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Understanding the process of completion of UPI transactions

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In 2019, UPI Payments have beaten credit cards and debit cards in terms of transaction volume an interest and this has been really impressive. Why is this even impressive? Given the increase in the consumer usage for debit and credit cards by 30%, the speed with which UPI Payments grew is remarkable. In the initial months of 2019, UPI Payments accounted for only 50% of the debit and credit card transactions.

Apart from the technical efficiency of UPI, transactions can take place over any device and are quick. UPI has cleverly turned it into a network rather than leaving it as a product. UPI established the fundamental infrastructure through which money could be sent from one account to another, and then let all banks develop their apps for transactions. NPCI soon developed an app of its own knows as BHIM, which was endorsed by the Prime Minister and spurred the whole process. Even demonetisation led to an increase in the number of users joining the UPI network.

The interesting fact about UPI is, that it is designed to prevent monopoly in the market. UPI payments allows users on two different platforms to transfer money. This helps in serving the main purpose of increasing traffic on the platform as people who use GPay or PhonePe are ultimately UPI users. Private players are spurring up the process by establishing their own UPI platforms.

Its stunning to see the phenomenal growth of a payment mechanism that just came three years ago. The system was initially designed for mass adoption. But it involves more number of steps in order to complete a transaction than a credit card transaction.

Also Read ( FASTag Now In India: Starting From December 1, Mandatory.

The most common scenario of a payment made by a customer would involve the following steps:

  • 1: Scanning of QR Code
  • 2-6: Verification of the UPI handle by the customer’s app
  • 7: Required amount and keys are entered
  • 8: Payment request is sent to NPCI by the customer’s app
  • 9-10: NPCI verifies with the merchant’s PSP (Payment-Service Provider) about the bank details wherein the payment is to be made
  • 11-12: NPCI handles the process where the customer’s account in that specific bank is debited
  • 13-14: The amount is thus, credited in the merchant’s account upon verification by NPCI
  • 15: Notification is sent to the merchant’s PSP by NPCI
  • 16: Merchant receives an SMS or app notification by the merchant’s PSP
  • 17: Notification is sent to the customer’s PSP by NPCI
  • 18: Customer receives an SMS or app notification by the customer’s PSP

 

 

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Business

Airtel joins Google Cloud to offer its G Suite services in India

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Airtel joins Google cloud with an aim to provide the needs of millions of Indian businesses in a rapidly digitizing economy. Airtel and Google Cloud on Monday announced a partnership that will allow the telecom operator to offer G Suite to small and medium-sized businesses (SMBs) in the country.

Airtel and Google Cloud are sharing same vision for delighting customers with great products. India with its growing economy and adoption of digital services offers one of the biggest opportunities to serve customers with innovative solutions. Gopal Vittal, MD and CEO of Bharti Airtel, said ” We are happy to strengthen our relationship with Google Cloud and building products and services together aimed at changing Indian businesses”.

The agreement will provide both huge opportunities for growth in India, which also helps India to ranks amongst the fastest-growing economies. Further Thomas Kurian, CEO of Google Cloud said “Indian companies are making a massive transformation to the cloud and we’re thrilled to partner with Airtel to support this transition. The combination of G Suite’s collaboration and productivity tools with Airtel’s digital business offerings will help accelerate digital innovations for thousands of Indian businesses”.

G Suite is a set of apps like – Gmail, Docs, Drive, Calendar and more which bring people together and help them work smarter and safer. On the other hand, Airtel currently serves over 2,500 large businesses and over 500,000 Small and Medium Business and technology startups across India.

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Business

World Economic Forum: Union Ministers, CMs, 100 Indian CEOs and more attend Davos summit

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Union Ministers, CMs, 100 Indian CEOs and more attend Davos summit
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The World Economic Forum Annual Meeting 2020, will held on January 20-24, with aim to  focus on establishing stakeholder capitalism as a way of addressing the world’s greatest challenges, from societal divisions created by income inequality and political polarization to the climate crisis facing today.

As the rich and powerful person from across the globe assemble this week at Swiss ski resort to discuss about  sustainable world’, over 100 CEOs as also some union ministers and chief ministers from India would also be present there alongwith filmstar Deepika Padukone and Sadhguru.  Deepika will talk about mental health and other issues, Sadhguru will hold morning meditation sessions at the summit  attended by over 3,000 world leaders.

The 50th annual meeting of World Economic Forum beginning from Monday. US President Donald Trump, Britain’s Prince Charles, German Chancellor Angela Merkel, Afghanistan’s Ashraf Ghani and Pakistan Prime Minister Imran Khan would be also attending the meeting.

The Geneva-based International organisation for public-private partnership has said that  “The World Economic Forum Annual Meeting 2020, taking place on January 20-24, will focusing on making stakeholder capitalism and also discussing about world’s greatest challenges like income inequality and political polarization to the climate crisis we face today”.

The main aim of this meeting is to give a soild meaning to “stakeholder capitalism”, assist governments and international institutions in tracking progress towards the Paris Agreement and the Sustainable Development Goals, and facilitate discussions on technology and trade governance.

From India industry leaders like Gautam Adani, Rahul and Sanjiv Bajaj, Kumar Mangalam Birla, N Chandrasekaran of Tata Group, Uday Kotak, Rajnish Kumar of SBI, Anand Mahindra, Sunil and Rajan Mittal, Ravi Ruia, Pawan Munjal, Nandan Nilekani and Salil Parekh of Infosys, C Vijayakumar of HCL Tech, Ajay Piramal, Rishad Premji, Ajay Singh and Pirojsha Godrej are registered.

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Business

Doubling investments on Amazon Prime Videos in India, says Jeff Bezos

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Amazon Prime Video is getting good response in India than anywhere else, that is why the company CEO Jeff Bezos has said  he will rise its investment for the streaming service in India .

