Polaris Financial Technology LTD iGTB division announced the launch of its NACH-ready India Payments solution. The solution is compliant with major payments systems in the country including National Automated Clearing House (NACH), Next-Generation Real Time Gross Settlement (NG-RTGS) and National Electronic Funds Transfer System (NEFT). With the emergence of NACH, a high rate of adoption is foreseen making it imperative for banks to have a strategic roadmap for the adoption of NACH. This would include product innovation, operational reconstructs and cutting edge technology adoption. NACH-ready India Payments solution contains NACH Mandate Manager, Transaction Processor for NACH, NG-RTGS, NEFT and APBS along with other standard features such as cross-border transactions and host-to-host connectivity. It is a web-based solution to facilitate inter-bank, high volume electronic transactions that are repetitive and periodic in nature. It facilitates centralized mandate management, direct debits and bulk payments processing.
KI announced the delivery of cash-recycling ATMs, ATM-Recycler G7, to State Bank of India, OKI’s first delivery of its cash-recycling ATM in India. The number of ATMs and CDs operating in India reached 140,000 units in 2013, making it the third largest market in Asia, following China and Japan. The number is expected to continue increasing and approximately double by 2016 due to the Financial Inclusion*1 set by the Reserve Bank of India. Building on the delivery to SBI and leveraging cash-recycling ATMs that contribute to banknote and operation management, OKI aims for 25% share in unit shipments of the Indian ATM market. OKI plans to accelerate global sales development of its ATMs and aims for 40% market share in the global cash-recycling ATM market, namely in emerging markets, where economic growth is expected to continue.
India’s prior “white-hot” economy has been gearing down for the past three years, but so are consumer prices. The year-on-year growth in the OECD Consumer Price Index for India has dropped from 15.3% in 2009 to 10.9% this year. RAM Research projects the India CPI will increase slightly by ten basis points in the fourth quarter. So far this year, India’s Y/Y CPI was up 11.1% in June, declining to 10.7% in Sept and back up to 11.1% in October.
Ezetap announced the launch of the first integrated and globally certified Mobile Point of Sale Device with a price point under $50 – approximately one third the cost of any other integrated mobile card reader (supporting magnetic stripe, chip and pin) that is commercially available and certified. Competing head-to-head against global payments companies using devices manufactured in China in the fast-growing Mobile Point-of-Sale market, the entire Ezetap solution from its card reader to service platform has been 100% designed and developed in India.
Boku carrier billing and cross-platform mobile payments, announced the acquisition of India’s leader in direct carrier billing, Qubecell. The acquisition of Qubecell provides Boku with direct carrier billing connections with four of the largest carrier networks in India along with a number of key local merchant relationships. This enables Boku’s carrier billing technology to reach more than 75% of the country’s mobile subscribers, roughly 550 million users. The acquisition also makes Boku the largest provider of direct carrier billing in India, and greatly expands Boku’s footprint in Asia and the Middle East. The acquisition provides Boku merchant partners with direct access to the large and growing market of online consumers in India.
Keeping in view its vision of a customer-focused bank with service excellence, BOP opens new doors of convenience for its customer base of over 700,000 customers. BOP has an extensive network of 306 branches across Pakistan with over 126 ATMs. BOP will be the first bank in Pakistan going for Master Debit Card issuance over 1Link. This will also be BOP’s first set of branded debit cards. Customers can now also use their debit cards globally at all MasterCard accepting POS locations and ATMs. MasterCard is accepted worldwide at over 36 million locations. Coming from one of the largest networks of payment cards, MasterCard debit card is an emblem of convenience, accessibility and control.
MasterCard announced the launch of an Advanced Analytics Center of Excellence in India. This new Centre of Excellence will provide world-class data insights to global customers by identifying spending trends derived from the billions of anonymous transactions processed by MasterCard every year, thereby providing a solution for the rapidly growing need of businesses to more effectively leverage big data and analytics. The Advanced Analytics Centre of Excellence has recruited highly qualified analytics talent with payments industry, retail and media experience to provide hands-on support on product development and custom analytics to clients across the world. It is an extension of the MasterCard Advisors’ Advanced Analytics group headquartered in New York that works with financial institutions, merchants, governments and other companies around the world, to more effectively leverage big data and analytics to solve their most pressing business challenges, such as enhancing customer acquisition and loyalty.
ZTE Corporation network solutions and mobile devices launched a new range of smartphones and data cards in India to provide consumers in the country with a choice of high-performance devices to enhance their mobile experience. ZTE is offering six new smartphones, including the Quad-Core ZTE Grand X, featuring a brilliant 5-inch high-definition screen, in India, partnering with Calyx Telecommunications to make the devices widely available to consumers across the country. In addition, ZTE is introducing four new data cards together with partner Digilife to meet the needs of India consumers for high-speed data access. ZTE, one of the world’s Top 5 mobile handset and smartphone manufacturers, provides consumers around the world a wide choice of innovative and feature-rich devices, ranging from entry level to high-end smartphones, delighting users with thoughtful and intuitive design features that improve their mobile experience.
ZTE Corporation telecommunications equipment, network solutions and mobile devices, launched a new range of smartphones and data cards in India to provide consumers in the country with a choice of high-performance devices to enhance their mobile experience. ZTE is offering six new smartphones, including the Quad-Core ZTE Grand X, featuring a brilliant 5-inch high-definition screen, in India, partnering with Calyx Telecommunications to make the devices widely available to consumers across the country. In addition, ZTE is introducing four new data cards together with partner Digilife to meet the needs of India consumers for high-speed data access. ZTE, one of the world’s Top 5 mobile handset and smartphone manufacturers, provides consumers around the world a wide choice of innovative and feature-rich devices, ranging from entry level to high-end smartphones, delighting users with thoughtful and intuitive design features that improve their mobile experience.
payvia direct carrier billing mobile payments partnered to integrate its mobile payments technology with Mobile-XL, whose feature phone browsing platform provides access to digital services such as Facebook, Twitter, email, news, sports and games for millions of people in Africa and India. Mobile-XL browsers use SMS as a data channel, creating an innovative solution that gives feature phone users access to a wide range of digital content. By adding payvia’s mobile checkout into services on the Mobile-XL browser, the partnership will let consumers purchase digital goods and services with two-click payments made from their prepaid carrier airtime. This means that millions of feature phone users will have a fast and secure way to transact across services like social media, communications, news and games, without requiring a bank account or credit card.
The Western Union expanded its offering of sending international money transfers from the U.S. and U.K. directly into bank accounts and launched domestic money transfers as business correspondent, allowing users to send money directly into bank accounts in India. Consumers in the U.S. and U.K. can now send direct-to-bank transactions to banks in India online”via the company’s transactional websites and, in the U.S., via its smartphone application”or by visiting thousands of participating Agent locations. Additionally, U.S. and U.K. consumers who have a non-resident bank account in India can use Western Union to send money into these accounts. The service will be available from today at 500 retail locations throughout the country with significant location expansion plans by the end of the year.
ICICI Bank UK announced the launch of a HiSAVE Remittance Account – an online savings account designed specifically for money transfers to India. HiSAVE is ICICI Bank UK PLC’s award winning range of online savings accounts and the new HiSAVE Remittance Account now joins this portfolio. This easy-access account offers the dual-benefit of far more convenient money transfers to India along with the opportunity to earn interest on the balance maintained. HiSAVE Remittance Account holders will earn 1.50% interest on any balance maintained in the account. They will also have the option to set a “Rate Block” on transfers to India, which means that customers can set a minimum exchange rate at which to transfer and ICICI Bank will ensure that money is sent only at that exchange rate or higher.