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Visa to enable OTP-less e-shopping
Posted On : Friday, October 25, 2019, 10:43 AM
Visa cardholders will soon be able to complete payments on select e-commerce sites without having to wait for a one-time password (OTP). The payments company will activate ‘Visa Safe Click’ (VSC) across leading online merchants for transactions below Rs 2,000 in value. VSC is a lightweight, secure software plug-in for mobile app-based e-commerce merchants. For transactions up to Rs 2,000, shoppers don’t need an OTP as the solution uses cryptographic validation along with Visa’s global risk engine to authenticate each transaction. The RBI had relaxed norms for transactions below Rs 2,000 in 2016, allowing the payment networks to do the second factor authentication without using OTP. VSC is designed as a frictionless payment solution for e-commerce, which is built exclusively for the Indian market.
Soon, you can pay via UPI all over the world
Posted On : Thursday, October 24, 2019, 6:09 PM
Indians travelling abroad may soon be able to use the Unified Payments Interface (UPI) to pay for goods and services there, according to two bankers in the know of the matter. UPI is an inter-bank fund transfer mechanism run by the National Payments Corporation of India (NPCI) and enables instant fund settlement through a smartphone. NPCI is working to enable this feature within the next six months, starting with the United Arab Emirates (UAE) and Singapore, sources told ET. “These two countries already have opened up to RuPay cards; now the target is to enable UPI payments. This will be a big boost for Indians traveling in those countries and, just like their debit card or credit card, they can pay via UPI,” said a senior banker.
59% consumers have limited or no trust in their jeweller: Survey
Posted On : Thursday, October 24, 2019, 5:43 PM
A recent survey conducted by LocalCircles, a community social media platform, found that 48% of those surveyed have been cheated by a jeweller in the past while 23% said they have never been cheated; 29% were unsure about it. One of the key issue highlighted in discussions by LocalCircles members is the lack of awareness about jewellery testing, independent of the jeweller. The jewellery business is built on the foundation of trust and most of the females in households have their trusted jewellers from whom they have been buying gold jewellery for many years. However, looks like this trust is dwindling. 41% consumers said they/their family have limited trust in the Jeweller they buy jewellery from while 18% said they have limited trust, and 41% percent said they have high trust in their jeweller.
Indian shoppers are okay with retailers charging for carry bags: Report
Posted On : Friday, October 18, 2019, 10:45 AM
A majority of Indian shoppers do not complain about retailers and traders charging for shopping carry bags since this charge help it to become a habit for them, according to a latest consumer survey. As per community platform LocalCircles, 83% of consumers polled said a charge for carry bag serves as a reminder for them to carry their own bag. 69% of the respondents said they always carry a bag while 25% said they carry a bag sometimes. The survey, however, highlighted that consumers have issues when retailers charge for paper bags which have a company branding on them. Consumers feel it is unfair for retailers to charge for such paper bags as it acts as a marketing medium for the brand and the cost of these bags should be absorbed in the company’s marketing budget.
Pet owner drags Zomato to court over missing dog
Posted On : Thursday, October 17, 2019, 10:20 AM
A week after her two-month-old pet dog was allegedly taken away by a food delivery executive, Vandana Shah has filed a public interest litigation (PIL) in Bombay High Court (HC) against food aggregator Zomato. Her plea is that identification documents, like Aadhaar, of delivery executives should be made available to customers. In the PIL, Shah has urged that while delivery professionals possess all details of those who have placed the orders, the latter have nothing on them. Shah’s pet beagle, Dottu, went missing on October 7 from her factory-cum-residential premises on Karve Road. She and her family took to social media, requesting help to trace the puppy. A day after the pet went missing, she was able to find out that Dottu had been taken away by a food delivery executive. She managed to track down details of the person in question and called him.
