Facebook to unveil new cryptocurrency

Agencies
June 17, 2019

London, Jun 17: Facebook is set Tuesday to unveil a bid to bring cryptocurrency payments into the mainstream, reportedly with the endorsement of governments and financial giants.

The world's biggest social network is expected to outline details of a virtual currency launching next year that it hopes will avoid the rollercoaster volatility of "blockchain" technologies such as bitcoin.

Facebook is setting up a consortium called "Libra" which, according to the Wall Street Journal, has been joined by more than a dozen companies including Visa, Mastercard, PayPal and Uber.

The companies along with venture capitalists and telecommunications firms will reportedly invest around USD 10 million each into the consortium.

Facebook has been trying to ward off hostile regulatory scrutiny after a series of privacy abuses and the spread of fake news.

The consortium will be managed externally and will seek to build trust among consumers by pegging the virtual coin to a basket of currencies including the dollar and euro, the Journal said.

Facebook has already sought blessings from the US Treasury and the Bank of England, the BBC reported last month.

Regulators have been reticent about cryptocurrencies, not only due to potential abuse by criminals but the wild swings in their value harming consumers.

With more than two billion users across its platforms, which include WhatsApp and Instagram, Facebook could have the clout to bring cryptocurrency out of the fringes and emulate the likes of WeChat in China, where the US site is banned.

WeChat allows its users to chat, shop and play games without leaving its platform, generating more revenue by offering a one-stop portal.

Buffeted by the privacy storms, chief executive Mark Zuckerberg has promised a new direction for Facebook built around smaller groups, private messaging and payments.

But it will need to overcome questions of trust and privacy, not least over how financial data will be stored. Some analysts are betting that the heavyweight Libra consortium will help to do that.

Facebook's crypto initiative could facilitate shopping, applications and gaming, and would leverage its broad user base in Asia, RBC analyst Mark Mahaney said in a research note last week.

It "may prove to be one of the most important initiatives in the history of the company to unlock new engagement and revenue streams", he wrote.

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Agencies
June 5,2020

With the scrapping of Mitron and Remove China Apps from its Play Store gaining a lot of attention in India, Google on Thursday said that it removed a video app "for a number of technical policy violations", while adding that it also does not allow an app that "encourages or incentivizes users into removing or disabling third-party apps".

Both the apps became immensely popular in India within a short span of time due to the prevailing anti-China sentiment amid border tensions between India and China in Ladakh and calls by Indian activists to boycott Chinese products.

Reports suggested that the Mitron app is a repackaged version of TicTic, which is a TikTok clone.

The Remove China Apps was designed to help users identify applications of Chinese origin.

Without naming the apps, Google hinted that the Mitron app may make a comeback on the Play Store once it fixes some technical issues, but the chances of the Remove China Apps are thin.

"We have an established process of working with developers to help them fix issues and resubmit their apps. We've given this developer (of the video app) some guidance and once they've addressed the issue the app can go back up on Play," Sameer Samat, Vice President, Android and Google Play, said in a statement.

Google said that its Android app store was designed to provide a safe and secure experience for the consumers while also giving developers the platform and tools they need to build sustainable businesses.

Samat said that Google Play recently suspended a number of apps for violating the policy that it does not allow an app that "encourages or incentivizes users into removing or disabling third-party apps or modifying device settings or features unless it is part of a verifiable security service".

"This is a longstanding rule designed to ensure a healthy, competitive environment where developers can succeed based upon design and innovation. When apps are allowed to specifically target other apps, it can lead to behaviour that we believe is not in the best interest of our community of developers and consumers," Samat said.

"We've enforced this policy against other apps in many countries consistently in the past - just as we did here," he added.

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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
July 13,2020

New Delhi, Jul 13: The Telecom Regulatory Authority of India (TRAI) has blocked Bharti Airtel's Platinum and Vodafone Idea's RedX premium plans that offer faster data speeds and priority services to customers as both the plans were violating net neutrality norms.

The telecom watchdog has asked Bharti Airtel to explain within seven days how such a similar plan being launched does not violate the rules of net neutrality.

Vodafone Idea's RedX plan has been in the market since November 2019. They made some modifications in May 2020 and the Bharti Airtel was soon going to launch a similar plan.

According to TRAI, the higher speed for premium customers discriminate against others and violates net neutrality.

Responding to TRAI's move, Airtel spokesperson said: "We are passionate about delivering the best network and service experience to all our customers. This is why we have a relentless obsession to eliminate faults and have been consistently recognised by international agencies as the best network in terms of speed, latency and video experience."

"At the same time, we want to keep raising the bar for our post-paid customers in terms of service and responsiveness. This is an ongoing effort at our end," the spokesperson said.

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