Tag: digital wallet

Paytm Money launches AI-powered ‘Voice Trading’

Banking & Finance

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Homegrown fintech platform Paytm on Monday announced that its wholly-owned subsidiary Paytm Money has launched ‘Voice Trading’, powered by artificial intelligence, allowing users to place a trade or get information about stocks via single voice command.

“This service has been launched in line with Paytm Money’s efforts to offer next-gen and AI-driven tech to elevate user experience,” the company said in an official release. The voice trading feature enables a single voice command, with the use of neural networks and natural language processing (NLP) to allow instant processing.

Also read: Paytm share allocation likely on November 16 at Rs 2,150 apiece

Varun Sridhar, CEO of Paytm Money said, “At Paytm Money, our focus has always been to elevate user experience and be the first to leverage technology to make investing faster, cheaper and easier. With a mobile-first and interconnected world of devices and the much-awaited launch of 5G, the voice trading feature enables users to skip the usual five to six-step process of trade in a dynamic environment with simple voice commands.”

“We believe that this will improve user experience over time and will bring more convenience to tech-savvy investors. We are doing a lot of R&D on newer technologies and this is one of the first products to be launched,” added Sridhar.

The platform is rolling out the voice trading feature in beta to select users. It will be available to all users over the coming weeks, it said.

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ICICI Bank links UPI ID facility to its ‘Pockets’ digital wallet, BFSI News, ET BFSI

Banking & Finance

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ICICI Bank announced the launch of a facility of linking a UPI (Unified Payments Interface) ID to its digital wallet ’Pockets’, marking a departure from the current practice that demands such IDs be linked with a savings bank account. The Bank has collaborated with NPCI to link its ‘Pockets’ digital wallet to the UPI network. This initiative allows users to conduct small-value daily transactions using UPI directly from their ‘Pockets’ wallet in a safe and secure manner.

Customers who use ‘Pockets’ can now send and receive money directly from and to their ‘Pockets’ wallet balance without using their savings bank account. The UPI ID can be used by users of the ‘Pockets’ digital wallet to make person-to-person (P2P) payments, such as sending money to any Individual’s bank account or paying to a contact. They can also undertake person to merchant (P2M) payments like paying online at merchant sites or paying by scanning QR codes.

Bijith Bhaskar, Head- Digital Channels & Partnership, ICICI Bank said, “Our research suggests that users are keen to link their UPI ID with their digital wallet, so that they can directly use the balance in the wallet for smaller transactions while using their savings account only for the larger ones. Armed with this insight, we are delighted to have worked closely with NPCI to introduce this unique innovative solution in digital banking.”

Praveena Rai, COO, NPCI said, “This initiative will further democratize access to UPI and make it ubiquitous with digital payments by allowing consumers to directly pay through their digital wallets, in addition to the facility of paying from their bank accounts. UPI is a one-stop solution to payments of all kinds, both P2M and P2P, and this facility will provide an impetus to the burgeoning digital ecosystem in India.”



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RBI raises Paytm, wallet accounts limit to Rs 2 lakh; opens RTGS, NEFT connectivity with payment operators

Personal Finance

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The RBI also increased the prepaid payment instrument account limit to Rs 2 lakh per individual.
(Image: REUTERS)

The Reserve Bank of India would now allow RTGS and NEFT connectivity with non-bank payment system operators, paving way for UPI interoperability. Along with this, the RBI also increased the maximum balance per customer for payments banks to Rs 2 lakh per individual from Rs 1 lakh earlier. “This facility is expected to minimise settlement risk in the financial system and enhance the reach of digital financial services to all user segments,” RBI Governor Shaktikanta Das said after the first bi-monthly Monetary Policy Committee meeting of this financial year.

Centralised payment systems such as RTGS and NEFT, operated by the RBI, was so far restricted to only banks with a few exceptions. RBI today announced that it is proposing to enable non-bank payment systems like PPIs, card networks, White label ATM operators, among others to take direct membership in the central bank run RTGS and NEFT. 

RBI had earlier in October 2018 issued guidelines for adoption of inter-operability on a voluntary basis for full KYC PPIs. “As migration toward inter-operability has not been significant, it is now proposed to make inter-operability mandatory for full KYC PPIs and for all payment acceptance infrastructure,” the RBI Governor said. To incentivize the same, RBI will increase the outstanding limit of such PPIs to Rs 2 lakh from the Rs 1 lakh limit earlier. The central bank said that it will issue a separate circular for the changes announced.

Further, in an attempt to incentivised people to carry less cash and consequently perform more digital transactions, RBI has also proposed to allow the facility of cash withdrawal, for full-KYC PPIs of non-bank PPI issuers. 

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