RBI imposes penalty on Syndicate Bank and Lakshmi Vilas Bank
Posted On : Wednesday, October 16, 2019, 11:21 AM
The Reserve Bank of India has come down strictly on two banks for non-compliance of its directives and imposed monetary penalties on them. The banks are Lakshmi Vilas Bank and Syndicate Bank and the fines imposed on them are Rs 1 crore and Rs 75 lakh respectively. Explaining why this penalty is being imposed, RBI says Lakshmi Vilas Bank failed to comply with certain provisions of the directions issued by it on ‘Income Recognition and Asset Classification (IRAC) norms. The detection of the violation came about through the inspection of the statutory books maintained by the bank and the violations pertains to the financial year ended March 31, 2017. The reason the other entity, Syndicate Bank, received the order from RBI imposing a Rs 75-lakh penalty was its failure in adhering to the RBI regulations in the areas of (i) frauds classification and reporting and (ii) innovative housing loan products – upfront disbursal of housing loans.
Govt looks into Flipkart, Amazon discounts after retailer complaints
Posted On : Tuesday, October 15, 2019, 5:41 PM
The government is looking into whether hefty discounts offered on Walmart-owned Flipkart and Amazon.com during their online festive sales violate foreign investment rules, a commerce ministry official told Reuters. India introduced new rules in February aimed at protecting the 130 million people dependent on small-scale retail by deterring big online discounts. The rules forced e-commerce firms to tweak their business structures and drew criticism from the United States, straining trade ties between New Delhi and Washington. While Amazon and Flipkart say they've complied with the federal rules, local trader groups say the two companies are violating them by burning money to offer discounts - of more than 50% in some cases - during the ongoing festive sales.
Instagram introduces new tool to help prevent phishing attacks
Posted On : Wednesday, October 9, 2019, 5:53 PM
Instagram has added a new feature to its app to help users work out if an email was sent by the Facebook company or if it’s an attempted phishing scam. Now, if you receive an email claiming to be from Instagram, you can check if it’s genuine by heading over to the “Emails from Instagram” option in the app’s Security settings, which lists every email the service has sent you over the last 14 days. The update is rolling out now and may take time to appear in your settings. The new menu divides your Instagram emails into two categories; security emails and “other.” If you see an email in there then you can be sure it’s legitimate, and you can safely click any links it contains. If it’s not, then it could be a phishing scam, whereby someone impersonates a service to trick you into giving them your username and password.
Reviews on e-commerce sites biased: Survey
Posted On : Wednesday, October 9, 2019, 10:14 AM
With large variety in product categories and prices, reviews and ratings by past buyers often come in handy while buying online, but consumers continue to remain wary of such them. The veracity of reviews and ratings posted on products are sometimes questionable and are impacted by huge positive bias, consumers said in a survey of over 33,000 participants by community platform LocalCircles. 62% of consumers said product ratings carry a positive bias (overestimate the good) on most products, while 57% said the reviews posted for items are often too positive. Around one-fifth felt product ratings on e-commerce platforms are often too harsh, and carry a negative bias. Further, over 60% of consumers faced a scenario where a product with a high rating on the site did not meet the expectations of buyers.
Amazon, Flipkart festive sale generates over $1.8B sales in first 3 days, may hit $3.7B in six days
Posted On : Saturday, October 5, 2019, 10:57 AM
Online retailers in India have clocked $1.8 billion in gross merchandise value (GMV) during the first three days of the ongoing festive sales and are on track to hitting the $3.7 billion sales mark by the end of the six-day sale period, a leading business daily said quoting a report from RedSeer Consulting, which tracks the e-commerce market in India. Although RedSeer did not break out individual sales numbers of the two largest players in the market — Flipkart and Amazon it said that consumers preferred shopping for fashion on Flipkart but bought electronics on Amazon due to lower prices and faster delivery. According to the report, 55% of the GMV for the sector was driven by mobiles, similar to previous years. Categories like electronics, fashion, and furniture also witnessed growth in GMV.
