Tag: Netflix

New RBI rule on recurring payment not to impact transactions with compliant merchants, BFSI News, ET BFSI

Banking & Finance

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People looking forward to watching their favourite shows on OTT platforms such as Netflix, Amazon and others would not face any disruption in service over non-payment or delayed payment of subscription fee owing to new payment security feature made mandatory by the Reserve bank of India from this month.

Banking sector experts said that most of these merchants offering various bouquet of service have migrated to the new Standard Instruction Platform put in place by the banks in the country. This would mean that payment instruction to these compliant vendors would have to be revalidated once and it would move seamlessly in subsequent months without any hindrance to the service.

As part of measures to secure recurring transactions made by customers using their cards, the Reserve Bank of India (RBI) has mandated new auto-debit rules that have kicked in from October 1. The apex banks directive states that there will be no automatic recurring payment for various services including utility bills, recharge of phone, DTH, and OTT, among others as the additional factor of authentication (AFA) will become mandatory.

This created confusion initially as customers were flooded with messages to update their payment instruction or else such transactions would be declined from the beginning of October.

“We have not experienced any disruption in service or customer complaints over new system of recurring payments. Most banks are already compliant with new security measure and several large merchants have also updated their transaction systems and have joined the standard instruction platform of banks. Some merchants are still non compliant to the changes and customers would have to authorize payments under an additional factor of authentication (AFA),” said a senior executive from country’s largest private sector bank asking not to be named as he was not authorized to speak to media.

The new RBI rules will not impact any standing instructions registered using bank accounts for mutual funds, SIPs, equated monthly instalments. It will also not impact payment to complaint merchants.

Customers will have to go through a one-time registration process, and subsequent transactions can be performed without the additional factor authentication.

While registering, customers can now provide the validity period for future transactions. For recurring payments above Rs 5,000, banks are required to send a one-time password to customers as per the new guidelines.

–IANS

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Leading companies come together to set up Merchants Payments Alliance of India

Banking & Finance

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Leading companies using digital payments to service consumers including Facebook, Microsoft and Netflix have come together to set up the Merchants Payments Alliance of India (MPAI), which would promote digitalisation and financial literacy in the country.

“The alliance’s founding members include BookMyShow, Disney+ Hotstar, Facebook, Future Generali, Microsoft, Netflix, Spotify, Times Internet, and Zoom,” said a statement on Tuesday.

The formation of the alliance comes soon after the Reserve Bank of India’s directive on e-mandate that came into effect from October 1.

“MPAI will work towards such causes by addressing and constructively engaging with the payments regulator and industry. The alliance will enhance the value of India’s digital markets, provide public interest research and thought leadership on digital payments, and build consumer awareness,” it said, adding that the group will also become the principal resource platform for merchants and the payments ecosystem to contribute to policy conversations.

Also read: Explained: RBI’s new auto debit rules

Vivan Sharan, MPAI Secretariat, said, “The MPAI sees itself as a collective, using the operational experience of merchants, to engage on policy matters such as the e-mandate issue, which will help reduce transaction-related frictions and improve the efficiency of digital markets.”

Vishal Mehta, Strategic Partnerships and Payments, Microsoft, a member of MPAI, said, “The group’s purpose is to be a collaborator to the digital payments policy discourse and Microsoft is excited to be part of this initiative.”

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Merchants hit by revision in payment norms form an alliance, BFSI News, ET BFSI

Banking & Finance

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Hit by a revision in payment norms by the RBI, online merchants like Netflix, Facebook and Future Generali on Tuesday announced the formation of a grouping to take up common causes. The changes on e-mandates effected by the RBI from October 1 are intended to make the ecosystem more robust but with only six banks complying with the revised norms, the preparedness of the banking sector is questionable and there is bound to be value erosion in the merchant-customer relationships as the latter face inconveniences, as per an official statement from the body.

The Merchant Payments Alliance of India (MPAI), which also has other members including Disney+Hotstar, Bookmyshow, Microsoft, Spotify, Times Internet and Zoom, will work towards such causes by addressing and constructively engaging with the payments regulator and industry.

“The MPAI sees itself as a collective, using the operational experience of merchants, to engage on policy matters such as the e-mandate issue, which will help reduce transaction-related frictions and improve the efficiency of digital markets,” Vivan sharan from its secretariat, said.

The alliance will enhance the value of India’s digital markets, provide public interest research and thought leadership on digital payments, and build consumer awareness, the statement said.

The MPAI statement said it also aspires to become a resource platform for merchants and the payments ecosystem “to contribute to policy conversations involving matters that help reduce transaction-related frictions and improve digital markets’ efficiency” while ensuring data protection and fraud prevention.

