Interface Financial News

India (NPCI) at the Global Fintech Fest in Mumbai on Tuesday, to enable customers to withdraw cash without a debit or credit card. United Payments Interface, or UPI, is a mobile payment method operated by NPCI that allows the transfer of funds from one bank account to the other, instantly and for free.

New Delhi: The government has sought public feedback on draft guidelines aimed at preventing and regulating "dark patterns" - digital design interfaces used to manipulate customer behaviour. These draft rules have been developed after consultations with stakeholders including e-commerce platforms, law firms, and consumer organizations, the ministry of consumer affairs said in a statement on Thursday.

draft guidelines for prevention and regulation of «dark patterns» which are nothing but tactics used by online players to deceive customers or manipulate their choices. The draft guidelines, issued by the Consumer Affairs Ministry, list various deceptive practices being adopted by online platforms in the nature of dark patterns which are against the interests of consumers. The ministry has sought public comments/suggestions on the draft guidelines within 30 days till October 5, an official statement said.

OpenAI CEO Sam Altman while speaking about the event said, “We’re looking forward to showing our latest work to enable developers to build new things" OpenAI said that it has continuously updated its application programming interface to include the most advanced model in order to make it easier to integrate ‘cutting-edge AI into their projects’. It also noted that over 2 million developers use its GPT-4, GPT-3.5, Dall-E and Whisper AI models for a range of use cases.

digital achievements, such as with Aadhaar, DigiLocker and Unified Payments Interface (UPI), senior officials said. The digital public infrastructure (DPI), which also includes platforms such as Bhashini, Open Network for Digital Commerce and e-Sanjeevani, developed under the aegis of the Ministry of Electronics and Information Technology, will also be demonstrated live to the attending delegates, a senior official from the IT ministry said. More than 1,000 delegates are scheduled to attend the two-day G20 meetings. They can use the money credited to the wallets to buy goods from the stalls at the venue of the summit, another IT ministry official said. «This will be a nominal sum to showcase the ease with which digital payments can be done in India.

Mumbai: Reserve Bank of India governor Shaktikanta Das on Wednesday asked fintech players to set up a self-regulatory organization within a year. Speaking at the Global Fintech Fest, Das said fintech companies need an effective self-regulatory structure. “They (fintech companies) need to evolve industry best practices, privacy and data protection norms in sync with the laws of the land, set standards to avoid mis-selling, promote ethical business practices, transparency of pricing, etc.

The Securities and Exchange Board of India does not limit the number of demat accounts that an investor can open. To be sure, many investors have multiple demat accounts, usually to segregate their investments. The same goes for trading accounts but that though depends on the number of brokers they are dealing with. And most brokers won’t let you link your existing demat account to their trading account. They would rather insist you open a combined trading and demat account with them.

NPCI), which operates the Unified Payments Interface (UPI) network, has launched new products to ensure more digital inclusivity of the payment service, even as it aims to scale the infrastructure to 100 billion monthly transactions. The new offerings include a credit line on UPI, UPI Lite X for offline payments and a near field communication (NFC)-enabled Tap & Pay feature, conversational payments through Hello! UPI as well as conversational bill payments with BillPay Connect.

Mint explains what the new announcement means for market investors. Currently, when an investor buys or sells shares from stock exchanges, the transaction is confirmed instantly, but the actual settlement takes time. So once the transaction is confirmed, the buyer doesn’t receive shares instantly, nor does the seller receive the proceeds instantly.

IDEMIA said Wednesday that it has joined hands with Airtel Payments Bank and HMD Global to expand the reach of Digital Rupee applications on feature phones. The three organisations will be working together to introduce an offline payment system over the next few months that will facilitate the use of digital rupee on feature phones, promoting financial inclusion. “Once this is commercially launched over the next few months, Nokia feature phone users in India, will be able to access the digital Rupee thanks to this collaboration which will empower the Nokia feature phone users with this latest technology and strengthen our government’s vision of inclusive digital economy for all,” said Ravi Kunwar, vic president (India and APAC), HMD Global. IDEMIA said it is the first time that an attempt is being made to bring the Central Bank Digital Currency issued by the Reserve Bank of India on feature phones via an application interface. It added that the endeavour will facilitate digital transactions to much wider consumers, particularly in areas with limited connectivity. Under the collaboration, IDEMIA’s technology will offer an offline layer to ensure instant and secure transactions without the need for online validation.

