Paytm Says Mobile Wallets Will Become Strong Players in Financial Ecosystem

Paytm Says Mobile Wallets Will Become Strong Players in Financial Ecosystem

Mobile wallets will become strong players in the financial ecosystem as the RBI guidelines on prepaid instruments will allow more features like unlimited transfer of funds between a bank account and a wallet, a top official of Paytm Payments Bank said.

Paytm Payments Bank MD-CEO Renu Satti said the RBI guidelines released this month will enable mobile wallets to gain access to more functionalities like unlimited transfer of funds between a bank account and a wallet and higher limit of up to Rs. 1 lakh for money transfer to beneficiary accounts.

She added that as part of Paytm Payments Bank, customers get the convenience of wallets and can earn interest on their deposits by transferring money from the wallet to their payments bank account.

“This will further strengthen the value proposition of mobile wallets and make them stronger players in the financial ecosystem,” Satti said.

Paytm has over 270 million registered wallet users. However, the mandate to undertake KYC of customers could be a challenge as mobile wallets companies will have to make additional investments in the diligence process.

The KYC (Know Your Customer) process allows banks and other institutions to obtain and verify information about customers’ identity and address.

As per the new norms, mobile wallets that were conforming to a minimum KYC format (like verification of mobile number) will have to get full KYC of customers done within 12 months of setting up the wallet.

Paytm has already said it plans to invest $500 million towards the KYC exercise over the next three years.

Satti said while the process may seem time-consuming, it will also help prevent identity theft, fraud and money laundering and ensure customers’ money is safer than ever before.

“The new RBI guidelines would bring greater confluence and power to m-wallets. It will also ensure money transfers are simpler and financial systems are safer,” she added.

Paytm has introduced a ‘Nearby KYC Points’ section in its app that directs users to nearby partner shops and locations where customers can get Aadhaar biometric KYC done for their Paytm wallets.

Paytm Payments Bank started its operations earlier this year. Its Chairman Vijay Shekhar Sharma owns majority stake in the company, while the remaining share is owned by One97 Communications.

Disclosure: Paytm’s parent company One97 is an investor in NDTV’s Gadgets 360.

[“Source-gadgets.ndtv”]

Paytm Mall Sale, Xiaomi Mi 5X India Launch Date, OnePlus 5’s New Skin, and More: Your 360 Daily

Paytm Mall Sale, Xiaomi Mi 5X India Launch Date, OnePlus 5's New Skin, and More: Your 360 Daily

HIGHLIGHTS

  • Paytm Mall sale kicked off a day before Flipkart offers and Amazon deals
  • Xiaomi Mi 5X has a dual rear-camera setup
  • OnePlus 5 buyers will now be able to choose a Soft Gold option

Paytm Mall began its Independence Day sale on Tuesday, a day before Flipkart Big Freedom Day Saleand Amazon Great Indian Sale kick off. The Paytm sale will go on for a full week leading into August 15. Discounts and cashback offers are being provided on a range of smartphones, laptops, home appliances, clothing and accessories. As part of the Paytm sale, you can get the iPhone 7 with up to Rs. 8,000 cashback, the iPhone SE at flat 15 percent discount and Rs. 3,000 cashback. The Xiaomi Mi Max 2 is also available as part of the sale.

There are Paytm cashback offers up to Rs. 20,000 on Apple, HP, and Lenovo laptops. DSLRs, TVs, and washing machines have a similar offer, while some watches from Titan and Fastrack are available at 40 percent cashback. If you spend more than Rs. 1,499 during the Paytm Mall sale period, you can enter to win an iPhone 7.

Xiaomi Mi 5X could be on its way to India next month, Mi Note 3 might have QHD display
The Xiaomi Mi 5X looks set to be coming to India in September, judging by a tweet put out by XiaomiIndia MD Manu Kumar Jain. Jain said it’d be Xiaomi’s first dual-camera phone in India, which leaves the 5X as the main contender. It has two 12-megapixel sensors on the back, a f/2.2 wide-angle lens and a f/2.6 telephoto lens. The Xiaomi Mi 5X was launched at CNY 1,499 (roughly Rs. 14,200) in China, so it should cost less than Rs. 20,000 in India.

