Cashless Transactions - India

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Here’s how to open an Airtel Payments Bank account

Airtel has launched its Payments Bank recently. If you want to register yourself for Airtel's Payments Bank, you do not need to go anywhere or submit any kind of documents. It is a paperless approach, using Aadhaar-based e-KYC.

By: Navneet Dubey | Updated: January 16, 2017 2:08 PM
RBI rules for using their IMPS facility.

Payments Banks will be considered as scheduled banks once they are fully operational, and if found suitable under the section 42 (6) (a) of the Reserve Bank of India Act, 1934.

Airtel has launched its Payments Bank recently. If you want to register yourself for Airtel’s Payments Bank, you do not need to go anywhere or submit any kind of documents. It is a paperless approach, using Aadhaar-based e-KYC. You can become a member of the Payments Bank within a few minutes with just a few clicks. Payments Banks are considered as scheduled banks under the section 42 (6) (a) of the Reserve Bank of India Act, 1934.

Anybody who is an Airtel user, having an Aadhaar card, PAN card and carrying a smartphone with Internet connectivity can become a member of Airtel’s Payments Bank and earn an interest of 7.25% p.a by depositing a maximum of Rs.1 lakh.

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Here are the steps for you to open an Airtel Payments Bank account:

New users need to login www. airtel.in/money from their phone or using a computer. Your account is initially created at Airtel money website. Who are already a member of Airtel money and are using the wallet for making the transaction, only needs to update their app to use the payments bank facility.



Once you have opened the website, you need to click on registration and then enter all the credentials. Your mobile number will be your account number for the Payments Bank. You need to create mPIN for security purpose. Do not disclose your mPIN to others.



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After entering the details click on the submit button and generate OTP. It is a one-time password used for authenticating and verifying the user.


After entering the OTP you will be successfully registered for using Airtel app for transferring money. A successful registration message will be displayed on the screen. You can avail additional discounts through various e-stores displayed below using your Airtel money.



Now can download the app and make use of payments bank. There is only one app from Airtel which provides you with all the facilities including mobile summary related to calls and data usage, wallets and payments bank for making a transaction.

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Make sure you are adding money to the payments bank to earn interest. Adding money in ‘My Airtel’s’ account will not give you any interest because it is a wallet. You need to further validate your payments bank section in the app using your Aadhaar number, PAN card and nominee name before you add money and earn interest over it.



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After confirming your details in payments bank, you need to add money to your account which is free of cost. You can send money to any person, merchants user, and banks that will not apply any additional charges when transferring money up to Rs.10000 per day. An additional charge of 0.5% will be levied if transactions are made over and above Rs.10000 during a day. However, there is no capping or additional charges levied for making transactions between Airtel’s Payments Bank. It’s free.

For doing an instant transfer of money, Airtel Payments Bank is using IMPS platform and charges are levied as per the RBI rules for using their IMPS facility.



Prepaid users who are opening the account for the first time will get free minutes. You need to add money to your account and get additional free minutes with the same denomination, subject to a maximum capping of Rs.500. For example, if you have added Rs.200 for the first time to your payments bank account, you will get 200 free minutes. If Rs.500 is added for the first time to your payments bank account, you will get 500 free minutes. But, if you add Rs.700 for the first time to your payments bank account, you will still get 500 free minutes. The validity of free minutes will be one month and the offer is valid up to 31st March 2017, according to sources. For biometric verification, you need to visit the nearest banking point (Airtel stores).

http://www.financialexpress.com/money/heres-how-to-open-an-airtel-payments-bank-account/509665/
 

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Wallets are now in hot spot.
Paytm, Freecharge, Jio Money etc are trying there best.

Only Paytm is able to make a good dent in online and offline market of cashless transactions.
It has taken most of the market share with better acceptance than any other wallet transactions.

Only Paytm is able to do offline Kyc with mini online Kyc.
All other wallets are left behind only because of this milestone that paytm has achieved with trust.

Offline Kyc is being done at most of the nearby telecom stores.
They offer immediate ekyc with adhaar card.
For full Kyc with other documents + PAN Card they have to send documents vis proper chsnnel
It may take long time and may get rejected too as seen in some cases.


