Tag: Zoom

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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Global banks include Zoom in their apps for business communications, BFSI News, ET BFSI

Banking & Finance

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BFSI companies, which have been operating out of employee homes during the pandemic, are tying up with Zoom as they aggressively adopt virtual communication models.

“A few big global banks have already entered into this collaborative model with Zoom. HSBC UK has expanded its use of video appointments using Zoom. The customers can get mortgage advice, upload any supportive evidence onto the system, and take out a mortgage via this collaborative technology,” Harry Moseley, CIO, Zoom, told ETBFSI.

In a deal between Goldman Sachs Japan and SoftBank group, the Goldman Sachs group set up a framework to coordinate with a 60 member sales team via Zoom.Stressing on the importance of Zoom in banking communications, Moseley said, “If I am selling banking products to you, if I am talking to you about portfolio or investment strategies, etc., the natural tendency of people is to express their positive or negative sentiment. These nonverbal cues are super important.”

Collaborative models

BFSI companies are investing in partnerships and collaborative models involving new tech to stay relevant in a rapidly evolving space. Embedding the Zoom elements in banking, financial services, and insurance apps can help in enhanced customer interaction, Moseley said.

“Financial services in general look forward to reducing the friction to connect with their clients. With virtual communications, they have seen an uptick in volumes and uptick in interactions, and an uptick in a sort of ability to connect with clients,” Moseley said.

Changing work structure

The BFSI sector has been aggressive in adopting digitization. Given the pandemic, they are looking for more collaborations and capabilities in the virtual environment.

“Organisations today need to rethink the whole office structure. Offices need to be collaborative and physically safe. There should be inclusivity, collaboration and safety in the work environment,” Moseley said. “Work is not a place. Work is something we do,” he said.

Zoom has more than 300 million users and can accommodate 50,000 people at a time.



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