Mastercard has announced the global launch of its Payment Passkey Service, marking a significant step forward in secure online transactions. Unveiled at the Global Fintech Fest in Mumbai, this innovative service aims to make online shopping more secure and convenient, with India chosen as the debut market for its pilot program.
India’s rapidly growing digital payment ecosystem and advanced tokenization market make it the ideal starting point for this groundbreaking initiative. The pilot will involve some of the nation’s leading payment players, including aggregators like Juspay, Razorpay, and PayU, major online merchants like BigBasket, and top financial institutions like Axis Bank.
The Payment Passkey Service is designed to address the growing threat of online fraud, which has seen a nearly 300% increase in India over the past two years, according to the Reserve Bank of India. By leveraging device-based biometric authentication methods—such as fingerprints or facial scans—the service eliminates the need for traditional passwords and,
one-time passwords (OTPs), which have become increasingly vulnerable to scams like phishing and SIM swapping.
The service enhances security by utilizing passkeys and tokenization to ensure that no financial account data is shared with third parties, thereby rendering it useless to fraudsters.
Razorpay, a leader in the fintech industry, has announced a series of innovative products and enhancements at the Global Fintech Fest (GFF) 2024 aimed at transforming the payments ecosystem. With a focus on accessibility, inclusivity, and the future of financial transactions, Razorpay continues pushing the boundaries of what’s possible in fintech.
Razorpay, in collaboration with Mastercard, has launched India’s first Biometric Authentication system, revolutionizing the checkout process by eliminating the need for OTPs. This advanced system leverages passkey protocols to enhance security and convenience, resulting in a 4% increase in transaction success rates and a 35% reduction in OTP-related errors.
This innovation is poised to boost conversion rates for merchants, providing a seamless payment experience for customers.
Razorpay has also introduced Razorpay A1, an all-in-one QR-centric device designed to enhance UPI payments, reflecting the growing preference for QR codes over traditional payment methods.
Razorpay A1 supports high transaction volumes and offers a versatile, future-ready payment solution that aligns with the evolving needs of modern Indian consumers. By integrating Razorpay A1 into their operations, businesses can ensure they remain at the forefront of payment trends, offering customers a seamless offline payment experience.
Aditya Birla Capital Digital Limited (ABCDL), the digital-first arm of India’s leading financial services conglomerate, Aditya Birla Capital, announced the launch of three new product offerings – DigiGold Gifting, Family Health Scan, and SIMPLiNVEST – on ABCD’s omnichannel D2C platform at the Global Fintech Festival in Mumbai.
Building on the platform’s 1.2 million+ registrations, these new solutions aim to provide consumers with a more personalised and convenient digital financial experience, with the slogan “Everything Finance as Simple as ABCD”.Gifting digital gold is a new function that allows ABCD app users to easily send digital gold to friends and family by entering the recipient’s number.
Family Health Scan is a novel, selfie-based, free Health Scan function featured in the ABCD app’s ‘My Track’ area. It has now been expanded to include up to five family members. The technique gathers health metrics from a face-scan video stream using advanced mathematical algorithms covering 20+ critical health factors such as overall health score, heart rate, etc.
SIMPLiNVEST, now in beta, is an industry-first solution that allows users to make systematic investments in a variety of asset classes, such as mutual funds, equities, and digital gold, using a single, straightforward route. It automates, diversifies, and personalises the user’s investment journey, ensuring a balanced approach to wealth growth.
With personalised asset allocation and customised investment calendars, investors can easily achieve their financial objectives based on their risk tolerance and monthly investment surplus. As part of its ongoing innovation and digital transformation journey, Aditya Birla Capital commercialised the omnichannel D2C platform ABCD, in April 2024.
The Reserve Bank of India (RBI) Governor, Shri Shaktikanta Das, launched two innovative digital payment products developed by the National Payments Corporation of India (NPCI) at the Global Fintech Festival (GFF) 2024. The new offerings, Bharat BillPay for Business (BBPS) and
UPI Circle will revolutionise India’s digital payment ecosystem by enhancing inclusivity, security, and efficiency.