Meanwhile, a new leak for Xiaomi Mi Note 3 has revealed that the device may come with a 2K (1440×2560) OLED screen developed by Samsung. The phone will also reportedly carry the Snapdragon 835 and have a near bezel-less display, so Xiaomi is clearly gunning for the Galaxy S8.

OnePlus 5 Soft Gold variant made official
OnePlus 5 now has a new limited-edition colour option: Soft Gold. Interestingly, the colour is only available with the lower 6GB/64GB RAM-storage variant – which costs Rs. 32,999 – and will go live on Amazon India and OnePlus’ website on Wednesday, August 9 at 12 am. This new OnePlus 5 colour option can leave buyers in a dilemma of sorts, considering Soft Gold is reserved to lower variant, and Midnight Black is locked to the higher 8GB/128GB option. The only common choice is Slate Gray.

Moto X4, Lenovo K8 Plus, Google Pixel 2 leaks
Lenovo’s upcoming Moto X4 is set to have a unique dual-camera design, judging by the new leaked render shared by Evan Blass. It counters the previous render he shared himself, which he said wasn’t reflective of the final product. In the new one, the two cameras sit side-by-side in a circular housing with the flash support at the top.

In other Lenovo news, the K8 Plus has been spotted on benchmark site Geekbench, ahead of the K8 Note’s launch in India on Wednesday. It runs Android 7.1.1 Nougat, is powered by an octa-core MediaTek Helio P25 chip, and has 3GB RAM.

Lastly, the Google Pixel 2 has shown up in leaked live photos, which suggest wide bezels (ugh) and stereo speakers. A picture of the back shows a single camera and a fingerprint sensor.

Galaxy S8 Active, Samsung U Flex unveiled
Samsung has launched the rugged, more durable version of its flagship – the Galaxy S8 Active – which comes with a shatterproof screen. It can be pre-ordered for $28.34 (roughly Rs. 1,800) per month for two and a half years via AT&T Next, or $849.99 (roughly Rs. 54,100) if you are paying up-front. The Samsung Galaxy S8 Active will be available in US stores this Friday, August 11. There’s no word on when the S8 Active will launch in other countries.

Available in Meteor Grey and Titanium Gold colour variants, the S8 Active has a metal frame and bumper that protects it against shock, abrasion, tilting or twisting. While that’s all well and good, the housing does take away from the bezel-less brilliance of the Infinity Display. The Galaxy S8 Active has passed military specification (MIL-STD-810G) testing, according to Samsung. In terms of specifications, the Galaxy S8 Active is on par with the standard version, except a battery pack that goes up to 4,000mAh.

Alongside, Samsung has also announced a pair of wireless headphones in U Flex, which gets its name from the bendable neckband. The U Flex also has a dedicated button for Samsung’s digital voice assistant Bixby, which can be reconfigured to choose from clock, timer, Samsung Health, or favourites. We don’t have pricing or availability details yet, though those will probably arrive with the launch of Galaxy Note 8 on August 23.

iPhone 8 design leaked again
The next iPhone launch is still over a month away, but the steady stream of leaks has given us multiple new looks at the upcoming models. An image shared by Evan Blass reiterated the bezel-less design we’ve seen before for iPhone 8, which includes a wrap-around display for the front camera, sensors, and earpiece. An image shared on Weibo shows that we might get a new Copper Gold colour with the new iPhone.

Meanwhile, Foxconn VP Luo Zhongsheng allegedly told reporters that the iPhone “will not be cheap” owing to supply chain issues, since yields are low on the new OLED display being provided by Samsung.

SoftBank now in direct talks with Flipkart
After the founders of Snapdeal called off merger talks with Flipkart, its biggest investor SoftBank has begun direct talks with the latter, according to CEO Masayoshi Son. “We respect the decision of Snapdeal founders and we are engaged with Flipkart,” Son said after the Q2 earnings were announced. SoftBank owns 35 percent of Snapdeal and was said to have mediated its sale during the past few months. The Japanese firm is now looking to invest $2 billion in Flipkart.

Disney apps may be spying on your kids
A class-action lawsuit filed in California last week has alleged that 42 apps made by Disney working with three companies – Upsight, Unity, and Kochava – have been collecting personal data on children, and illegally sharing it with advertisers without parental consent. US law prohibits companies from signing up those under the age of 13, as part of the Children’s Online Privacy Protection Act (COPPA). In a statement, Disney said it has a “robust COPPA compliance” programme and intends to defend itself in court.