For mini Kyc of Paytm online.
1)Login your paytm account
2)Select Kyc Option
3)Choose I don't have Adhaar card
4) Select Voter ID
5) Enter 13 Digit number ANd name

6) if showing Visit nearest Kyc center

Now u confrimed your mini Kyc done

*U will rcv Cashback*
 

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An app may be stealing your bank data, RBI warns digital, UPI users
Digital security concerns have assumed greater importance amid the Modi government's efforts to steer India towards a less-cash, digital economy
BS Web Team | New Delhi Last Updated at February 18, 2019 14:51 IST


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Hacking

Hacking

Do you use online banking? Beware! Hackers might be fraudulently accessing your e-wallets, mobile banking app and UPI. The Reserve Bank of India (RBI) has warned banks of a digital banking fraud that could wipe out a customer’s bank balance by using the Unified Payment Interface (UPI) route. In an alert dated February 14, the cybersecurity and IT examination cell of the central bank said that a mobile application called ‘AnyDesk’ was allegedly being used by fraudsters to access data on mobile devices.
Digital security concerns have assumed a greater importance amid the Narendra Modi government's efforts to steer India towards a less-cash, digital economy.



What is 'AnyDesk'?
‘Anydesk’ is a remote control application. It works to connect one device to another.
How can the fraud wipe out a customer's bank balance?
The method is simple.
— First, fraudsters get bank customers to download the app (AnyDesk).
— Through a nine-digit code generated on the customers' device, hackers get remote access to their mobile.
— After inserting the app code on the device, the hacker asks customers to grant certain permissions, which are similar to what is required while using other apps.
— Once they gain access to the mobile phone, hackers can carry out transactions fraudulently through any mobile banking app or payment-related apps, including UPI or wallets.
What must you do in case your mobile is hacked?
  • If you are banking electronically, you must register yourself for SMS/email alerts and immediately inform your bank in case of a fraud.
  • According to RBI, you must only use sites with https while banking online.
  • Avoid banking on free networks.
  • Regularly change and do not share your password/PIN
Rise in the number of UPI transactions and digital banking — a cause for worry?
RBI's warning on 'AnyDesk' calls for attention amid a rising volume of UPI transactions and digital banking. According to a Business Standard report, digital payments saw a spike after demonetisation. According to a report by the Reserve Bank of India, a total of 2,059 cases of cyber fraud were reported in 2017-18 amounting to Rs 109.6 crore. The number of cyber fraud cases in 2016-17 was 1,372 amounting to Rs 42.3 crore. A spike in cyber frauds is bigger than most other types of bank frauds. A total of 5,917 bank frauds were reported in 2017-18 and nearly a third of these were cyber frauds. UPI, Narendra Modi government's flagship payments platform, crossed the Rs 1 trillion milestone for monthly value in December 2018. NPCI attributed UPI’s success to three main features — simplicity, seamlessness and security. However, chinks in the UPI system began to show soon after it was introduced.


First Published: Mon, February 18 2019. 14:50 IST
An app may be stealing your bank data, RBI warns digital, UPI users
 

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RBI spots fraud that wipes out a customer's bank balance via UPI, alarm sounded
Fraudsters get victims to download the AnyDesk app, which gives them remote access to the mobile. After that, all your OTPs are theirs too.
By
Saikat Das
, ET Bureau|
Updated: Feb 17, 2019, 09.47 AM IST

16

RBI office.

MUMBAI: The Reserve Bank of India has warned banks of an emerging digital banking fraud that can wipe out a customer’s bank balance by using the Unified Payment Interface (UPI) route.

The modus operandi is simple: fraudsters get victims to download an app called AnyDesk. Hackers get remote access to the mobile through a nine-digit code generated on the victim’s device. “Once a fraudster inserts this app code on his device, he will ask the victim to grant certain permissions, which are similar to what are required while using other apps,” RBI said in an advisory.

This enables the imposter to gain access to the victim’s device and carry out transaction fraudulently. The modus operandi, according to RBI, can be used to carry out transactions through any mobile banking app or payment-related apps, including UPI or wallets.

The central bank has sent an advisory to all commercial banks as the magnitude of the threat could well jeopardise thousands of crores of rupees in the accounts of retail customers, two people with direct knowledge of the matter told ET Magazine.

“We have already started issuing alerts to our customers as the regulator has expressed concern over such new ways of digital frauds,” said a senior bank executive, who did not wish to be identified. This is also relevant to customers transacting on various e-commerce platforms, the person added.


RBI spots fraud that wipes out a customer's bank balance via UPI, alarm sounded
 

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RBI Fraud Alert: This App named AnyDesk can wipeout your bank account using UPI
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110

ZeeBusiness

Published on Feb 18, 2019

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A new app called AnyDesk is a scam, and it can wipe out entire bank using UPI, net banking. Watch full video to know more.
 