“The group’s purpose is to be a collaborator to the digital payments policy discourse and Microsoft is excited to be part of this initiative,” the American tech giant’s Vishal Mehta said.

The alliance is open for memberships to merchants that use digital payments and align with the alliance’s vision in India, the statement said.



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Millennial users want Netflix, Amazon experience in broking apps, says brokerage honchos, BFSI News, ET BFSI

Personal Finance

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The pandemic has forced the brokerage industry to reassess all the business models and their respective go-to-market strategies, which is leading to either an extreme or a moderate disruption, said Bhawna Agarwal Country Head, India – Strategy & Growth, Enterprise Group, HPE India.

“One common theme across all business adoption or acceleration of digital is that it has become completely pervasive. So, all across the section of clients for us, especially the stock brokers, we’re adopting this fast digital way of interacting as well as investing,” she said at the panel discussion on Brokerages Fighting Disruption Digitally at ETBFSICXO

Rising expectations

Sandeep Bhardwaj, CEO, IIFL Securities feels that after using Netflix or Amazon, people don’t differentiate between a banking application or a broking application. “They feel like a broking apps should be like that. This is where it becomes challenging for any brokerage to bring that experience. UI, UX gives millennial users an experience of their taste,” he said.

Millennial users want Netflix, Amazon experience in broking apps, says brokerage honchos
The whole ecosystem we’re working on for catering to the needs of the new generation needs everything to be faster, quicker, better and simpler, said Jaideep Arora, CEO, Sharekhan.

“Our entire digital platform team has an average age of 26 years, so when they know for whom they are making a product, they end up creating the same scenario for them. So that is what we are trying to do to get that seamless experience,” Bhardwaj of IIFL Securities said.

Millennial users want Netflix, Amazon experience in broking apps, says brokerage honchos
A lot of data is being used to really understand how we give the right advice to the right customer in the best manner possible. So basically there’s a digital innovation happening in the account opening onboarding process, said Arora.

“Mixing behavioural science with the technology to leverage is what the entire solution is all about at the end of the day. How we create a user experience, leveraging AI and ML will define the user lifecycle throughout his life,” said Bhardwaj.

Collaboration with FinTechs

Digital is all about collaboration with FinTechs. Rather than building everything in-house and spending money, it’s all about collaborative work. So it becomes far easier to implement those solutions which are readily available, says Bhardwaj.

Having a very collaborative opensource and working with FinTechs and even smart customers and coming with a lot of solutions can help the whole system, and it will be a win-win across the industry, said Arora of Sharekhan.

Millennial users want Netflix, Amazon experience in broking apps, says brokerage honchos
“In this ecosystem, the learning is that you are not alone, you have to collaborate with FinTechs, you need to have rich API’s, engage with other partners and customers as well. You have to cover all aspects of digital transformation at all levels and really immerse into it, and then you truly grow. This is what our belief is,” he said.



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In a first, global m-cap hits $100 trillion, BFSI News, ET BFSI

Personal Finance

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MUMBAI: For the first time ever, the total value of all the listed stocks in the world crossed $100 trillion last week on the back of major contributions from the US and Chinese markets. On December 5, the world’s market capitalisation was at $100.5 trillion, or about Rs 7,400 lakh crore, Bloomberg data showed.

A large part of this rally is due to the upswing in tech stocks in the US, popularly known as FAANGM (Facebook, Apple, Amazon, Netflix, Google and Microsoft), market players said. At close of trading last week, the US had an m-cap of $41.6 trillion, while China’s was $10.7 trillion. India, with a market cap of $2.4 trillion, or about Rs 180 lakh crore, was placed 10th.

On March 24, the global market cap had fallen to $61.6 trillion — a level that was not seen since 2016, Bloomberg data showed. However, a steep V-shaped recovery of almost 63% from the March low has helped global m-cap reach the milestone. Year-to-date, the value is up 15.5%, from $87 trillion at the close of 2019.

The US and China have increased their market share in 2020, while all the other eight in the top 10 m-cap league have lost their shares.

From 39.5% at the start of the year, the US now has a share of over 41.6% to lead the global market cap table, while China with 10.7% from 8.4% at the start, is the second-most valued.

On the other hand, Japan — the country with the third-highest market cap — grew from $6.3 trillion to nearly $6.8 trillion, but its share in global m-cap slid from 7.2% to just over 6.7%. Likewise, India’s share currently is 2.4%, down marginally from 2.5% at the start of the year.

Canada is the only country that increased its position in the global league table to seven from eight, replacing Saudi Arabia, thanks mainly to Saudi Aramco’s m-cap which is almost at the same level it was at the start of the year, while a rally in tech stocks lifted Canada’s market cap.



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