The Reserve Bank of India has directed all regulated payment companies to track high-value or suspicious transactions during the course of general elections, according to multiple senior executives in the know.In a letter dated April 15, the RBI asked payment system operators (PSOs) to prevent any potential misuse of electronic fund transfer mechanisms to influence voters or indirectly fund poll candidates.ET has seen a copy of the letter.“The regulator wants payment companies to track...
bank-owned P-PA services do not require any authorization, but will also have to ensure compliance with other requirements for P-PAs.
Razorpay has launched its own Unified Payments Interface (UPI) infrastructure in partnership with Airtel Payments Bank. The new infrastructure, UPI Switch, boost success rates by 4% to 5%; handles up to 10,000 transactions per second at any given time; and enables five times faster access to UPI innovations for business, Razorpay said in a Wednesday (April 24) press release. “This […]
Users of encrypted messaging service Telegram can now start sending money via the stablecoin USDT by using The Open Network blockchain.
According to RazorPay, UPI Switch is able to solve a lot of the currently faced by currently existing UPI infrastructure, as well as added capacity such as being able to handle 10,000 transactions per second, and resolving disputes within 24 hours as opposed to the industry standard of 7 days.
In a notification, the Reserve Bank of India asked Payment System Operators to be vigilant against any transactions that might be used to influence voters or fund candidates.
RBI has come out with updated directions for payment aggregators covering KYC requirements, due diligence of merchants, and more.
California Democrat Gov. Gavin Newsom wants to be a "good neighbor" by allowing Arizonans to abort their babies in his state, he said during an appearance on MSNBC's Inside with Jen Psaki on Sunday.
Happy Monday! The country’s central bank has asked payment companies to flag high-value suspicious transactions amid the ongoing general elections. This and more in today’s ETtech Morning Dispatch.Also in the letter:■ Zomato hikes platform fee■ IT cos see employee wage cost rise■ Dhruva Space raises Rs 78 crore Track fishy transactions, RBI tells payment firms amid ongoing elections 109485600The Reserve Bank of India (RBI) has asked payment system operators (PSOs) to step up their checks on...
IT services major Wipro saw an 8% fall in its consolidated net profit in the March quarter. This and more in today’s ETtech Top 5.Also in this letter:■ Startups hold back CXO hikes■ Indian smartphone market continues recovery■ Aurionpro to acquire Arya.aiWipro Q4 profit falls 8% on year to Rs 2,835 crore 109437982Wipro MD and CEO Srini PalliaIT major Wipro on Friday reported an 8% fall in consolidated profit for the fourth quarter of FY24 at Rs 2,835 crore, as against Rs 3,074 crore a...
After releasing guidelines for online payment aggregators like Razorpay and Cashfree, the Reserve Bank of India on Tuesday issued draft rules to regulate point-of-sale payment service providers (PA-P). Companies like Innoviti Payments, Pine Labs and MSwipe will be brought under regulatory cover now.The regulator said companies providing the service will need to apply for authorisation from the RBI by May 31, 2025.In case they fail to get authorisation, they will have to cease these services, as...
The president of Tusk, set up to safeguard elephants and other animals, has stepped into the trophy-hunting debate by warning the West not to tell African nations how to run their wildlife affairs.