“In Japan, Germany and in America also Prime Video is doing well.  But India is doing much better than other countries”. Bezos said this on 16 January. He also said  “the world is witnessing a golden age of television, and i want Amazon to be the most talent friendly studio in the world and India features prominently in this plan.

Bezos met Bollywood celebrities at a gathering where he talked with superstar Shah Rukh Khan and director Zoya Akhtar.

The streamer, which rivals Netflix and Hotstar, also unveile seven more shows. The shows are Dilli, Bandish Bandits, Paatal Lok, Gormint, Mumbai Diaries-26/11, The Last Hour and Sons of Soil- Jaipur Pink Panthers, will soon be joining its exclusive Indian content slate.

Bezos said ” A person should not try for a successful formula in entertainment. Storytelling is an incredibly difficult art because people always looking for something new”.”This is one of those businesses which really takes human creativity. I want Amazon Studios to be all over the world. When you look at TV series today, they are really good in terms of content. They’re as good as the very best movies have ever been. And now we’re getting the best storytellers and actors to come and do work”.

“One of the hardest things that humans do is tell creating, engaging, inspiring stories. When you get it right, it can change the world,” he said further.

Amazon Prime has signed up with the majority of Indian production houses and stars for dedicated series and shows. Bezos was also meet some corporate person. Bezos added that “the Prime membership, which comes with free shipping from Amazon, has also proved great for the e-commerce service”.These are the reason we made a decision to increase in our Prime Video investments here” he said. The number of hours that people watched Prime Video had grown by six times in just two years in India, he added.

Bezos came to India on 15 January made a commitment to invest $1 billion in India over the next few years, calling it India’s decade which we have entered in.  Union Commerce Minister Piyush Goyal on 16January said that Amazon has not done any favor by committing the money.

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Business

Jeff Bezos’s $1 Billion MSME Push Welcomed With Protests By Local Traders

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Amazon’s CEO Jeff Bezos plans to invest around $ 1 billion to help small businesses online in India and also plans to use Amazon’s size, scope, and scale to export $10 billion of Indian goods by 2025. On the other hand, angry Indian vendors plan protests against Jeff Bezos as the authorities have launched an anti-trust investigation into e-commerce platforms like Amazon and Wallmart owned Flipkart.

Jeff Bezos came down to India for a business meeting focused on the maiden edition of Amazon’s micro, small and medium enterprises(MSME). This comes in at the moment when the Competition Commission of India(CCI) on Monday announced an investigation into Amazon and Flipkart on several complaints that claim that there have been tie-ups and deep discounting practices with preferred sellers which have probably killed small businesses.

Bezos donned the traditional Indian attire to showcase his company’s commitment to be a long-term partner of India. The firm proposed investment to assist and digitize around 10 million MSMEs by providing training and enrolling MSMEs into Amazon’s programs. Along with this, Amazon will assist them to be able to work on cloud technology through specialized offers at low costs from Amazon Web Services.

Amazon also confirmed it would fully cooperate with the investigation and was confident that its operations were legal. But traders across the country planned protests during the visit demanding the government to take action against Amazon. Several merchants have accused these e-commerce giants of breaking and disregarding foreign investment rules while giving billions of dollars into discounts that have forced many traditional traders to lose their businesses.

Amazon in the past five years has invested around $5 billion in India. They even also announced to expand it’s Amazon Easy Programme and ‘I Have Space’ Programme to support local neighborhood shops as well as Kiranas. This will look into helping shops and kiranas to set up kiosks to provide guidance to customers helping them choose the right products, place orders and earn commission on sales.

These protests were actively planned in 300 cities by The Confederation of All Indian Traders that represents around 70 million small businesses. Though the CCI said that it would report within 60 days, inquiries might take much longer time as usual. Last year, Google was fined $21 million USD by CCI for abusing Google’s dominant position for creating a search bias.

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Economy

White House Violates Federal Law By Withholding Security Aid To Ukraine

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According to a congressional watchdog’s decision which was released on Thursday, the White House has violated the federal law by holding on security aid to Ukraine.

The Government Accountability Office(GAO) which is a nonpartisan organization that directly reports to Congress found out that the Trump administration violated a law that governs how the money approved by Congress is disbursed by the White House.

This decision from the GAO comes in as the Senate prepares to begin the impeachment trial of President Trump on Thursday. The decision says that if the law was executed faithfully, then the President is not permitted to substitute his/her own policy for that the Congress has enacted into law. It further added that under the Impoundment Control Act, it is not allowed that the OMB withholds funds for a policy reason.

On the other hand, the White House disagrees to the charge claiming that the agency’s decision is trying to overreach while attempting to be a part of the ‘media’s controversy of the day,’ Rachel Semmel, the spokesperson of OMB said that the OMB uses its authority to make sure that every taxpayer’s dollars are properly spent along with being consistent with the President’s priorities as well as the law.

Last month, Trump gets impeached by the Democratic-controlled House for abusing the power of the President’s office to create a kind of pressure campaign against Ukraine. Even though Trump claims that the impeachment charges are politically motivated, White House budget officials defend and argue for their power to stop and change the direction of money flow away from the Defense Department by demanding regular delays on funding which was already signed into law.

This report has brought the light of scrutiny to the series of events last year at the White House’s Office of Management and Budget. After the White House officials gave orders to Pentagon to withheld aid, two officials resigned with concerns about Ukraine’s money. This happened while Trump pressurized Ukraine’s new leader to announce an investigation into Joe Biden’s son. Released emails from December suggest that the aid was held off after the call between Trump and Ukraine’s President Volodymyr Zelensky on July 25th.

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