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”]

Get Off Our Lawn, Chinese Army Warns Hong Kong’s Pokemon Go Players

Get Off Our Lawn, Chinese Army Warns Hong Kong's Pokemon Go Players

The Chinese army garrisoned in Hong Kong has warned people searching for Pikachu and other virtual monsters to stay off their premises, as Pokemon Go mania sweeps the smartphone-obsessed city.

The gaming app landed Monday in Hong Kong, and saw residents more glued to their phones than ever, searching for the cyber creatures in locations ranging from shopping malls to the government headquarters.

The app uses satellite locations, graphics and camera capabilities to overlay cartoon monsters on real-world settings, challenging players to capture and train the creatures for battles.

(Also see:  Pokemon Go No Longer Working in Parts of India, Reddit Users Complain)

But the city’s enthusiasm to “catch ’em all” has prompted warnings from government departments and even the Chinese People’s Liberation Army to stay off their property.

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A PLA spokesman told AFP the city’s barracks were closed zones.

(Also see: How to Play Pokemon Go in India? Here’s Everything You Need to Know)

“Military barracks are restricted areas under Hong Kong law. Without the authorisation of the commanding officer, no one is allowed to enter the restricted areas,” he said.

Police also warned residents to be careful when playing the game.

“When you are capturing monsters, stay alert to your surroundings,” a police video posted on Facebook said.

(Also see:  This Pokemon Go Map Will Show You Every Pokemon Location)

“Police report rooms are for people in need of police services, players are not allowed to play the game there, be a smart player!” the video added.

The app has now been launched in more than 40 countries including the US, Japan and much of Europe. Japanese video game company Nintendo started the mythical creature franchise 20 years ago.

(Also see: Pokemon Go iOS: How to Download Pokemon Go for iPhone, iPad)

However, widespread warnings have been given by authorities around the world after reports of players being injured or becoming the victims of crime.

Some Pokemon Go players were robbed after being lured to isolated locations in the hopes of catching the virtual creatures, according to US reports. Other distracted players have been blamed for causing traffic accidents.

(Also see: How to Download Pokemon Go APK, Install, and Play on Android)

In Indonesia, a French player was stopped and questioned for several hours after the app led him into a military base.

Two youngsters were so preoccupied with catching the cartoon monsters that they wandered across the US-Canada border.

Tags: Android, Apple, Apps, Gaming, Internet, Nintendo, Pokemon, Pokemon Go

 

[“Source-Gadgets”]

Pokemon Go: Spanish Police Issue Safety Tips for Players

Pokemon Go: Spanish Police Issue Safety Tips for Players

HIGHLIGHTS

  • Niantic’s Pokemon Go has taken the world by storm
  • The aim of the game is to catch all the Pokemon
  • Players of the AR game forget themselves while hunting monsters

Spanish police issued guidelines on Monday on how to safely use augmented-reality video games after the release of the application Pokemon Go.

The police advice included reminders that users are in “the real world” and must be aware of obstacles such as traffic lights and cars.

(Also see:  Pokemon Go Review)

Players of the game from Japan’s Nintendo Co Ltd walk around real-life neighbourhoods to hunt down virtual cartoon characters on their smartphone screens.

The police issued their guidelines after two Japanese tourists were rescued from a motorway tunnel in Barcelona on Saturday, where they had wandered in search of Pokemon characters, according to Spanish media.

The mobile game has become an instant hit just one week after launch.

(Also see:  How to Download Pokemon Go APK, Install, and Play on Android)

Police warned players that the use of GPS technology for the game means users’ location is visible to others, potentially making them vulnerable to muggings or theft, as well as signalling when they are not at home.

Across the United States, players have been drawn down dark alleys and into dangerous neighbourhoods in search of the imaginary creatures, only to be targeted by criminals.

The police manual warns players not be distracted by the excitement of catching rare Pokemon characters and to remember their safety is paramount.

(Also see:  Pokemon Go to Launch in Roughly 200 Markets ‘Relatively Soon’)

Pokemon Go became available in Spain on July 15, following its release in the United States, Australia and the United Kingdom the previous week.

The game has been a runaway success, boosting Nintendo’s market share by $17 billion in just over a week.

© Thomson Reuters 2016

Tags: Android, Apple, Apps, AR game, augmented reality game, Gaming, Niantic, Nintendo, Pokemon, Pokemon Go
[“Source-Gadgets”]

Pokemon Go Players Walk Dogs as They Hunt Digital Monsters

Pokemon Go Players Walk Dogs as They Hunt Digital Monsters

An animal shelter is asking Pokemon Go players to walk an adoptable dog as they wander the streets of an eastern Indiana city doing battle with digital monsters on their smartphones.

The idea is the brainchild of Phil Peckinpaugh, superintendent of Muncie Animal Shelter. He noticed people shuffling along as they played the addictive game and thought “it would be awesome” if they each had a dog to walk.

Peckinpaugh posted the idea on Facebook, asking: “Trying to Hatch an Egg or Catch Rare Pokemon? Come down to the Muncie Animal Shelter to walk one of our dogs while you get your steps in! Just come to the front desk and say you are here for the Pokemon dogs!” His post was widely shared.

(Also see: How to Download, Install, and Play Pokemon Go Right Now)

“This is a great way to get more volunteers in and helping them (the dogs) get the exercise that they need,” said Adrienne West, who drove 45 minutes from Upland to walk a 3-year-old pit bull named Maya as she tried to catch a weedle – a larva Pokemon character.

Peckinpaugh says he bought 20 new leashes to cope with the increase in demand, which is fortunate because 73 “Pokemon Go” players heeded the call Wednesday and turned up to exercise hounds, including one who adopted a dog.

“I hope this Pokemon Go isn’t something that lasts a couple weeks,” he said. “I hope the shelter becomes a hotspot.”

Tags: Android, Apple, Apps, Gaming, iOS, Niantic, Nintendo, Pokemon, Pokemon Go
[“Source-Gadgets”]