Now you can search for public toilets on Google Maps
Posted On : Thursday, October 3, 2019, 5:42 PM
In a fillip to Prime Minister Narendra Modi 's Swachh Bharat Mission, Google Maps now lists over 57,000 public toilets in over 2,300 cities across the country, the company announced on the eve of Mahatma Gandhi''s 150th birth anniversay, fulfiling a key aspiration of the Father of the Nation. More than 2.5 lakh users are already searching for public toilets every month across Google Search and Google Maps. Adding public toilets to Google Maps was initially launched as a pilot in New Delhi, Bhopal, and Indore in 2016, in collaboration with the Swachh Bharat Mission and Ministry of Housing and Urban Affairs.
OYO, Zomato and Other Unicorns Come Together To Fight Online Fraud
Posted On : Thursday, October 3, 2019, 11:15 AM
In the face of increasing online frauds leading to financial losses, Indian tech giants have decided to come together to address the issue and save customers from such cybercrimes. A TOI report, citing people aware of the development, said that the companies who have taken cognizance of the issue are MakeMyTrip, OYO, Paytm, Swiggy, Zomato, and Uber. Last week, the companies together met the Reserve Bank of India (RBI) representatives and made a joint representation on the issue. The presentation also addressed the plan on how to curb these online frauds, which are reportedly engineered via fake toll-free numbers and serial bank account generators. These companies also shared a database of about 4,000 SIM card numbers and 350-400 bank account numbers with the RBI, State Bank of India (SBI) and the telecom companies. The tech giants have also reached out to Google about how its search engine is used by cybercriminals to make their fake toll-free numbers appear on top of search results.
Twitter announces new financial scams policy
Posted On : Tuesday, September 24, 2019, 10:19 AM
Microblogging site Twitter introduced a new policy to prohibit financial scams on the service. As per the company’s new financial scams policy, using scam tactics on Twitter to obtain money or private financial information is prohibited. The company said users are not allowed to create accounts, post tweets, or send direct messages that solicit engagement in fraudulent schemes. Examples of prohibited, deceptive tactics under the new policy include relationship/trust building scams, money flipping schemes, fraudulent discounts, and phishing scams. Twitter said the consequences for violating the new policy will depend on the type and severity of the violation as well as the previous history of the violations. The actions the company may take could include locking of accounts, blacklisting URLs, tweet deletions and temporary account locks, and also permanent suspension.
FMCG firms may pass on tax gains to consumers
Posted On : Saturday, September 21, 2019, 5:56 PM
Fast-moving consumer goods (FMCG) could witness a price reduction in select categories, which is likely to boost sagging volumes. The FMCG industry is reeling under a major slowdown. An increase in profits, following the corporate tax bonanza, could also go into product promotions and advertising spends, said experts. Marico MD & CEO Saugata Gupta said the move will boost consumption. He expects better pricing and greater investments in the medium term. The much-needed reduction in corporate taxes will enable more investments by firms — in consumers, in employees and in manufacturing capacity, said Godrej Consumer Products MD & CEO Vivek Gambhir. “For buyers, this could take the form of more promotions, selective price cuts and more spend on advertising to stimulate demand,” said Gambhir.
Coke, Pepsi, Bisleri partner to launch plastic waste management entity
Posted On : Saturday, September 21, 2019, 5:45 PM
Under pressure from an upcoming likely ban on single use plastic, beverage makers Coca-Cola India, PepsiCo and Bisleri on Thursday announced the setting up of a packaging waste management entity, aimed at what they said would create an efficient value chain for collection of plastic waste and optimise recycling processes. All three companies extensively sell packaged water in PET bottles, which they say is almost entirely recycled. Sweeping restrictions on single-use plastic bottles could have a far-reaching impact on the way these companies sell water, and they are seeking clarity on whether the likely ban will have any impact on the polyethylene terephthalate (PET) bottles that they use.