Yogesh Sarkar

Administrator
Security will always be a headache, as long as mobile phones are being used to authenticate transactions. Be it SIM cloning or fooling people to share OTP or apps like these. Fraud would only grow, until security becomes a serious enough concern for banks.
 

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Chinese shoppers adopt facial payments

AFP


BEIJING, SEPTEMBER 04, 2019 22:48 IST

UPDATED: SEPTEMBER 05, 2019 00:58 IST


In this picture taken on August 21, 2019 a woman buys groceries at an IFuree Go self-service supermarket in Tianjin.

In this picture taken on August 21, 2019 a woman buys groceries at an IFuree Go self-service supermarket in Tianjin. | Photo Credit: AFP


But concerns over privacy remain.
No cash, no cards, no wallet, and no smartphones: China’s shoppers are increasingly purchasing goods with just a turn of their heads as the country embraces facial payment technology.
China’s mobile payment infrastructure is one of the most advanced in the world, but the new systems — which require only face recognition — being rolled out nationwide could make even QR codes seem old-fashioned.
Customers simply make a purchase by posing in front of point-of-sale (POS) machines equipped with cameras, after linking an image of their face to a digital payment system or bank account.

“I don’t even have to bring a mobile phone with me, I can go out and do shopping without taking anything,” says Bo Hu, chief information officer of Wedome bakery, which uses facial payment machines across hundreds of stores.
The software is already widely used, often to monitor citizens — it has been credited with nabbing jaywalkers and catching criminals.
But authorities have come under fire for using it to crack down and monitor dissent, particularly in China’s surveillance-heavy region of Xinjiang.
“There’s a big risk... that the state could use this data for their own purposes, such as surveillance, monitoring, the tracking of political dissidents, social and information control, ethnic profiling, as in the case with Uighurs in Xinjiang, and even predictive policing,” says Adam Ni, China researcher at Macquarie University in Sydney.

Ecommerce push
Despite the concerns over data security and privacy, consumers seem unperturbed as facial recognition payment hits the high streets. Alipay — the financial arm of ecommerce giant Alibaba — has been leading the charge in China with devices already in 100 cities.
The firm is predicting enormous growth in the sector and recently launched an upgrade of its “Smile-to-Pay” system, using a machine roughly the size of an iPad. Tencent, which runs the WeChat app with 600 million users, unveiled its new facial payment machine called “Frog Pro” last month.


Chinese shoppers adopt facial payments
 

Arunkumar555

New Member
Actually Cashless transaction is new and innovative idea.

There are many options now a days like Phone Pay and Google Pay are available. There is a only drawback it won't work at some times rather than that those are really a good features. It's comparatively easier than using cards and online banking. It's much secure too.
 

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Last Updated : Sep 12, 2019 05:53 PM IST | Source: Moneycontrol.com

Man duped of Rs 96,000 while paying power bill via Google Pay

The accused conman had updated his coordinates as the Google Pay customer care number to dupe unsuspecting users

Moneycontrol News@moneycontrolcom

Representational Image


Representational Image


A resident of Mumbai’s suburbs, who works for a private firm, was duped of Rs 96,000 while paying his electricity bill via popular online transaction application Google Pay. Andheri police are on now looking for the online scamster who duped the 31-year-old of the huge sum of money.
According to an Indian Express report, the accused conman had updated his coordinates as the Google Pay customer care number to dupe unsuspecting users of the mobile phone application.
Police said the plaintiff was trying to pay his electricity bill using Google Pay on August 21 when some error occurred during the transaction. To get this resolved, he had looked up Google Pay’s customer care number on the internet and called it up. However, the number he tumbled upon was, in reality, the coordinates of the fraudster who had updated his number as the digital wallet’s customer care number.
A police officer said: “The cyber fraudster, who had updated his own number as the customer care of the digital wallet platform, posed as an official from Google Pay and told the victim that it was a common issue being faced by many users and would be resolved in minutes. The accused then sent a collect request to the victim and asked him to click on it. But the moment he did so, Rs 96,000 got siphoned off his account.”


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The Mumbai resident then lodged a complaint with Andheri Police, who lodged a case of cheating against an unidentified person after conducting a preliminary investigation. “We registered the case in the last week of August. The number used to commit the crime was registered in Rajasthan, but it is not clear yet if the accused is operating from that state or not. Our investigation is on,” another cop said.
He further said that though they might have received just one complaint, that does not erase the possibilities of this man conning several others in a similar manner.

Man duped of Rs 96,000 while paying power bill via Google Pay
 
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