A Chinese central bank chief has claimed the digital yuan will revolutionize the way the nation makes retail payments, and suggested the CBDC could one day “completely replace” cash.

NEW DELHI : India has volunteered to man and manage the global repository of all digital public infrastructure (DPI) through an open-source platform, minister of state for electronics and IT Rajeev Chandrasekhar said, adding that there was interest from multilateral institutions, government and non-government organizations to finance the expansion and adoption of DPIs. “The global DPI repository, which would be essentially the platform where all of these DPIs, will be open in open-source manner, shared technology and innovation and be available to the whole world, will be manned by and managed by us.

Reserve Bank Deputy Governor T Rabi Sankar on Tuesday said the current system cannot make cross-border payments cheaper despite the advancement in technology, and policymakers will have to show «willingness» to make it happen. Regretting that commissions of over 6 per cent are charged in retail cross-border payments, Sankar said the current banking correspondent-based system cannot yield success on this front. Countries have a robust domestic payments system like the unified payments interface in the Indian context, which makes it technologically possible to make cross-border payments seamless and cheap, Sankar said while speaking at the Global Fintech Fest here. «I think it is a question of willingness.

Unified Payments Interface (UPI) has the potential to scale almost ten times and reach a couple of billion transactions a day by 2030, National Payments Corporation of India (NPCI) chief executive officer Dilip Asbe said on Tuesday. Asbe’s comments come as UPI transactions in the country hit the 10-billion mark in August.

Top rated Forex broker by TU version this year is RoboForex. The brokerage has outshined a field of 351 contenders after securing an impressive score of 9.78 out of 10. Notably, RoboForex boasts the highest affiliate payment rate, reaching up to 84% of the referral fee, all while maintaining an approachable minimum deposit of only $10.

UPI) and RuPay cards as a payment platform in these geographies, a senior government official said on Tuesday. The Reserve Bank of India (RBI) and the National Payments Corp. of India (NPCI) are in discussions with various countries, various high commissions and embassies, the person said, requesting anonymity.

Punjab National Bank (PNB) has announced the inclusion of India's Central Bank Digital Currency (CBDC) with Unified Payments Interface (UPI) Interoperability in its Digital Rupee mobile application, according to the bank press release. Customers of PNB can now pay their vendors using the UPI QR code by scanning it using the PNB Digital Rupee app, or utilise it to finish a transaction at a vendor outlet. Users of the PNB Digital Rupee App can use their CBDC Wallets to make purchases on the UPI QR of these merchants even if they don't have a CBDC Wallet. The app with this new feature is already live for Android users on the Play store, and it will soon go live for iOS users as well.How it works Digital Rupee known as "eRupee" is issued as legal tender by the Reserve Bank of India. It functions exactly like a sovereign currency and is interchangeable 1:1 with paper money. This electronic wallet will function on your device similarly to your physical wallet and be linked to your bank account.

digital economy minister's document on Tuesday. "There's a lot of interest in many, many bodies, both multilateral, non-governmental, governmental, that are interested in making sure that continents and countries that have lagged behind the digitization have the ability to implement this in this form or in some other form," he added. Chandrasekhar said that there was a global consensus for the first time on the principles of DPIs, cybersecurity in digital economy and digital skills, within the G20 digital economy ministers' working group.

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RBI innovation. He was all praises for the RBI's latest pilot project. He took to X, (formerly known as Twitter) to share a demonstration video of RBIs Public Tech Platform for Frictionless Credit (PTPFC) pilot project.

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