LG V30 spotted in video contest entries, launches August 31
LG may have inadvertently revealed the look of its next flagship – the LG V30 – thanks to an online competition in collaboration with Joseph Gordon-Levitt’s HitRecord production company. Entrants are given early access to LG products, and their videos – though not available in high-quality – paint a clear picture of what the V30 will have. The back of the phone has a dual-camera setup, a fingerprint sensor, and the moniker ‘V’ etched below it. The LG V30 is set for its pre-IFA 2017 Berlin launch on August 31.

Google rolls out YouTube’s in-app messaging to everyone
YouTube’s in-app messaging system, which allows you to share videos and chat with your friends and family right in the app itself, is now rolling out globally for both Android and iOS users. Google may have lost the social media battle, but it still owns the world’s largest open video platform, so this new addition may well help keep users on the platform they watch the most. When you tap the Share button, you’ll be able to choose from people with Google accounts. Once you do so, or if someone shares a video with you, those conversations will be available in the Shared tab.

[“Source-gadgets.ndtv”]

Paytm to Charge 2 Percent Fee on Adding Money to Wallet Using Credit Cards

Paytm to Charge 2 Percent Fee on Adding Money to Wallet Using Credit Cards

HIGHLIGHTS

  • Paytm found that some credit card users were abusing that 0-fee transfers
  • To combat this, Paytm is charging all CC deposits a 2% transfer fee
  • It is refunding this money in the form of a coupon you can use on Paytm

On Wednesday, wallet company Paytm announced that it will be charging a 2 percent deposit fee from credit card users going forward. According to Paytm, this was being done to combat misuse of its zero-fee transfers, explaining that savvy users were rotating their cash through the wallet to earn essentially “free” money in the form of reward points. Paytm said that to ensure that genuine users don’t lose money, it will return the 2 percent charge in the form of coupons that can be used on Paytm.

Later, its founder Vijay Shekhar Sharma clarified that the coupons can also be used on third-party sites to pay Swiggy or Uber, although this mechanism has not been activated yet.

As noted in the post announcing this decision, since November, Paytm has been allowing users to take cash out of the wallet to their bank accounts at no charge. Typically, cashing out has attracted a fee from wallets. At the same time, Paytm and other wallets haven’t charged fees for depositing cash into their systems. This meant that credit card users could fill up their Paytm wallets using the card, then transfer that money back to their bank accounts, at no charge. “They were not only getting free loyalty points which effectively is free cash but also getting access to free credit,” Paytm noted.

This would be subsidised by Paytm’s own costs, as the company pointed out.

Incidentally, Paytm pays fee to card networks or banks whenever you use any payment instrument like any other online commerce company. Paytm pays a hefty charges when you use your credit card to card networks and issuing banks. If user simply adds money and takes to bank, we lose money. Our revenue model requires users to spend money within our network and we make money from the margins available to us on various products/services we offer.

For this reason, Paytm is now charging a 2 percent deposit fee from credit card users, and refunding them the same in the form of a coupon that can be used on the Paytm app. As we mentioned, on Twitter, Sharma has clarified that the coupons can work on third-party sites as well, and added that you will be able to use these with apps such as Swiggy, Uber, although the FAQ on the page currently still states that it can only be used on the Paytm app.

There are a couple of other caveats listed on the FAQ page. For one, these refund coupons will only be given when the amount you’re filling up is more than Rs. 250. If your transaction is lower than that, you will not get a coupon. Also, you will get a fresh coupon every time you top-up Paytm using a credit card, these coupons can not be clubbed, and have to be applied manually and individually. Also, these coupons can only be used in a single transaction. Also, the coupon isn’t applied as a discount on the transaction – it gives you an instant cashback to your Paytm wallet.

The coupons can also be used for bill payments, recharges, and so on, these are not limited to shopping on Paytm Mall. The vouchers will expire on December 31, 2017, but the FAQ mentions that this can be extended on request.

These charges are only being applied on credit card users, so if you’re using a debit card, net banking, or UPI/ IMPS payments, then you are not affected by this move.

Disclosure: Paytm’s parent company One97 is an investor in Gadgets 360.