The introduction of Bharat BillPay for Business marks a significant step forward in simplifying and automating business-to-business (B2B) payments across the country.
This platform aims to standardise invoice payments, providing a centralised, interoperable solution for businesses of all sizes.
BBPS for Business offers features such as business onboarding, purchase order (PO) creation, invoice management, automated reminders, guaranteed settlement, and an integrated Accounts Receivable (AR) and Accounts Payable (AP) dashboard.
Additionally, the platform includes online dispute resolution, making it a comprehensive tool for managing day-to-day business operations.
Banks, Enterprise Resource Planning (ERPs), and B2B fintechs can now connect with BBPS for Business to offer their clients a holistic digital payment and invoicing solution.
Another highlight of the launch was UPI Circle, a new feature that allows UPI users to delegate payment responsibilities to trusted secondary users. This feature enables a primary UPI user to link with up to five trusted secondary users, granting them either partial or full delegation of payment capabilities.
In full delegation mode, the secondary user is authorised to initiate and complete UPI transactions within predefined spending limits—up to a maximum monthly limit of INR 15,000 and a per-transaction limit of INR 5,000. In partial delegation mode, the secondary user can initiate payment requests, which are completed by the primary user using their UPI PIN.
The UPI Circle feature was demonstrated live at the event, showcasing its functionality through popular UPI-enabled apps, including BHIM.
These new initiatives by the RBI and NPCI underscore India’s commitment to advancing its digital payment landscape, fostering greater inclusivity, and enhancing the overall user experience in financial transactions.
At the Global Fintech Fest 2024 in Mumbai, a landmark agreement was signed between Indian and South African counterparts, marking a significant leap in the global fintech landscape. This agreement paves the way for South Africa to enable UPI (Unified Payments Interface) QR code acceptance, which promises to revolutionize digital payments in the country.
UPI QR acceptance in South Africa is expected to streamline cross-border transactions, making it easier for consumers and businesses to engage in seamless, secure, and instant payments. This initiative not only enhances the digital payment infrastructure in South Africa but also strengthens the economic ties between the two nations.
This collaboration highlights UPI’s growing influence as a global payment solution and underscores the importance of cross-border fintech partnerships in driving innovation and financial inclusion globally.
The signing of this agreement at the Global Fintech Fest ’24 is a testament to both countries’ commitment to fostering a more connected and,
efficient global financial ecosystem. As UPI expands its footprint, the world can expect to see more collaborations bridging the gap between traditional banking systems and the digital future.
Muthoot FinCorp Limited, the flagship company of the 137-year-old Muthoot Pappachan Group (Muthoot Blue), has announced the Tranche I series of secured, redeemable, non-convertible debentures with a face value of Rs 1,000 each (“NCDs”) to raise an amount of Rs 350 crore, which is within the shelf limit of Rs 2000 crore. This is the Company’s 17th issuance.
The Tranche I issuance is Rs 100 crore (“Base Issue Size”), with a green shoe option of Rs 250 crore, bringing the total to Rs 350 crore (“Tranche I Issue Limit”) (“Tranche I Issue”).
The Tranche I Issue with a face value of Rs 1,000 has been open to the public since August 28, 2024 and closes on September 10, 2024 subject to an early closure,
as may be approved by our Board of Directors or the Stock Allotment Committee thereof of the Company, and subject to relevant approvals, in accordance with Regulation 33A of the Securities and Exchange Board of India (Issue And Listing Of Non-Convertible Securities) Regulations, 2021, as amended (SEBI NCS Regulations).
The Tourism & Hospitality Skill Council (THSC) under the aegis of Ministry of Skill Development and Entrepreneurship, has signed a Memorandum of Understanding with Visa (NYSE: V), a global leader in digital payments, for a three-year partnership valued at up to $1 million USD.
