Tag: Financial technology

RBI governor announces 5 new exciting payments solutions at Global Fintech Fest 2023

The Reserve Bank of India (RBI) Governor Shaktikanta Das on Wednesday (September 6) unveiled a suite of payments products developed by the National Payments Corporation of India (NPCI) during the Global Fintech Fest 2023.

These innovative solutions, including Credit Line on UPI, UPI LITE X and Tap & Pay, Hello! UPI — Conversational Payments on UPI, and BillPay Connect — Conversational Bill Payments, are designed to foster an inclusive, resilient, and sustainable digital payments ecosystem.
The homegrown NPCI is an umbrella organisation for facilitating retail payments and settlement in India through the RuPay gateway. It is an initiative of the Reserve Bank of India (RBI) and the Indian Banks’ Association (IBA) to create a robust payments and settlement system.

A bit more on the products:
Credit Line on UPI
This new offering enables pre-sanctioned credit lines from banks via UPI and will revolutionise customer access to credit, fostering a more streamlined and digital banking ecosystem. With this, the process of availing credit lines will be expedited, driving economic growth and progress.
UPI LITE X
Through this feature, users can now both send and receive money offline, therefore, allowing users to initiate and execute transactions even in areas with poor connectivity, such as underground stations, remote areas, etc.
UPI Tap & Pay
In a move towards enhancing QR code and Near Field Communication technology adoption, the RBI governor also introduced UPI Tap & Pay. In addition to the conventional scan and pay method, users now have the option to simply tap NFC-enabled QR codes at merchant locations to complete their payments.

PhonePe enters stock trading segment with Share.Market app: All you need to know

The app is PhonePe’s ‘biggest launch of the year,’ according to CEO and co-founder Sameer Nigam.

A QR code for the PhonePe digital payment system at a store in Mumbai. (Bloomberg)

Digital payments platform PhonePe on Wednesday announced its foray into the stock broking segment, doing so by launching an online service called ‘Share.Market.’

Sameer Nigam, CEO and co-founder, PhonePe, described the app as the company’s ‘biggest launch of the year.’

“Earlier this year, we had introduced innovative solutions such as PinCode, but this new offering is our biggest launch of the year,” Nigam said, according to CNBCTV18.

Meanwhile Ujjawal Jain, appointed as the CEO of Share.Market, said, “The service will bring newer demographics into broking, helping people to get started on their investing journey with off-the-shelf quant research-led offerings, including WealthBaskets.”

Share.Market app: All you need to know
(1.) According to CNBCTV18, which cited information from PhonePe, the app will have a one-time onboarding price of ₹199; this includes benefits that users can avail till March 31, 2024.

(2.) Available both as a mobile app and a dedicated web portal, the facility will aid retail investors in buying stocks, doing intraday trading, and purchasing curated WealthBaskets and mutual funds.

Source: https://www.hindustantimes.com/business/phonepe-enters-stock-trading-segment-with-share-market-app-all-you-need-to-know-101693393490477.html

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