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”]

Sharjah Ruler says education key in fight against terrorism

Sharjah Ruler Sheikh Sultan bin Mohammed Al Qasimi, second left, visits the Abu Dhabi tourist pavilion at the Frankfurt International Book Fair. Abu Dhabi Culture and Tourism

Sharjah Ruler Sheikh Sultan bin Mohammed Al Qasimi, second left, visits the Abu Dhabi tourist pavilion at the Frankfurt International Book Fair. Abu Dhabi Culture and Tourism

It is through education, the Sharjah Ruler said, that we can rid the region of the scourge of terrorism.

“The most effective way to face negative forces is through education and upbringing from an early age, all the way through to university,” said Sheikh Sultan bin Mohammad Al Qasimi as he addressed attendees of the Frankfurt Book Fair in Germany.

“This will empower individuals and develop their critical thinking and decision-making skills.”

Sheikh Sultan praised the constructive role Sharjah Youth and Sajaya Young Ladies of Sharjah organisations have played in encouraging education and creativity in the emirate’s young minds as he talked up the value of international book fairs.

“Taking part in different international fairs and exhibitions provides a platform to communicate with other cultures, enhance dialogue and promote the literary and scientific values of the Arab and Islamic world, as well as draw on international experience and expertise,” he said.

Concerned at the lack of appreciation shown to Arabic culture and literature in general, Sheikh Sultan hopes his visit to the Frankfurt Book Fair and his spearheading of the forthcoming Sharjah edition to be held on November 1 will act as a sign that writers’ and publishers’ work is valued.

“It is important that we are supporting authors, illustrators, publishers and other experts to develop the quality and quantity of literature,” he said.

“Sharjah’s cultural initiatives restore confidence and support intellectuals in the Arab world, many of whom had been disheartened with a lack of respect and recognition, in addition to the launch of children’s programmes, to build a new generation of writers, poets and intellectuals.”

Read more: Sharjah named World Book Capital for 2019 by Unesco

Sheikh Sultan also used the occasion to launch the German edition of his book, The Conflict between Power and Trade in the Gulf, which this year also received its English and French translation.

The event was part of a range of initiatives run by UAE cultural bodies in Frankfurt, led by the Sharjah delegation.

Wednesday also saw Sheikha Bodour Al Qasimi, as the founder of publishing house Kalimat Group, address a panel on the opportunities that literature translation presents.

She said international collaboration was key for regional publishers to evolve.

“The initial idea of using partnerships to have rights deals with different publishers really opens doors as a publisher, not only for cultural exchange but also to make sure that children in other parts of the world can understand more about our stories,” she said.

“It can act as an agent of soft diplomacy and make this world a better place.”

Abu Dhabi Culture and Tourism was also present at Frankfurt, hosting a series of seminars emphasising German and Arabic cultural organisation and challenges facing the regional publishing industry.

Thursday saw Emirati author and academic Saeed Hamdan Altunaji and German literary scholar Klaus Reichert discuss the value of translating German literary classics to Arabic. Also on Thursday, the pavilion hosted a discussion on book piracy and intellectual property rights in the Arab world.

On the international front, blockbuster author Dan Brown launched the German translation of his latest novel Origins.

With the latest novel finding his hero, the symbologist Robert Langdon, solving a case involving clues found in modern art pieces, Brown told The National that the planned Guggenheim Abu Dhabi would have been an ideal setting for Origin.

“I have to admit that I saw the proposed blueprint for the Guggenheim in Abu Dhabi and it will be one of the most spectacular buildings in the world,” he said.

“I think if that building was finished when I started this book there would have been a good chance the plot would have moved to Abu Dhabi. Call me when [The Louvre Abu Dhabi] is done. I want to see it.”

[“Source-thenational”]

Xiaomi Says It Shipped More Than 10 Million Smartphones Last Month

Xiaomi Says It Shipped More Than 10 Million Smartphones Last Month

HIGHLIGHTS

  • Xiaomi sold more than 10 million smartphones in India
  • It’s a record performance for the company
  • The company also reached a milestone in India

September was a big month for Xiaomi. The Chinese smartphone maker shipped more than 10 million smartphones last month across all the markets where it operates, Xiaomi’s chief executive officer Lei Jun said.

A thrilled and happy Jun, who shared the announcement, thanked employees and partners. The company also reached a major milestone in India. Roughly three years after entering the nation, Xiaomi’s vice president and India head Manu Kumar Jain said the company had shipped more than 25 million smartphones in the country.

The big jump in sales comes as people in South Asian countries including India begin to prepare for the festival season. In India, for instance, Amazon India and Flipkart have been cashing in on the festive season, giving customers lucrative discounts with sales past and sales to come. Xiaomi said last month it had sold more than one million handsets in just two days, a major improvement over its performance in the country last year, when it took 18 days to sell one million smartphones.

Even as Xiaomi has always been known as a company which plays very aggressively, offering some of the best hardware at the price point, the company has appeared more focused in the recent months. It recently launched the Mi Mix 2, a bezel-less smartphone, and Mi A1, its first Android One smartphone for markets like India.

The recent development will help the company better compete with Chinese smartphone maker Huawei, which recently posted better sales than Apple. The company shipped north of 73 million smartphones in the first two quarters of this year, averaging more than 12 million handset shipments in a month. According to marketing research firm Strategy Analytics, Huawei shipped 38.4 million handsets in Q2 2017, while Oppo shipped 29.5 million handsets. In comparison, Xiaomi had shipped 23.16 million handsets in the quarter that ended in June.

[“Source-gadgets.ndtv”]

Spyder audio launch: Fan of Vijay’s ‘I’m waiting’, says Mahesh Babu

Spyder audio launch

After much delay, superstar Mahesh Babu is gearing up for the release of the spy-thriller Spyder. On Saturday, the makers hosted a grand audio launch in Chennai, where several eminent personalities from the industry graced the event. Mahesh Babu was received by hordes of fans, who were constantly chanting “Star…Star…Superstar”.

Mahesh began his speech in Tamil, which was received with thunderous hooting and cheering by the audience. He thanked filmmaker AR Murugadoss, producer Madhu and his co-stars Rakul Preet Singh and SJ Suryah for Spyder.

When asked about his favourite dialogue from Ilayathalapathy Vijay’s films, Mahesh said, “I liked ‘I’m waiting’ from Thuppakki.” The Nenokkadine star also revealed that he really wished he had starred in Thuppaki.

And signed off thanking fans in Hyderabad for their unconditional love and support. AR Murugadoss said that the much-awaited Spyder trailer will be out on September 15.

It must be noted that Vijay has remade several Mahesh Babu’s films in Tamil. Earlier to this, Mahesh Babu once told that he planned to work with Vijay in a Telugu-Tamil bilingual. The highlight of the event was Mahesh’s eloquent Tamil. Interesting trivia is that Mahesh grew up in Chennai before becoming a superstar in Andhra Pradesh.

Directed by AR Murugadoss, Spyder will see Mahesh Babu as a stylish police officer, while SJ Suryah will play the prime antagonist. Ever since its inception, fans have been madly waiting for the film as it marks Mahesh’s first film with Murugadoss.

Made on a lavish budget of Rs 120 crore, Spyder is expected to have a massive opening in Andhra Pradesh and Telangana. The film has already raked in Rs 150 crore through its satellite and distribution rights.

Spyder will hit the screens on September 27 worldwide.

source:-India today