This initiative, designed to up skill at least 20,000 Indian youth in tourism-relevant skills, was formalized in the presence of Shri Jayant Chaudhary, Minister of State (Independent Charge), Ministry of Skill Development & Entrepreneurship (MSDE) and Minister of State, Ministry of Education Government of India.
The partnership, which builds upon Visa’s ongoing collaboration with the Ministry of Tourism, aims to train youth across 10 States, including Assam, Gujarat, Himachal Pradesh, and West Bengal to elevate the tourism service experience for tourists.
The Indian Army launched the first phase of Project NAMAN, in presence of General Upendra Dwivedi, Chief of the Army Staff along with Mrs Sunita Dwivedi, President Army Wives Welfare Association (AWWA). A project designed to provide dedicated support and services to Defence Pensioners, Veterans and their families,
Project NAMAN is centred around the implementation of the SPARSH (System for Pension Administration Raksha), digital pension system, which streamlines pension related processes for Defence Pensioners, addressing the critical need for accessible facilitation points for Veterans and Next of Kin (NOK) across the country.
In the first phase of Project NAMAN, 14 CSCs have been established at key locations across India, including New Delhi, Jalandhar, Leh, Dehradun, Lucknow, Jodhpur, Bengdubi, Gorakhpur, Jhansi, Secunderabad, Saugor, Guntur, Ahmedabad and Bangalore. The project is set to expand significantly, with plans to establish approximately 200 centres nationwide over the next 2-3 years.
he banking partner, HDFC Bank, has provided the necessary IT infrastructure for operationalising the CSCs, while local military stations have contributed essential physical infrastructure and facilities. Each CSC is managed by a Village Level Entrepreneur (VLE), selected from among the veterans or NOKs by the respective Local Military Authorities (LMAs).
SECI, a Central Public Sector Enterprise (CPSE) under the Ministry of New and Renewable Energy has been granted the Navratna status on 30th August 2024 by the Ministry of Finance. SECI is the foremost Renewable Energy Implementing Agency (REIA) of India which is continuously working towards fulfilling climate goals and striving for sustainable development.
Completing its 13 years of incorporation, SECI is a leading CPSE dedicated to the development and expansion of Renewable Energy (RE) capacity in India with a cumulative generation awarded capacity of 69.25 GW and an annual power trading volume upwards of 42 Billion Units.
The National Mission for Clean Ganga (NMCG) approved nine projects worth Rs. 265 crores in its 56th Executive Committee meeting held in New Delhi. The approved projects are pivotal to the improvement of the river’s ecosystem as these ensure minimized level of pollution in the river Ganga, thereby maintaining its cleanliness and ensuring its conservation.
This project aims to prevent pollution in the East Kali River, a tributary of the river Ganga, which flows through eight districts of Uttar Pradesh. Approved at an estimated cost of Rs. 50.98 crores, the project is dedicated to the I&D of drains and sewage treatment works with a capacity of 10 MLD with O&M for a period of 15 Years.
The Committee approved the project Establishment of Secretariat for Smart Laboratory on Clean Rivers (SLCR) at Varanasi” to be executed by IIT (BHU). The Executive Committee also approved the proposal for the renovation of electric crematoriums under the PBIG component of the World Bank funded in Santipur, Garulia and Chakdha municipalities in West Bengal.
n pursuance of section 245MA in the Income-tax Act, 1961 (hereinafter referred to as “the Act”), the Central Board of Direct Taxes (CBDT) had notified the e-Dispute Resolution Scheme, 2022 (e-DRS) with the aim to reduce litigation and provide relief to eligible taxpayers. Section 245MA of the Act also provides for the constitution of Dispute Resolution Committees (DRC).
As per e-DRS, a taxpayer can opt for e-Dispute Resolution against the ‘specified order’ as defined in clause (b) of the Explanation to section 245MA of the Act, which includes an order in which the aggregate sum of variations proposed or made does not exceed Rs.10 lakh and returned income for the relevant assessment year does not exceed Rs. 50 lakh.
