Tag: mobile transactions

Paytm mobile payments warned told that complying to regulations is not “optional”

Jennifer Goula
Mobile payments - Breaking Rules - India

The popular service was found to have failed to comply with the law in India, where it is popular. Popular mobile payments service provider, Paytm Payments Bank, is at the heart of a controversy in India, where it is highly popular. The company has been accused of failing to realize the need to comply with legal regulations. Union minister Rajeev Chandrasekhar said no company can get away with such actions. The union minister was making reference to the Reserve Bank of India’s regulatory action on the mobile payments and financial…

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Tech giants play substantial role in mobile payments

Jorge Gonzalez
Mobile payments - POS Terminal paying with phone

A new CFPB report underscores the influence of such players as Apple and Google. The Consumer Financial Protection Bureau (CFPB) has issued a new report underscoring the impact of tech giants, their policies and practices on mobile payments adoption, use, and trends. This is particularly true of technology allowing tap-to-pay functionality on smartphones and watches. The way these companies choose to behave has had a direct impact on access to mobile payments. For instance, Apple currently bans payment apps and banks from being able to access the Apple iOS device…

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Canadians are increasingly using mobile payments for purchases

L. Green
Mobile payments - Person using mobile to pay - Canada Flag

The trend is on the rise in Canada, where users are being advised to take security precautions. A new report has shown that mobile payments are a rapidly rising trend in Canada, adding itself to a growing number of data analyses indicating the same trend. The largest Canadian interbank network reported that it is experiencing massive growth in device use. The interbank network, Interac, reported that by August, over one billion debit mobile payments were transacted within the prior 12 months using its network. Moreover, data from Interac showed that…

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New cross-border mobile payments agreement between India and Nepal inked

Jorge Gonzalez
Mobile payments - agreement - handshake

The governments have designed an agreement to allow visitors to Nepal to use the digital transactions. The Indian and Nepalese governments have come to an agreement for the launch of a new mobile payments service that will allow visitors to use the option to pay for goods and services. Residents of the countries will be able to use their phones to pay for what they want when traveling. The hope is that the mobile payments option will make it easier for visitors from India to Nepal to travel and pay…

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Digital wallets could prove very expensive for conventional banks

Jorge Gonzalez
Digital Wallets - Bank

As these payment apps and services grow in number and use, banks could lose out on billions in transactions. Consumers worldwide are increasingly using digital wallets to complete transactions both online and while in-store shopping, which means that banks stand to lose out on billions in transactions that would traditionally have belonged to them. What has yet to be seen is if those banks will pivot to keep up with their primary online competition. As digital wallets such as PayPal, Apple, and others are adopted at a rapid rate in…

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