Tags: Paytm, paytm wallet, cashbacks, Transaction fees, Credit cards, Loyalty points
[“Source-Gadgets”]

HTC Desire 10 Pro India Launch, Paytm App POS Rollout Delayed, and More: Your 360 Daily

HTC Desire 10 Pro India Launch, Paytm App POS Rollout Delayed, and More: Your 360 Daily

HTC Desire 10 Pro India Launch, Paytm App POS Rollout Delayed, and More: Your 360 Daily
HIGHLIGHTS
HTC Desire Pro 10 smartphone launched in India at Rs. 26,490
Paytm delays the rollout of the app POS system it announced a day ago
WhatsApp testing video streaming feature for beta users
HTC launches Desire 10 Pro smartphone with 20-megapixel camera in India, Paytm delays rollout of its app POS system, WhatsApp tests video streaming feature – all this and more in today’s edition of your 360 Daily.

HTC Desire 10 Pro smartphone launched in India
HTC has launched the Desire 10 Pro smartphone with 20-megapixel camera with laser autofocus and 4GB of RAM in the India market at Rs. 26,490. The smartphone has a 5.5-inch display, Android 6.0 Marshmallow operating system, 1.8GHz octa-core MediaTek Helio P10 processor, 64GB internal storage, up to 2TB microSD card support, 13-megapixel selfie camera, and 3000mAh battery. Other key features of HTC Desire 10 Pro include dual SIM (Nano) support, fingerprint sensor, and BoomSound stereo speakers.

The company also announced that it will launch the HTC 10 evo, the international version of the US-only HTC Bolt, in India in December.
Paytm pulls the plug on app POS rollout
Just a day after announcing plans to launch the app Point of Sale (POS) system that lets merchants accept credit card and debit card payments using their smartphones, Paytm has said that it is delaying the rollout of the product for now. The delay has been attributed to concerns about its security and implementation; Paytm said it will soon add more features and certifications to the platform and will launch it as soon as it is upgraded.

Nokia Android phone said to have Zeiss lens, 2K display
The upcoming Nokia Android phone will have either a 5.2-inch or a 5.5-inch display with 2K resolution (1440×2560 pixel) as well as a Zeiss lens on the rear camera, according to a tipster based in China. The smartphone is also said to run on Snapdragon 820 chipset and sport a metal unibody design with water-resistance. The Nokia Android phone is likely to be unveiled at the Mobile World Congress 2017 expo at Barcelona in February.
WhatsApp beta gets video streaming feature
The WhatsApp beta version for Android is now letting users stream videos they receive on the app. The feature, currently in its test phase, allows beta users to watch a video via streaming on Wi-Fi or mobile data while it is still downloading. WhatsApp beta testers can try out the feature by updating the app to v2.16.354 and tapping the Play icon instead of the download button; at the bottom of the video dialogue box, the size of the video will be written.

Facebook India user base crosses 166 million
After announcing that WhatsApp’s India user base has crossed 160 million, Facebook has revealed that it now has more than 166 million monthly active users in the country. The company also announced that it has 159 million monthly mobile active users, 85 million daily active users, and 81 million mobile daily active users in India, which Umang Bedi, Facebook’s Managing Director – India and South Asia called its “most critical and strategic market.”

Xiaomi executive denies Mi MIX Nano is under development
Xiaomi’s marketing manager Zang Zhiyuan has shot down hopes of many a fan by saying that the company is not working on a smaller version of its Mi MIX concept smartphone. This comes just days after reports of the company developing a smartphone called Mi MIX Nano hit the rumour mill. The purported smartphone is said to have a 5.5-inch display with 90 percent screen-to-body ratio, Snapdragon 821 processor, 4GB of RAM, and 64GB internal storage, among other features.

Donald Trump says he has spoken to Tim Cook about making products in US
US president-elect Donald Trump has revealed that he has spoken to Apple CEO Tim Cook about manufacturing products in the US. Apple, however, has not confirmed the conversation between Trump and Cook yet. Bringing manufacturing jobs back to the US was among the major campaign promises made by Trump in the run-up to the elections. Apple manufactures most of its products and components in countries such as China.

Tags: HTC India, HTC, HTC Desire 10 Pro, Paytm, Paytm App POS, Nokia Android phones, Nokia Android phone, Nokia, WhatsApp, WhatsApp Beta, Facebook India, Facebook, Facebook India User Base, Xiaomi, Xiaomi Mi MIX, Xiaomi Mi MIX Nano, Donald Trump, Apple, Tim Cook

[“Source-Gadgets”]