According to e-DRS, a DRC may make modification to the variations in the specified order and decide to grant reduction/waiver of penalty and prosecution in accordance with the provision of rule 44DAC of the Income-tax Rules, 1962 (hereinafter referred to as “the Rules”).
Reserve Bank of India (RBI) said it has imposed a penalty of Rs 2.68 crore on UCO Bank for contravention of certain provisions, including on opening of current accounts, interest rate on deposits and frauds classification. The RBI has also imposed a penalty of Rs 2.1 lakh on Cent Bank Home Finance Ltd for non-compliance with certain provisions of KYC directions.
NHPC Limited has been accorded with the prestigious status of ‘Navratna’ company by the Government of India. As per an order issued by Department of Public Enterprise (DPE), Ministry of Finance on August 30, NHPC has been declared a ‘Navratna' company, thereby giving it greater operational and financial autonomy.
NHPC Ltd. (Formerly known as National Hydroelectric Power Corporation Ltd.) was incorporated in 1975 under Companies Act, 1956. The company is mandated to plan, promote and organize an integrated and efficient development of power in all its aspects through Conventional and Non-Conventional Sources in India and abroad.
NHPC is a listed company on NSE and BSE after successfully concluding its IPO in 2009.
India’s energy major, Indian Oil Corporation Limited (IOCL) has launched a co-branded credit card in partnership with RBL Bank in Global Fintech Fest (GFF), Mumbai. This strategic collaboration aims to provide cardholders with attractive rewards and benefits, enabling them to earn upto 250 litres of free petrol annually.
RBL Bank is one of India’s leading private sector banks with an expanding presence across the country. The Bank offers specialized services under five business verticals namely: Corporate Banking, Commercial Banking, Branch Banking & Retail Liabilities, Retail Assets and Treasury & Financial Markets Operations. Founded in the pre-independence era in 1943.
In the World U20 Athletics Championships, Aarti won a Bronze medal in the Women’s 10000m race walk event with the National U20 record time to open India’s medal account at Lima in Peru yesterday. She clocked 44 minutes 39.39 seconds to finish third in the gruelling event. Chinese race walkers Zhuoma Baima won the gold while and Meiling Chen clinched silver.
The Indian economy has clocked a GDP growth of 6.7 per cent in the first quarter of the financial year 2024-25. Figures released by the Ministry of Statistics showed that the crucial manufacturing sector that provides quality jobs to the young workforce posted a 7 per cent growth, while the construction and electricity sectors posted double-digit growth during the quarter.
Private Final Consumption Expenditure and Gross Fixed Capital Formation have witnessed growth rates of 7.4 per cent and 7.5 per cent, respectively, during this period. Aggregate demand conditions are gathering momentum with a revival in rural consumption on the back of growing incomes.
Fitch Ratings has reaffirmed India’s sovereign debt rating at ‘BBB-‘ with a stable outlook. The global rating agency in its report released today has attributed to the country’s robust medium-term growth prospects and solid external finance position. On the growth front, Fitch projected India’s GDP growth at 7.2 percent in Financial Year 2025 and 6.5 percent in FY26.
The ‘BBB’ rating reflects low default risk expectations, where the capacity to meet financial commitments remain adequate despite potential vulnerabilities from adverse business or economic conditions.
Growth in India’s eight core sector industries slowed to 6.1 per cent in July compared to 8.5 per cent in the same month last year, according to government data. It picked up compared to 5.1 per cent last month, helped by business activity and road construction. The first four months of FY25 recorded a 6.1 per cent growth compared to 6.6 per cent inthe same period last year
The core sector comprises coal, crude oil, natural gas, refinery products, fertilisers, steel, cement, and electricity. Increase in the growth rate of four sectors — refinery products, fertilisers, steel and cement, was higher than June. Compared to July 2023, six sectors recorded a decline in growth output. The growth rate in coal (6.8 per cent) was the lowest in 13 months
