Airtel Bank became the first payments bank in the country to go live. Customers in towns and villages across Rajasthan will now be able to open bank accounts at Airtel retail outlets, which will also act as Airtel banking points and offer a range of basic, convenient banking services. Airtel Bank will commence the pilot with banking points at 10,000 Airtel retail outlets. The bank is fully digital and paperless. On the other side, Paytm launched and then withdrew its in-app POS (point of sale) feature just a day after its launch, citing security concerns raised by payment networks Visa and Mastercard. The company will re-launch this product as soon as it gets updated.
Important Developments Of The Week
Ola And Uber Drivers Go On Strike
The drivers of online cab aggregators Ola and Uber drivers have started a 36-hour strike in Guwahati. The strike has been a result of the companies’ move to acquire more cars, that has led to shrinking incentives for the current drivers. The strike could lead to 12,000 cabs going off the roads in the city.
Ola Launches Ola Play
In a bid to entice more commuters cab hailing app Ola has launched a connected car platform for ride-sharing called ‘Ola Play’. Ola Play will bring advanced car controls, choice of personalised content, and a fully connected interactive experience for the user. Ola has partnered with Qualcomm, Mahindra and Mahindra, Apple Music, Sony LIV, Audio Compass, Fynd to build an interactive experience for users.
RBI Raises Prepaid Wallet Limit To INR 20K
RBI has doubled the balance limit that can be kept in prepaid wallets and cards to INR 20,000. The merchants can transfer up to INR 50,000 per month from these prepaid payment modes to their bank accounts. The relaxation will be applicable until December 30, 2016.
YES Bank Calibrated 500 ATM’s With New Currency Notes
YES BANK has extended multiple initiatives to enhance customer convenience and support digital payments. It has waived MDR charges (merchant discount rate) for all debit card transactions across RuPay, MasterCard and Visa platforms at all its Merchant locations, including online transactions up to December 30th. Also, YES BANK ATMs are being recalibrated to dispense new INR 2,000 and INR 500 notes at an expedited pace with over 500 ATMs fully recalibrated.
Zeta Launches New ‘Super Card’
Fintech company Zeta has launched Zeta Super Card – a first-of-its-kind anti-fraud security measure like geo-tagging and dynamic PIN for authenticating payments. The Zeta Super Card can be used by all consumers by simply transferring funds from their bank account or debit/credit card via the Zeta app. Additionally, Zeta has introduced the self-serve KYC feature, which enables users to upload a copy of their Aadhaar Card allowing them to store up to INR 1 lakh in their Zeta Super Card, up from the existing limit of INR 10,000.