media for positive messaging, to spread awareness about personal hygiene, social distancing and various precautions to be followed."

13 new drive-through coronavirus test centres open across UAE

Thirteen new drive-through testing facilities for Covid-19 have been opened across the UAE over the recent days. The Abu Dhabi Media Office on Thursday reported that under the directives of His Highness Sheikkh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, 13 additional Covid-19 drive-through testing facilities were opened in 10 days, in addition to the centre previously opened in Zayed Sports City in AbuDhabi.

According to authorities, more than 12,000 people have been tested since the centres opened .

The examination process begins by booking an appointment in advance by calling the 8001717 Estijaba centre, or through the SEHA smart application, for an initial assessment.

Priority will be given to those with symptoms, senior citizens, pregnant women and those who suffer from chronic diseases.

Precautionary examinations costs Dh370, and payment will be done electronically through the SEHA application.
 
50,000 workers to be screened in a month

A massive initiative has been launched by healthcare provider Right Health and Al Futtaim Health's HealthHub to screen 50,000 workers for Covid-19 within a month.

Out of the 58 facilities across the UAE, 33 primary health centres of the Right Health are located at the workers' accommodation areas in Jebel Ali, Sonapur and Al Qouz.

"We will be working with businesses across the UAE to ensure their workforces stay safe and healthy. It is essential that private healthcare providers do everything they can to support the government's efforts to combat the Covid-19 pandemic. The objective of this campaign is to screen as many people as possible.

Crime falls by 96% in Sharjah

A massive drop in crimes has been observed in Sharjah after the implementation of Covid-19 precautionary measures. The crime rate has declined by 96 per cent, according to the Sharjah Police. Only 48 cases were reported in the emirate during this period compared to 717 cases registered last year.

Dispose of masks, gloves safely, say police

Motorists caught throwing face masks and gloves out of their vehicle windows will be fined Dh1,000 and six black points will be registered against their driving licences, the police have warned. The Abu Dhabi Police on Thursday said some people have been throwing used masks and gloves out of the car windows, violating traffic laws. "The masks and gloves pose a threat to public health and the environment. They may have been contaminated and lead to the spread of diseases," the police said in a statement. The police also noted that adhering to precautionary measures that prevent the spread of communicable diseases is everyone's responsibility.

Medical experts explain UAE's high Covid-19 recovery and low death rates

Compared to global rates of Covid-19, the UAE has been showing very high recovery and very low death rates.

According to statistics made available on the World O Meter, the Covid-19 death rate in the UAE is only 0.5 per cent of the total 2,659 infected.
Khaleej Times reached out to UAE doctors and medical experts who have attributed this phenomenon to the UAE's high healthcare standards, the country's predominant younger population, and residents' compliance to the Stay at Home guidelines.

'UAE age structure plays a role'

However, Dr Standford said: "Although death occurs at all ages, there is a predominance of the elderly. The age structure in the UAE is completely different from most countries outside the GCC as there is a predominance of young expatriates here under work permits.
He added: "Most (expatriates) will leave the country by the age of 60. There is therefore only 1.5 per cent of residents aged 65 or more. Compare this with a country like the UK where the equivalent number is 18.2 per cent."

Early intervention

Dr Jacob Cherian, specialist internal medicine, Medcare Medical Centre Marina and medical director for Medcare Medical Centres, attributed early intervention and intensive testing as one of the main reasons for the UAE's faster recovery rates.

"Compared to other countries, the UAE adopted early intervention measures. The UAE closed schools and limited social gatherings when there were hardly any cases," he said. Compliance from residents and a relatively younger and healthier population are other reasons for the lower death rates and high recovery rates, according to Dr Jacob.

Pakistan extends suspension flight operations till April 21

The Pakistan government has extended the suspension of domestic and international flight operations in the country until April 21 in a bid to contain the coronavirus spread, said a notification issued by the Civil Aviation Authority (CAA).

In its last notification, the CAA had said that diplomatic, special/cargo flights and flights of national carrier to/from Pakistan holding special approval from the competent authority for transporting stranded passengers would be exempted from the ban.